The movers and shakers in Bermuda’s captive insurance industry will be attending the Bermuda Insurance Management Education Summit.

The Summit will be held on Wednesday, May 15 at the Fairmont Hamilton Princess and is a collaboration between the Bermuda Insurance Management Association (BIMA) and the Bermuda Insurance Institute (BII).  

The Summit was created as an education event for those working in captive insurance management companies, and the related services providers which support the management industry, including auditors, lawyers, bankers and captive reinsurers.

In 2012, more than 200 industry professionals registered for the education event.

Lawrence Bird, president of the BIMA, told the Bermuda Sun: “There was a feeling with BIMA we needed to do more on the education front for our members and colleagues at our various members firms. We thought be good to partner with the Bermuda Insurance Institute to be able to create an education day and get across relevant topics.”

He said it was initially for new members in the industry but it “morphed into something bigger”. 

Mr Bird said the agenda this year is broad. One of the topics is on Insurance Linked Securities (ILS).

“This is a growing area and a definite opportunity for Bermuda. It’s already established itself in international business as a place for these vehicles to set up. It is really a hot topic for our own industry.”

The Bermuda Business Development Corporation will give an update as part of the Summit but will also show what opportunities are available for BIMA.

Dawnnelle Walker, CEO, Bermuda Insurance Institute, said she is looking forward to the talk about ILS.

“This is relatively new. It is something people want to know a lot more about. I want to be further educated on it.”

MS Walker said: “Bermuda’s greatest resource has always been our people and the more the educated and knowledgeable our people can be in the various roles in their organizations, then that bodes well for the organizations.

“It also bodes well for Bermuda as we a place where we have quality resources for the international business community.”

The event starts at 8:30am and includes lunch at Harley’s restaurant. The cost is $125 per person for BIMA and BII members and $250 for non-members. A group rate for five or more people is $100 and $125 respectively. 

Visit www.bii.bm to register or call Delma Parfitt at the BII at 295-1596 or dparfitt@bii.bm.