Bermuda Captive Network

KPMG in Bermuda and Bermuda Captive Network launch Captive Scholarship

Thu, 05 Dec 2024 17:32:00 GMT

KPMG in Bermuda and the Bermuda Captive Network (BCN) proudly announce a new Captive Scholarship, the latest addition to KPMG’s scholarship awards. This scholarship, valued at $30,000, aims to develop Bermudian talent specifically for the captive insurance industry—a vital sector where Bermuda is globally renowned as a leading domicile.

With a recognised shortage of skilled captive insurance professionals worldwide, this scholarship addresses a critical need by supporting Bermudian students who wish to pursue dynamic careers in captive insurance. The program is uniquely designed to provide a pathway into the industry through hands-on learning and networking opportunities that go beyond traditional internships.

“The Captive Scholarship offered by KPMG reflects our commitment to equipping Bermudians with the expertise needed to excel in captive insurance,” said Bron Turner, Partner and Captive Sector Lead at KPMG in Bermuda. “By offering students real-world experience and access to industry professionals, this scholarship fosters a foundation of knowledge that benefits both the students and Bermuda’s position as a global leader.”

Key elements of the Captive Scholarship:

• Comprehensive industry exposure: Scholars gain hands-on experience by rotating through KPMG’s Audit, Tax, and Advisory service groups and participating in secondments with a captive insurance company where they work directly with professionals in underwriting, claims, finance, and compliance.

• Networking opportunities: Complimentary access to events like the Bermuda Captive Conference, which allows scholars to connect with industry leaders and build valuable professional networks.

• Dedicated mentorship and support: Each scholar is paired with a career coach and performance manager for ongoing guidance throughout their studies and early career.

“Scholarships in the captive industry in Bermuda not only empower future leaders with essential knowledge and skills, but also foster innovation and diversity within our captive market. It will create opportunities for individuals and enhances the overall economy of Bermuda. BCN expresses its thanks to KPMG for starting and investing in this education program and supporting the network in its plans to ensure we have a sustainable workforce in the captive industry. We look forward to seeing this program develop and grow and welcome support from others over the coming months and years.” Says Grainne Richmond, Chair of the Bermuda Captive Network.

The Captive Scholarship offered by KPMG is a combination of a $20,000 cash award, plus up to $10,000 worth of in-kind contributions toward industry events, totaling up to $30,000 annually. This program joins KPMG’s established scholarships: the KPMG Scholarship, valued at $30,000 annually, and the Frontier Scholarship, valued at $15,000 annually. Applications for all three scholarships are now open. For more details about our scholarship programs and to apply, visit bermudascholarships.com.

KPMG in Bermuda and Bermuda Captive Network launch Captive Scholarship

December 5, 2024

BCN Talent Gap Baseline Survey

Tue, 15 Aug 2023 14:08:00 GMT

August 15, 2023

BCN Talent Gap Baseline Survey

Bermuda Captive Network is working on creating an Internship Framework – Tool Kit that will involve collaboration with both Bermuda College, BFIS and several Risk Management Programs at various Colleges in the US / Canada and Europe. Please click on this LINK to take this survey which has been designed using the Survey Monkey tool .

This survey is intended to be anonymous , and all efforts have been made to ensure anonymity . The responses to the survey are automatically anonymized and aggregated in a manner neither allowing for the identification of individual respondents nor for the attribution of individual responses to a respondent.

Andrew Vaucrosson’s consulting period with BCN comes to an end.

Mon, 14 Aug 2023 12:19:00 GMT

Andrew Vaucrosson’s consulting period with BCN comes to an end.

August 14, 2023

Now that we have established a good base of operations, we have mutually decided with Mr. Vaucrosson not to extend our consulting relationship so that he can pursue other opportunities. Mr. Vaucrosson’s last day at BCN will be August 15 ^th .

