The Bermuda Business Development Agency (BDA) has teamed with local industry experts to create and host a webinar that highlights the benefits for Canadian firms of setting up insurance companies in the domicile.
"This is our first BDA webinar, and it demonstrates the value of our public-private partnership—we really appreciate the voluntary work of our industry partners on this project to heighten the visibility of Bermuda's captive insurance business," said BDA business development manager Jereme Ramsay.
"Our end goal is to help create new captive formations on the island. This particular webinar is aimed at CFOs and risk managers at companies in Canada, where we are working to develop new business in the insurance sector."
Canadian interest in Bermuda as an international business centre, particularly for establishing captives, has increased since the Canada-Bermuda Tax Information and Exchange Agreement (TIEA) took effect in 2011, putting the Island on an equal tax footing with jurisdictions that hold tax treaties with Canada.
The bilateral agreement allows Bermuda insurance subsidiaries of certain Canadian corporations with international operations to be eligible for Canadian tax benefits, including the tax-free repatriation of certain dividends to Canada.
The BDA webinar will guide registrants through what a captive is, as well as common captive structures, reasons for setting up a captive, Bermuda's regulation and licensing process for captives, plus an overview of Canadian income tax considerations.
"We have an excellent panel of experts lined up for this event," commented Joe DaSilveira, senior vice president at Liberty Mutual Management.
"The webinar is a must for any Canadian executive curious or thinking about forming a captive."
The BDA plans to stage at least three more webinars on risk industry topics this year—targeting US, Latin American and healthcare sector audiences—building toward scheduled events and business development roadshows.
"Webinars are an effective platform to reach a broad global audience with our message about Bermuda's benefits," added Ramsay.
"We believe webinars will be a cost-effective way to generate leads and educate overseas companies and executives about the value of Bermuda to their business."
DaSilveira will moderate the discussion, while Oceana Yates, vice president of captives for R&Q Quest Management Services; Leslie Robinson, assistant director of corporate authorisations for the Bermuda Monetary Authority; and Mark Allitt, director of KPMG Advisory Limited, will also feature.
