From milestones to momentum: setting future goals for the Bermuda Captive Network

One of the world’s leading captive jurisdictions is resilient and growing, says BCN president Grainne Richmond. 

As we reflect on the achievements of the Bermuda Captive Network (BCN) in 2024 and early 2025, it is with great pride that we highlight our progress and significant accomplishments, while looking ahead with excitement to the initiatives planned for the rest of the year and beyond. 

2024 was particularly notable for the expansion of our education committee and the success of hosting our education summit in January 2025 – with this success we are looking forward to hosting our next education summit in the second half of this year. 

In early 2025, we introduced our first captive scholarship. The introduction of this new scholarship programme, generously supported by KPMG, marks a milestone deeply appreciated by BCN and the wider Bermuda community. These initiatives underscore our commitment to fostering education and professional development within the captive insurance industry.

The captive scholarship leverages Bermuda's captive insurance expertise to address a global talent shortage. The scholarship offers $30,000 in support, including industry event access, hands-on experience through KPMG rotations and secondments in captive insurance companies. Scholars will gain exposure to underwriting, claims, finance, risk and compliance functions.

Additional benefits include a paid summer internship, potential full-time employment with KPMG, exclusive networking opportunities, personalised mentorship and international exposure through KPMG’s Global Advantage Programme. In return, graduates must commit to at least three years of employment with KPMG.

Our advocacy efforts have continued to be a cornerstone of our work, maintaining robust communication and collaboration with regulatory bodies and the government. This ongoing dialogue ensures that the interests of our members are well represented and we remain at the forefront of industry developments. 

The consultation process, conducted by the Bermuda Monetary Authority (BMA), is vital to the success of the jurisdiction, necessitating active participation and open dialogue from all stakeholders. This collaborative approach is essential to developing new regulations that safeguard policyholders, while maintaining Bermuda's status as the preferred risk jurisdiction for stakeholders to invest their capital. The goal is to achieve this in the most efficient and secure manner possible.

The BMA Captive Report, released this March, has provided valuable insights into the current state and prospects of the captive insurance market. The report highlights the resilience and growth of the sector, reinforcing Bermuda's position as a leading domicile for captive insurance. North America is still a key jurisdiction from which we are seeing captive enquiries, with industries representing financial institutions, auto and manufacturing and shipping.

“Interest in establishing new captives or expanding existing ones remains high.”

Property and casualty catastrophe risk has been strong over the past two years, with new formations coming predominately from the energy sector and healthcare. Despite ongoing market changes, the BMA remains committed to core principles that ensure market stability and long-term success. One such principle is the bifurcated supervision regime for commercial and captive entities, ensuring robust, yet proportionate, requirements. Interest in establishing new captives or expanding existing ones remains high, with 18 new captives in 2022, 16 in 2023 and 17 in 2024.

The future looks promising with evolving strategies focusing on sustainability, efficiency and loss minimisation. While some captives have stable rates, others report significant changes, particularly in property programmes facing capacity issues and requiring greater retention. Adjustments in captives' policies are also needed to address exclusions in parent companies' traditional insurance policies.

Looking ahead this year and into 2026, the network has set bold and strategic objectives aimed at further enhancing our offerings, deepening engagement and supporting continued growth and expansion in BMA-reported numbers.

A top priority is strengthening our connection with captive owners and key stakeholders. To this end, we will, later this month, launch a dedicated webinar series. This platform will provide members with timely updates on a range of critical areas, including:

• Education initiatives designed to engage and expand Bermuda’s captive workforce
• The rollout of the global minimum tax, including the filing requirements and payment obligations
• Regular captive-focused updates from regulatory bodies the BMA and the Registrar of Companies 
• Legislative issues including the Personal Information Protection Act (PIPA) and the beneficial owner regime 
• Global trends influencing risk management frameworks.

In addition, we are excited imminently to introduce a captive owners-only forum, following on from the Bermuda Captive Conference. This will provide a dedicated space for owners to connect, share insights and collaborate on matters unique to their roles.

Re-engaging with international markets is another key priority. We will be increasing our presence at overseas conferences and seminars to support the broader alternative risk market, foster global partnerships and reaffirm Bermuda’s position as a premier hub for captive insurance. Earlier this year, the Network proudly re-established its presence at both the World Captive Forum and CICA, reconnecting with peers across North America, as well as the global captive community.

Back on home soil, the Bermuda Captive Network, its board and membership, look forward to welcoming industry colleagues and friends both old and new at the 21st Bermuda Captive Conference, taking place from June 9-11 at the Hamilton Princess and Beach Club. 

This year’s theme, “Reimagining Risk: The Next Frontier”, features an agenda that highlights Bermuda’s leadership in captive insurance. Sessions will focus on AI’s impact on risk management, the use of strategic fronting relationships, adapting to global economic shifts, innovative use of captives for legacy books of business and climate resilience.

This year also sees the return of our Captive 101 sessions featuring an experienced group of professionals covering the fundamentals of the captive industry, tailored for newcomers considering a captive solution as part of their overall risk management programme. This year’s conference, now significantly expanded, includes additional high-impact networking and welcomes the return of the closing beach bash at the Hamilton Princess Beach Club at Sinky Bay. 

In summary, we are energised by the road ahead and remain deeply committed to engaging with captive owners through expanded education, stronger collaboration and steadfast advocacy within the captive insurance industry.

Together, we will build on our successes – advancing Bermuda’s leadership in the captive insurance industry and delivering lasting value for our colleagues, stakeholders and the insureds who count on us when it matters most.

Grainne Richmond is president of the Bermuda Captive Network and executive vice president and head of captives at Aon Bermuda. To find out more about the BCN, visit bermudacaptivenetwork.com 

For more news on Bermuda Risk Review 2025, click here.

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