Top-level executives have attended information sessions in Toronto and Calgary to hear the benefits of establishing captive insurance companies in Bermuda from a 20-strong delegation led by the island’s Business Development Agency (BDA).
"Our working relationship with Bermuda's regulator and business community was once again reinforced by the depth and professionalism displayed by the Bermuda delegation in Toronto and Calgary," said economic development minister Grant Gibbons, who led the roadshow and gave opening remarks at each session.
Bermuda has been of growing interest to Canadian corporations following the June 2010 signing of the Canada-Bermuda Tax Information and Exchange Agreement (TIEA), which allows Bermuda 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 forums featured an opening plenary session, moderated by BDA CEO Ross Webber with Gibbons and Michael Horgan, a former deputy minister of finance for the Canadian government, as panellists.
The delegation has claimed to have picked up several promising leads as a result of the mission, with industry practitioners in “continuing dialogue” with several of the prospects who attended.
"This initiative is being implemented according to our agreed strategy of finitely targeting regions, sectors and audiences. We deliberately showcased actual case study examples. This is highly persuasive for those who are on the fence," said Webber.
The captive session explained what a captive insurer is, a captive's structure, key reasons to set up a captive, along with common risks insured, citing several case studies.
Panels of industry speakers included the Bermuda Monetary Authority's Leslie Robinson; David Gibbons of PwC Bermuda; Oceana Yates, of R&Q Quest Management; Philip Cook of Omega Insurance Holdings; David Downie of KPMG Canada; and David Platt of Encana Services Company.
