Bermuda Captive Conference
With the Bermuda Captive Conference due to take place virtually again this year, the event chair Leslie Robinson discusses what’s on the agenda this year and the current captive climate in Bermuda
What are you most looking forward to at this year’s Bermuda captive conference?
The Bermuda Captive Conference committee has worked hard to innovate and evolve the virtual event to take the attendee experience to the next level.
This year’s event puts the focus back on interactivity and networking, by launching a new platform with features that include video-calling for attendees, group chat and live meeting spaces for sponsors to host conversations.
Attendees will have the added option of ‘speed-networking’ — a tool that allows you to meet other virtual guests outside of sessions.
With BCC taking place in virtual format for a second year, do you see this being the norm for the future?
There is definitely an appetite amongst Bermuda’s industry network to return to Bermuda. At the end of last year, we were optimistic that there would be an option to host a live component to the Bermuda Captive Conference, but it soon became clear during the vaccine roll-out that we would need to wait another year.
Whilst we are keen to see the conference return to a live event, the value of adding a virtual component to the offering is huge, particularly when considering accessibility for those who are unable or unsure of travelling in the future. Last year’s event welcomed attendees from over 30+ countries, so we do feel that virtual events are here to stay, but in a compelling hybrid format, which will seek to engage both a live and virtual audience.
What is on the agenda for this year’s captive conference?
This year’s theme is Resilience, reflecting the response of the captive industry to a year of unprecedented uncertainty since the pandemic began. Our main stage and breakout sessions will explore how businesses have adapted to the demands the pandemic has placed on them, as well as the fast-evolving landscape of a world changed by COVID-19.
Some of our sessions include:
The Pandemic - Is there a Light at the End of the Tunnel for your Company and will the Pandemic Impact your Captive
Conscious Capital: Determining the Importance and Relevance of an ESG Strategy
Resilience & Innovation: 2021 Regulatory Update
Bermuda – the Safe Port for your Captive
The Economists’ View of Resilience
Resilient Investing: Risks and Opportunities in a Pandemic World
The Modernisation of Insurance Risk and Financial Strategies
With a Hardened Insurance Market, what Challenges & Opportunities does Alternative Risk Management Methods Bring?
BEPS: A Framework for the Future
Strength in the Latin-America Market
Captives & Technology
New Frontiers in Risk Mitigation – Setting up a Bermuda Captive for your Cannabis Business
Employee Benefits Captives providing Resilience in Uncertain Times
What is the current climate of the Bermuda captive insurance market?
There is a tremendous amount of energy and growth in the Bermuda captive insurance market. We are seeing a captive resurgence with new stakeholders setting up captives and existing stakeholders expanding on their lines of coverage. We are also seeing a different type of entrant into the captive space writing not just traditional lines, but new lines such as cyber and directors and officers (D&O). Innovation is also at the forefront — the BMA continues to respond to, work with, and respond to industry’s needs, whether through different areas of insurance such as cannabis, or different insurance licenses such as the Insurance Regulatory Sandbox and the innovation hub. 2021 is already seeing an uptick in new licenses as compared to this time last year with 6 new licenses to date in the captive space and with 18 new insurance licenses across all license classes.
Has the COVID-19 pandemic affected the captive insurance market in Bermuda?
The captive insurance market, as with the rest of the world, was impacted by COVID-19. We also went through working from home, virtual meetings and reduced travel to meet with our clients. Overall, Bermuda pivoted extremely well to ensure our clients and our stakeholders still received a first-class level of service they had come to expect. The Bermuda captive itself proved how versatile and useful it can be — stepping in to provide cover where none was available in the commercial space, covering exemptions in certain lines and through sound investment strategies and proper management remained resilient throughout the global economic crisis.
What are the biggest challenges right now for Bermuda?
One of the most important areas of focus for Bermuda is ensuring it continues playing to its strengths — industry collaboration and partnership. The Bermuda captive industry continues to evolve and at this time, our industry stakeholders are reviewing a new strategy that it plans to roll out this year; one that will ensure Bermuda remains a global leader, at the forefront of the risk market. Further announcements on this new initiative will be announced during the Bermuda Captive Conference this June.