Grainne Richmond, Director of BCN states “Mr. Vaucrosson is a seasoned professional with an extensive management background and provided the necessary foundation for us to build a reliable and productive operation behind this new membership organization. We are truly grateful for Mr. Vaucrosson contribution to the development of BCN and we are very confident that he’ll be just as successful with any other enterprise who decides to hire him.”

Questions directed to: grainne.richmond@aon.com or Leslie.Robinson@wtwco.com

Formed in February 2022, The Bermuda Captive Network (BCN) emerged from the synthesis of the former Bermuda Insurance Management Association, the Bermuda Captive Owners Association and the Bermuda Captive Conference and serves as a membership-focused organization providing education, business development and effective representation for Bermuda’s captive and managed insurance industry.

During the past 18-month growth phase, BCN engaged with Mr. Andrew Vaucrosson as a consultant to help develop BCN’s operations and membership base. Through his efforts, the membership has grown to over 150 persons/entities and he has also helped to establish improved communication and enhanced member advocacy with key stakeholders such as the Bermuda Monetary Authority, the Registrar of Companies, the Bermuda Business Development Association, and other Government departments and ministries. He has also assisted with drafting press releases and statements for international media organizations to assist the BCN with promoting Bermuda as a world-class domicile in the global risk market.

“Captive Sustainable Solutions”, article appears in the 2023-24 Bermuda Business Review magazine.

Thu, 29 Jun 2023 19:59:00 GMT

“Captive Sustainable Solutions”, article appears in the 2023-24 Bermuda Business Review magazine.

Whilst the ESG ecosystem evolves within Bermuda’s financial services, the Review highlights how the Island is also taking the lead in the vanguard of conservation, raising awareness of the importance of the Blue Economy and working with other nations to help preserve natural habitats and the environment for future generations.

With authoritative insight and informed comment from business leaders, industry analysts and journalists, the publication also reveals how the Island is proactively engaging with global markets, as it drives sustainability, raises the effectiveness of the structures and services it provides for private, corporate and institutional clients, whilst contributing to a digital future that drives sustainable finance and enhances our ability to reduce the impacts of climate change. An informative reference source for governments, investors and industry, it reflects on current trends and the structures and services available in Bermuda aimed at serving the shifting requirements of investors and businesses, engaging ESG criteria and targeting efforts aimed at climate risk reduction.

This Bermuda Captive Network article written by Andrew Vaucrosson can be found on pages 60-63, or you can click on this LINK to see the on-line version of this magazine.

The Bermuda Business Review 2023 ~ 2024 − published by the Times Group in association with the Bermuda Business Development Agency (BDA) and launched at the 2023 Bermuda Climate Summit – provides insights into the ongoing transformation of Bermuda’s business landscape focused on the key pillars underpinning its highly successful international business activities.

The Review examines Bermuda’s response to the unprecedented changes of recent years and how its key sectors such as tourism and financial services are adapting to contend with the new challenges and opportunities they must now face, not least climate change, geopolitical uncertainties, increasing regulation and economic substance requirements, plus the disruption caused by rapidly developing new technologies and digitalization.

June 29, 2023

BCIB report states how captive companies have continued to outperform their U.S. commercial casualty peers

Tue, 22 Nov 2022 13:10:00 GMT

BCIB report states how captive companies have continued to outperform their U.S. commercial casualty peers

The new report, “Rated BCIB Captives Still Outperforming Commercial Peers,” states that the hard insurance market has provided ample growth opportunities for the Bermuda, Cayman Islands and Barbados captive industries.

A new report has delivered further evidence of the efficacy of captive insurance, outlining how their use in Bermuda and two Caribbean countries saved their corporate owners demonstrably on insurance costs, when compared to use of commercial insurance.

They delivered far better underwriting results and return on revenue, according to the report published by AM Best.

Rated Bermuda captive insurance companies, together with those in Cayman Islands and Barbados have continued to outperform their US commercial casualty peers, as evidenced by a combined ratio approximately 13 percentage points better, over the most recent five-year period, according to the report.

