Bermuda Captive Network Launch
The Bermuda Captive Network recently launched and “will continue to promote Bermuda as a world-class domicile in the global risk market.”
A spokesperson said, “Innovative, impactful, inclusive. These are the guiding principles for the Bermuda Captive Network, a new, membership-focused organisation providing education, value and effective representation for Bermuda’s captive and managed insurance industry.
“Emerging from the collaboration of three prominent and established organisations, the Bermuda Insurance Management Association, Bermuda Captive Owners Association and the Bermuda Captive Conference, this new solutions-driven entity will continue to promote Bermuda as a world-class domicile in the global risk market.”
Grainne Richmond, Vice-President of Strategic Risk Solutions Bermuda & President of the Bermuda Insurance Management Association, said, “This initiative has been a long time in the making and is something many have talked about over the years. BIMA and its membership are delighted that the vision of many is now coming into action and existence.
“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.”
The spokesperson said, “The Network’s vision is to gain rapid, international recognition as an independent association providing member-focus, value, education and effective representation for the captive and managed insurance space. With innovation and growth set firmly at its centre, the Network will speak and act with one voice for members’ business development and interests.”
Scott Reynolds, President & CEO at American Hardware & Lumber Insurance & 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.
“Without exception, the captive owners I have spoken with about the Network are looking forward to maximising the potential of their captives.”
The spokesperson said, “The Network’s strategic priorities are clear. Focused on growing its international presence, the new organisation will deliver an expansion of resources, adding value to members and other stakeholders through events, forums, consultation, data and analytics, as well as promoting the development of a more diversified membership.
“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.”
Helen Cart, Business Development Manager, Bermuda Business Development Agency [BDA], said, “The BDA congratulates the Bermuda Captive Network [BCN] for bringing Bermuda’s vital captive industry together into one independent voice. 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.”
The spokesperson said, “News of the launch coincides with the announcement of the 18th Bermuda Captive Conference, set to take place during September 12 – 14 this year. Advertised as a hybrid event for 2022, the conference will adopt the Network’s mission, vision and values, embodying innovation, education, networking and business development, as delegates return to a live event format for the first time in three years.
Leslie Robinson, Senior Vice-President, Head of Underwriting & Claims at Willis Towers Watson Management Bermuda & 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.”
The spokesperson said, “Membership for the Bermuda Captive Network will launch in April. There are three membership tiers on offer [Premium, Partner and Affiliate] for both organisations and individuals. Everyone with an interest in Bermuda’s captive market is encouraged to join, including captive insurers, owners and managers, corporate service providers, re/insurers, brokers audit, actuarial and legal firms, as well as colleges and universities.
“To secure your membership, visit www.bermudacaptivenetwork.com to join the Network.
“For questions on the Bermuda Captive Network, how you can collaborate, or to learn more on the benefits for your organisation, please get in touch at hello@captivenetwork.bm.”
