Bermuda delegation attends conference in Colombia

The Bermuda Business Development Corporation (BBDC) provided support to key representatives from Bermuda’s captive insurance industry as they promoted Bermuda as the domicile of choice. These executives, along with a senior representative from the Bermuda Monetary Authority, emphasised Bermuda’s robust regulatory framework and high standards of supervision and transparency as a key reason for operating captive insurers in Bermuda. The delegation highlighted Bermuda’s 39 Tax Information Exchange Agreements (TIEAs) in effect four of which are with Latin American nations. In addition, Bermuda’s position within the Organisation for Economic Co-operation and Development (OECD) further signified Bermuda’s status as a cooperative and compliant jurisdiction that is attractive for companies seeking risk management products and solutions including captives. 

Eduardo Fox, Senior Manager of Corporate & Commercial Trusts at Appleby and leader of the BBDC’s LatAm Committee, chaired the event and moderated panel discussions on Enterprise Risk Management and the importance of companies developing a comprehensive risk management culture. The event’s audience represented a broad spectrum of attendees, from mature captive owners to companies still contemplating the use of a captive as a risk transference mechanism.

Mr. Fox was assisted by Shelby Weldon, Director, Licensing & Authorisation, Bermuda Monetary Authority; Clare Spearing, Head of Operations, BBDC; Lawrence Bird, BBDC Director and BIMA President; José Peña, Vice President & Partner Latin America, JLT Insurance Management (Bermuda) Ltd.; Nick Frost, President, R&Q Quest Management Services Limited; Daniel Message, AVP, R&Q Quest Management Services Limited; and, Thomas Kelly, Managing Director, KPMG Bermuda.

Bermuda’s presence was further enhanced by Colombian representatives, Carlos Rodriguez of JLT Re and Maria Escobar of Marsh as well as local ambassadors, Julian Laguna from Pacific Rubiales Energy (which is currently in the process of incorporating a captive in Bermuda) and Gabriel Rueda from Orion Re, who operates a Segregated Account Company in Bermuda.

As the world’s first and largest captive domicile, Bermuda was showcased as the preferred location for captives due to its extensive history and expertise. Furthermore, Bermuda’s position as a reinsurance hub distinguished it from its competitors in its ability to offer one-stop-shop solutions.

Lawrence Bird stated: “Bermuda’s presence at this targeted, high-level conference helped to emphasise our jurisdiction’s position as the leading captive domicile and forge critical new relationships and greater understanding of Latin America which is key to our continued success in region. Our strategic approach is to demonstrate that Bermuda is well ahead of other domiciles with respect to signed TIEAs and global standards of compliance and regulation, which will be instrumental to our success in the near and long-term.”

Mr. Bird added, “Clearly there is an opportunity for Bermuda to support the growth of Latin American businesses and we appreciate the guidance of our local ambassadors and representatives from Bermuda in helping us accomplish that. With the right products, services and regulatory framework we can continue to drive meaningful results.”

The BBDC’s LatAm Committee will be providing additional information, recommendations and research which will focus on maximizing the development of business for Bermuda in the region.