Bermuda Captive Network launches
A new membership organisation for Bermuda’s captive and managed insurance industry is launching. The Bermuda Captive Network aims to provide “education, value and effective representation” for the sector.
The network is the result of collaboration between existing groups the Bermuda Insurance Management Association (BIMA), Bermuda Captive Owners Association and the Bermuda Captive Conference.
It aims to gain international recognition as an independent association providing members with events, forums, consultations, data and analytics, as well as promoting the development of a more diversified membership, it said in a statement. A “solutions-driven entity”, it will promote Bermuda as a world-class domicile in the global risk market.
“Notably, the network will also offer enhanced advocacy, leading and evaluating changes in Bermuda’s legislative and policy landscape with one voice, to ensure the interests of Bermuda and its stakeholders are represented,” it added.
Helen Cart, business development manager at the Bermuda Business Development Agency, welcomed the launch.
“The BDA congratulates the Bermuda Captive Network (BCN) for bringing Bermuda’s vital captive industry together into one independent voice,” she said. “For the last 60 years, captives have been the foundation upon which Bermuda’s risk industry was built. The BDA remains committed to captives and looks forward to working with the network to build upon Bermuda’s success.”
“This initiative has been a long time in the making and is something many have talked about over the years,” said Grainne Richmond, vice-president of Strategic Risk Solutions Bermuda and BIMA president.
“It is very fitting that at the 60-year anniversary of the first captive in Bermuda, we will now have one cohesive voice for our 650+ captives, their owners and their service providers. As the original backbone of the Bermuda insurance industry, it is no more than our stakeholders deserve and will serve to be a strong platform for the Bermuda captive solution to thrive and be even more successful for generations to come.”
Scott Reynolds, president and CEO at American Hardware & Lumber Insurance and president of the Bermuda Captive Owners Association, said: “I and other captive owners have long recognised Bermuda as the number one domicile in the world. The formation of the Bermuda Captive Network will give captive owners a best-in-class organisation from which to learn, share ideas, and interact with important regulators and service providers.”
News of the network’s launch coincided with the announcement of the 18th Bermuda Captive Conference, to take place on 12-14 September this year. The conference, held live for the first time in three years, “will adopt the Network’s mission, vision and values, with innovation, education, networking and business development”.
Leslie Robinson, senior vice-president, head of underwriting & claims at Willis Towers Watson Management Bermuda and Bermuda Captive Conference Chair, said: “The Bermuda Captive Conference welcomes this new organisation that the annual event will now fall under. With expanded membership, this year’s conference will be exposed to more diverse thought leadership that will assist with planning of the conference, also allowing us to offer cutting-edge panel discussions with a wider variety of dynamic speakers. The new membership will also allow an avenue for many overseas sponsors of the event to have ongoing dialogue and networking opportunities throughout the year with the Bermuda market.”
Organisations and individuals will be able to join the network from April, with membership open to everyone, including captive insurers, owners and managers, corporate service providers, re/insurers, brokers audit, actuarial and legal firms, as well as colleges and universities.
