Diversity, Blockchain, Climate Change & More

March 20, 2018

Board diversity, female leadership, cyber risk, blockchain and climate change are among the hot topics shaping the agenda of the 14th Bermuda Captive Conference, slated for June 11–13 at Fairmont Southampton.

The organisers said, “The three-day agenda features a mix of moderated panels and roundtables focusing on fast-changing insurance issues, including insurtech, US tax reform, pensions and employee benefits, healthcare and cyber risk, and investment strategies.

“Bermuda is the top global captive jurisdiction, home to nearly 740 captive insurance companies supporting primarily Fortune 500 corporations in the US and generating $55 billion in annual gross written premiums.”

“A major highlight of this year’s event is the number of captive owners we have speaking,” said David Gibbons, Agenda Committee Chair.

“Over the last three to four years, we’ve seen a dramatic rise in the number of captive owners and risk managers attending the conference and we thought it was very important they hear from their peer group. The Bermuda Captive Owners Association [BCOA] has been extremely supportive and many of its members are now taking part.”

Major client corporations self-insuring via Bermuda captives include General Motors, Caterpillar, Microsoft, Coca-Cola, and True Value Hardware Stores. Risk managers and other representatives from these and other companies will participate in the 2018 event, including a roundtable devoted to captive owners on day two of the conference.

“The roundtable is the first of its kind for our conference, and it will be interesting to hear captive owners in various life cycles of their captive talk about what they’re thinking about, what’s important to them, what they’re looking for in terms of a domicile, a market, level of service, regulation and risk management—and why Bermuda provides that,” said Gibbons.

Diversity—of risk, talent and products—is the theme of this year’s conference that will feature human rights visionary Derreck Kayongo and insurance industry leader Jonathan Reiss as spotlight speakers.

Key industry sessions will explore the issue of board diversity and the perspective of millennials, while an opening-day session spotlighting female corporate leaders, titled “Women in the Captive Industry—Empowering Industry Awareness,” is also expected to be well-attended.

“It’s important to recognise the impact of diversity within the industry, particularly that of women, Bermudians, and young insurance professionals, as the captive insurance sector evolves,” said Grainne Richmond, President of the Bermuda Insurance Management Association [BIMA].

“We’ll highlight some very successful women— senior executives who are excellent role models for young men and women. We feel their insights will inspire the whole audience, especially younger attendees who are just heading into captive careers.”

Overall, Gibbons added, this year’s conference agenda also addresses the many changes affecting the industry, particularly in the global tax and regulatory environment.

“You have increased guidelines, AML, new accounting pronouncements such as short-duration contracts under US GAAP, changes in interest rates—and our programme will explore many of these issues. We’ll have sessions dealing with investments, diversification, and risk appetite for insurers and captive insurers and how that matches to potential returns.”

Hot topics fueling include cyber and data protection, the emerging blockchain juggernaut, employee pensions and benefits, the increased frequency and severity of weather-related losses, plus a look at emerging markets such as Latin America, Asia and Canada.

Other session highlights include:

  • Bermuda roundtables discussing trending topics
  • A global economic outlook delivered by HSBC Securities and Barclays Wealth economists
  • A debate on US tax reform featuring panellists Karey Deardon, Executive Director, EY LLP; Rick Irvine, US Tax Partner, PwC; Tom Jones, Counsel, McDermott & Emery LLP; Bruce Wright, Insurance and Tax Partner, Eversheds Sutherland LLP; and moderator William McCallum of KPMG Bermuda.

“Our Agenda Committee has worked hard and taken a fresh look to provide sessions we feel will be topical, thought-provoking and informative,” said Conference Chair Michael Parrish.

“We’re pleased a large number of captive owners representing notable companies are participating on panels, along with experienced captive practitioners. We look forward to lots of engagement, networking and discussion.”

The Bermuda Business Development Agency [BDA], along with industry stakeholders, is promoting the conference at several overseas events to build interest and attract delegates.

To date this year these included the World Captive Forum in Florida and the Captive Insurance Companies Association [CICA] conference in Arizona. Upcoming are the International Cyber Risk Management Conference in Toronto, ON, April 11–12; the RIMS 2018 annual conference in San Antonio, TX, April 15–18, at which a special Bermuda Forum will be held in partnership with the Bermuda Captive Conference; and a BDA Executive Forum in New York, NY, May 2, when the keynote speaker, AIG CEO Brian Duperreault, will also be presented by the conference.

For more information, contact 295-2626, info@bermudacaptive.bm or go here.

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