Bermuda captive delegation to head to Canada

A 14-strong delegation of industry representatives will head to Canada in May to promote the corporate benefits of setting up a captive insurance company in Bermuda.

Led by the Bermuda Business Development Agency (BDA), the roadshow includes half-day executive forums in British Columbia and Ontario—in Vancouver on May 15 and Toronto on May 17—as well as business development meetings.

According to the BDA the agenda for the forums emphasises the many elements that differentiate Bermuda as a blue-chip jurisdiction, covering topics ranging from reasons to set up a captive insurer, the nuts and bolts of how to establish a captive entity, and why Bermuda is the sensible domicile choice for captives.

“Bermuda continues to see an encouraging number of captive insurance registrations from the Canadian market, so this initiative will allow us to speak to more risk managers and financial executives about the many captive benefits for companies,” said the BDA’s Jereme Ramsay, Business Development Manager for the risk sector. “These types of forums facilitate an environment that allows risk professionals to find out more about the significant innovation happening around all types of risk transfer, and to exchange ideas with insurance managers as well as existing captive owners. We’re looking forward to returning to Canada to continue this dialogue.”

Since 2011, Bermuda has enjoyed a Tax Information and Exchange Agreement (TIEA) with Canada—a bilateral agreement that puts the island on equal tax footing with jurisdictions that hold tax treaties with Canada. The TIEA allows Bermuda subsidiaries of certain Canadian corporations with international operations to be eligible for Canadian tax benefits, including the tax-free repatriation of certain dividends to Canada.

The delegation includes representatives from KPMG, Artex Risk Solutions, Aon, PwC, Marsh, Butterfield Bank, PwC, the Bermuda Monetary Authority and Appleby.