Bermuda has been selected to host ALARYS 2016, a biennial conference for risk managers from countries throughout Latin America.
ALARYS director Eduardo Fox commented: "Hundreds of delegates from Latin America and the Iberian Peninsula, as well as investors, brokers and administrators with interest in the region from as far away as the Far East, will travel to Bermuda for this event.”
“It's good for the Island, good for our captive industry, and good for the jurisdiction as a whole."
Bermuda is home to almost 250 companies from Latin America across multiple sectors, according to the Bermuda Business Development Agency (BDA).
Notably, some of the largest companies in Latin America have formed captives and other investment vehicles on the island, including Colombia's Ecopetrol, Pacifico Rubiales, and the Carvajal Group.
According to Fox, nearly two-thirds of all Latin America-owned captives in the world are being formed in Bermuda.
"Its importance to the rest of our market is supported by the fact that 2013 alone saw nearly a third of all newly-formed captives in Bermuda having a Latin American parent," he added.
BDA business development manager Jereme Ramsay said: "A rapidly evolving market in the region continues to drive new demand for sophisticated risk management and financing solutions.”
“This, combined with the ongoing signing of a number of tax information exchange agreements (TIEAs) between Bermuda and countries across Latin America is paving the way for Bermuda to be at the forefront of bringing new captive insurance and other business to the Island."
