Interest: From left, panelists Shelby Weldon of BMA, Jason Carne of KPMG, Janita Burke of Appleby Bermuda and Beverly Todd of JLT. *Photo supplied
Interest: From left, panelists Shelby Weldon of BMA, Jason Carne of KPMG, Janita Burke of Appleby Bermuda and Beverly Todd of JLT. *Photo supplied

FRIDAY, SEPTEMBER 30: Business Bermuda sponsored an island delegation to the Captive Live USA conference in Chicago this week.

The main focus of the two-day conference on Monday and Tuesday was to raise awareness of captive innovations and to think ‘outside the box’ on how captives can be further entrenched inside organizations.

It was sponsored by the publication Captive Review and was attended by more than 330 captive owners, service providers and representatives of various jurisdictions.

Well-represented

Those attending from Bermuda included Shelby Weldon, director of insurance, licensing and authorizations at the BMA; Peter Willits, president of Liberty Mutual Management and vice president of BIMA; Janita Burke, partner at Appleby Bermuda; Beverly Todd, executive vice president of Insurance Management at JLT; Jason Carne, partner of Insurance at KPMG; John Neal, president of Symphony Management; Trina Burch, assistant vice president of Business Development and relationship manager at Butterfield; and Yelena Packwood, marketing and sales executive at Business Bermuda.

There were panel discussions on issues regarding the captive industry, case studies and presentations.

Peter Willits, of Liberty Mutual Management and BIMA, said: “Several of the panel discussions have been very informative, and I am looking forward to pulling down the presentations and developing some business opportunities based on them. I think that the presentations have been very domicile neutral which was appropriate for this type of conference, and as Bermuda is the largest domicile in the world, we have been very well represented.”

Leaders in Bermuda’s captive industry took part in a panel discussion on the topic of ‘Bermuda and Canada: The growing relationship’. 

Panelists discussed the process, regulations and the benefits of domiciling in Bermuda.

Janita Burke of Appleby Bermuda said: “There was a great interest in Bermuda, and it was very encouraging to see the interest in Bermuda as a captive domicile.

“Attendees from Europe, the US, and Canada made inquiries about Bermuda as their choice of domicile, and a few were in the process of conducting feasibility studies.

“From the questions asked, it is clear that Bermuda as a market needs to continue to educate the world at large about itself and its insurance and general international business offering.

“It was important to have Business Bermuda, a full complement of service providers and the Bermuda regulator in attendance to immediately respond to queries.”

Regulator in attendance, Shelby Weldon of the BMA, said: “I spoke to a number of potential clients for Bermuda. It has been successful in that regard.

“Bermuda is a recognized jurisdiction so most of the conference participants were familiar with Bermuda.

“This proves Bermuda’s reputation as a premier domicile. I have been well received, particularly in terms of what Bermuda has to offer in the captive space.”

Beverly Todd of JLT added: “I think that having the Business Bermuda and JLT booths will help bring business into Bermuda.”

Jason Carne of KPMG said: “It was clear from people I spoke to at the conference that Bermuda continues to be the offshore domicile of choice for US captives, and it was encouraging to speak with a number of Canadian risk managers and learn of their interest and excitement about using Bermuda as the preferred domicile for Canadian organizations.”

A spokeswoman for Business Bermuda said: “The Bermuda advantage, as compared to other popular domiciles, was a major topic of interest, and panelists were able to prove Bermuda’s competitive position in the captive market.

Leader

“Going forward, it is very clear that Bermuda’s position as a leader in the captive industry is firm. Bermuda is a well-regulated jurisdiction having comparable pricing, where, in many instances, costs are up to 50 per cent lower than what is found in certain competing jurisdictions.”

Business Bermuda is an organization of resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client.

It works with Government and the private sector to promote the island as one of the world’s foremost centres for international business.