November 22, 2022

Q&A: The key role of captives in ESG commitments

Mon, 14 Nov 2022 13:15:00 GMT

Q&A: The key role of captives in ESG commitments

Captive Review (CR): What role can captives play in supporting ESG progress?

Adriana Scherzinger (AS): ESG can mean different things to different people. From a (re)insurer’s perspective, when we think of the ‘E’ in environmental, we may think of the impact of climate change and severe weather events.

Read more, click on this link: Q&A: The key role of captives in ESG commitments – Captivereview

Zurich NA on how captives can play a role in executing environmental, social and governance initiatives.

As environmental, social and governance (ESG) initiatives have moved up the agenda at many companies, there’s growing interest in whether captives can play a role in successfully executing on those objectives.

We sat down with Adriana Scherzinger, head of captives sales and execution at Zurich North America, during the recent Vermont captives conference to get her perspective. The conversation continued afterward to include her Zurich North America colleagues Dawn Hiestand, head of captives (group), and Mark Way, head of sustainability underwriting, all of whom are based in the US.

November 14, 2022

Celebrating 60 years of innovations by Bermuda’s captives’ sector

Wed, 21 Sep 2022 12:27:00 GMT

Celebrating 60 years of innovations by Bermuda’s captives’ sector

This digital presentation by Captive International showcases why Bermuda is an established premiere jurisdiction for captive management. Go to link to view: Cover – 60 Years of Captives in Bermuda (foleon.com)

September 21, 2022

Captives as an ESG tool

Thu, 15 Sep 2022 12:52:00 GMT

Captives as an ESG tool

September 15, 2022

Captives can be used to address environmental, social and corporate governance (ESG) issues in the insurance market.

The final session of the 2022 Bermuda Captive Conference was a panel moderated by Séadna Kirwan, risk advisory director, Aon Bermuda and which included Sherman Taylor, head of capital markets, Bermuda, at Ocorian; Maura McGuigan, director of criteria at AM Best; and Andy MacFarlane, head of climate at AXA XL.

The session explored the possibility of captives covering uninsured risk in the ESG space, how parent company ESG initiatives could impact captive structure and operations, and Bermuda’s responsibility in the ESG framework.

Captives still face LatAm barriers

Thu, 15 Sep 2022 12:50:00 GMT

Captives still face LatAm barriers

September 15, 2022

Latin America remains an emerging area for the captive insurance market, attendees heard at the Bermuda Captive Conference.

A panel discussion at the conference pointed out that Latin America is a small but growing area of the market at the moment. Latin America makes up 7% of global GDP, with growth of 4.3% over the next few years (2022-2026) expected. Brazil & Mexico make up the largest part of that GDP.

Panel moderator Bartolome Massot, associate director at Artex Risk Solutions; Julián Roberto Ávila, partner – reinsurance at DRET; Luis Delgado, vice president and director at SRS Latin America; and Luis Torres, international projects and captives senior manager – reinsurance representative at INTER, all discussed where the area is on the global captive map.

Bermuda Captive Conference returns with a bang

Wed, 14 Sep 2022 13:06:00 GMT

Bermuda Captive Conference returns with a bang

The 2022 Bermuda Captive Conference has gotten off to a great start, said Helen Souza, business development manager at the Bermuda Business Development Agency.

This year’s conference has seen one significant change from previous conferences, she told Captive International .

“Historically the Bermuda Captive Conference (BCC) has been one of three entities on Bermuda involved in the captive space—there’s been the BCC, the Bermuda Captive Owners Association, and the Bermuda Insurance Managers Association. They’ve all now amalgamated and come under the umbrella of the Bermuda Captive Network.”

