Bermuda Captive Conference draws over 800 virtual guests

The Bermuda Captive Conference (BCC), which was held on June 14 and 15, 2021, drew attendance from over 800 guests from over 33 countries and 6 continents, according to the event’s organisers.

Captive insurance owners, risk managers, brokers, captive managers, service providers, sponsors and vendors attended the event, which was held in a virtual format for the second successive year due to travel restrictions related to COVID-19.

But the BCC conference committee said the event will be back to being held in-person again in 2020, when it will run from June 13-15.

The conference addressed a number of themes relevant to the captive industry, including the hardening insurance market, the impact COVID-19 has had on the market, regulatory updates and the relevance of environmental, social and governance (ESG) strategies.

David Gibbons, BCC conference committee member and captive and assurance leader at PwC Bermuda, said: “With the reinsurance market hardening and the increased demand for bespoke cover, the captive industry is at a growth point which we haven't seen for quite some time. We are seeing laser focus on risk management and mitigation (as a mechanism to manage and reduce costs) at the c-suite and board levels. Pressure is coming down from the top of the company to implement a captive solution within the group structure where in the past it would have been the chief risk officer trying to sell the idea to them.”