Captive insurance experts from Bermuda will head to Canada in May to promote the benefits of setting up captives on the island.
The trip will include two half-day executive forums in Vancouver, on 15 May, and Toronto, on 17 May, and will explain the reasoning behind captives, how they can be established and why Bermuda is an ideal choice.
The 14-person delegation will be led by the Bermuda Business Development Agency (BDA).
Bermuda has held a Tax Information and Exchange Agreement (TIEA) that puts the island on equal tax footing with jurisdictions that hold tax treaties with Canada since 2011.
The TIEA allows Bermuda subsidiaries of some Canadian corporations with international operations to be eligible for Canadian tax benefits, including the tax-free repatriation of certain dividends to Canada.
Jereme Ramsay, the BDA’s business development manager for the risk sector, commented: “These types of forums facilitate an environment that allows risk professionals to find out more about the significant innovation happening around all types of risk transfer, and to exchange ideas with insurance managers as well as existing captive owners.”
“Bermuda continues to see an encouraging number of captive insurance registrations from the Canadian market, so this initiative will allow us to speak to more risk managers and financial executives about the many captive benefits for companies.”
He said:“We’re looking forward to returning to Canada to continue this dialogue.”
