Deputy Premier and Minister of Transport and Regulatory Affairs, The Hon. Walter H. Roban JP MP opened the Bermuda Captive Conference today at the Fairmont Southampton Resort. He participated in an honours ceremony that recognized eleven corporations who have held a captive insurance company in Bermuda for more than a quarter of a century. They join an additional 200 such companies who had already been elevated to Bermuda’s Captive Hall of Fame. The Deputy Premier also presented Bermuda captive industry pioneer Brian Hall with the Fred Reiss Lifetime Achievement Award. Mr. Hall was a prime mover in establishing Bermuda as the global leader in captive insurance. See remarks below from the Deputy Premier in opening the event.
I’d like to begin by welcoming those of you returning for this event, as the Bermuda Captive Conference is one of the most important captive insurance gatherings for the industry.
Today, it is an essential stop on the list of annual meetings where captive professionals can gather to discuss the latest developments in the captive insurance industry, and, network with peers and those seeking captive solutions.
So those of you who find yourselves here every year to share old and new knowledge with old and new friends, are the very heart and fabric of the Bermuda Captive Conference – and, a key part of what makes the captive industry a growing phenomenon to an increasingly wider segment of the world’s business community.
That growth is reflected in the record attendance at this year’s event. Congratulations to the organisers!
Growth in attendance means more corporations seeking solutions to their risk management needs are learning of Bermuda market opportunities.
Congratulations also to the many companies, some being recognised today, who determined the Bermuda advantages many years ago.
Those who are new to the industry, or even new to Bermuda, have come here this week in search of something – an education on some aspect of the captive business, a partner to help you resolve outstanding issues in your company, or even the expertise to help you set up your own Bermuda captive.
You couldn’t have come to a more beautiful place on earth to get the job done. And, you couldn’t have found a more knowledgeable gathering to get your questions answered.
Bermuda’s insurance market is incredible. For decades now, it has been providing the world with unrivalled expertise across several disciplines of the insurance industry.
The global leader in captives, Bermuda is also a major player in high-end, commercial insurance markets. Many of those who form captives here, find on-island commercial market solutions, as well.
Even captive owners in other jurisdictions have found reinsurance options in Bermuda. The reinsurance community in this island is a force in its own right. A leader in catastrophe reinsurance, these companies help communities across the globe get back on their feet after some of the worst natural disasters.
As the world’s largest captive domicile (both in terms of licences held and business written), Bermuda also holds 75% of global outstanding capacity of catastrophe bonds produced by Insurance-Linked Securities – $23 billion out of $31 billion at 2017 year-end.
The island’s globally significant property/catastrophe reinsurance market is paying 30% of the claims of 2017 hurricanes Harvey, Irma and Maria.
Captive insurance, commercial insurance and reinsurance, together with other financial services companies and a variety of support professionals – in areas such as law, accounting and banking – provide anyone interested in captive insurance with a significant cushion of expertise; and they can find it all within a city known for walkable distances.
Together, these market segments are providing solutions to companies, institutions and governmental organisations across more than 100 countries.
As a Government, it is important to us that we support these industries and provide what they need to keep them making the most of the Bermuda platform to the benefit of the wider, global community.
That means facilitating the flow of global commerce in any reasonable way possible to enable local industries to offer their leading edge products and services.
We recognize the need to maintain global standards, and, we must commend the Bermuda Monetary Authority, which has been an impressive supervisory stalwart across all of our financial service undertakings.
We believe the BMA’s integrity, sterling reputation even among the world’s other regulators, their forward thinking and a continued emphasis on their own development, has given Bermuda businesses the confidence as global providers.
Furthermore, the Authority continues to incorporate new technology into its supervisory processes with the introduction of an electronic statutory filing system in 2017 to allow for more robust data collation on filings for Bermuda captives and Special Purpose Insurers.
The BMA has continued an emphasis on developing its global regulatory standards and continued its cooperation with other international bodies.
This includes the International Association of Insurance Supervisors, the National Association of Insurance Commissioners and the Group of International Finance Centre Supervisors.
I hope you enjoy the Bermuda Captive Conference. It is a great opportunity to learn and grow in ways that can be of great benefit to your organization.
It’s an opportunity to network with the leaders in the captive industry.
And it’s an opportunity to do all of this in one of the most beautiful places on earth.