Following the first Bermuda captive breakfast seminar in Calgary last year, a second event highlighting Bermuda's robust captive market has taken place in the city.
The seminar, which provided insight into the benefits of the Canada-Bermuda Tax Information Exchange Agreement (TIEA), also served as a networking event with potential buyers from large and middle market companies. Risk managers, CFOs and prospective captive owners heard of Bermuda's value as the oldest and largest captive domicile which is well placed in close proximity to Canada.
This year's attendees of potential buyers and service providers heard from Parrish & Heimbecker Limited, whose captive is domiciled in Bermuda.
Stephen Lund, CEO of Bermuda’s business development agency, said: "The key to capturing business in markets like Calgary is through proactive business development. The Bermuda captive breakfast seminar is the right forum through which industry experts can explain why Bermuda is the intelligent choice for Canadian companies considering the use of a captive vehicle. Furthermore, the TIEA in place between Canada and Bermuda levels the playing field on taxation as compared to other domiciles."
Other sessions at the event focused on Bermuda's position as a leading captive domicile distinguished by its access to reinsurance markets as home to many of the world's top reinsurers. With high quality expertise and sensible supervision, Bermuda continues to attract Canadian multinationals looking to establish or re-domicile a captive vehicle to better manage their corporate risks and control costs thereby capturing sustainable value for the parent company writing non-Canadian risks.