September 14, 2022

Fronting partnerships with captives

Wed, 14 Sep 2022 12:55:00 GMT

Fronting partnerships with captives

September 14, 2022

The recent boom in new captives could lead to lasting partnerships with fronting companies that fill a very real and specific need on Bermuda.

According to Jonathan Reiss, chief executive of Concert, Bermuda-based companies need fronting because, whether they’re commercial insurance or reinsurance or captives, a significant reason they’re here is because Bermuda has a very effective regulatory environment.

“We have appropriate regulations for high-profile reinsurance companies and those regulations are aligned with Solvency II,” Reiss told Captive International. “But at the same time, we’ve been able to preserve the efficiency of our captive sector. Captives do not need to be regulated, or should not be regulated, to the same level as commercial insurance or reinsurance.”

Bermuda captives can benefit from emerging risks

Tue, 13 Sep 2022 13:03:00 GMT

Bermuda captives can benefit from emerging risks

September 13, 2022

Bermuda is in a unique place to benefit from the challenges of the post-COVID-19 world, as new risks emerge and make the industry think about how to cope with them.

A panel discussion at the Bermuda Captive Conference addressed some of these emerging issues, with contributions from Gavin Woods, partner at Carey Olsen; Nicolas Plianthos, senior vice president at Marsh Management Services; and Colin Kelley, managing director of Ed Broking Bermuda.

Moderated by Oceana Yates, senior vice president – captives at Davies Captive Management, the panel agreed that captives are increasingly being seen as a solution for a wide range of emerging issues for the insurance industry, both globally and on Bermuda in the post-pandemic era.

BMA: Bermuda remains leader of global captive domicile

Tue, 13 Sep 2022 12:57:00 GMT

BMA: Bermuda remains leader of global captive domicile

September 13, 2022

Bermuda remains the leading global captive domicile, according to the latest figures from the Bermuda Monetary Authority (BMA).

Speaking at the Bermuda Captive Conference, Timae Flood, assistant director, insurance supervision, at the BMA, told attendees that Bermuda had far surpassed other domiciles in terms of gross premiums written, with the latest figures for 2020 amounting to more than $24 billion.

She added that, in recent years, approximately 17 captives a year had been registered in Bermuda. So far, 2022 has seen 14 captives registered on the island.

Flood said that in 2021 the leading lines for the parent companies of those captives included energy, power and utilities, and shipping and transport.

Cyril Whitter Receives Bermuda Lifetime Captive Achievement Award

Tue, 13 Sep 2022 12:43:00 GMT

Cyril Whitter Receives Bermuda Lifetime Captive Achievement Award

To read more, click on this link: Cyril Whitter Receives Bermuda Lifetime Captive Achievement Award

Cyril Whitter is the recipient of the Bermuda Captive Conference’s 2022 Fred Reiss Lifetime Achievement Award for his commitment and contributions to Bermuda’s captive insurance industry.

Mr. Whitter’s career in Bermuda’s captive insurance space has seen him provide more than 44 years of service to both clients and industry peers. Mr. Whitter’s experience in insurance company management has resulted in the development of expertise including the administration and financial reporting for insurance companies domiciled in Bermuda, Barbados, the Cayman Islands, and Hong Kong. His experience covers a variety of classes of insurance, including property-casualty, medical malpractice, professional liability, directors’ and officers’ liability, group life and health, strike insurance, and employment practices liability insurance.

September 13, 2022

Bermuda Captive Market Seeing Increased Captive Use, New Captive Uses

Fri, 02 Sep 2022 08:10:00 GMT

Bermuda Captive Market Seeing Increased Captive Use, New Captive Uses

September 2, 2022

The Bermuda captive insurance market is reflecting the trend toward increased use of captives in the face of a hard commercial market, as well as greater consideration of captives as a vehicle for addressing difficult-to-insure exposures.

“Existing captives are either increasing their deductible limits or putting new lines of business through that they wouldn’t necessarily have done before because financially it wouldn’t have made sense, but with the hard market it does,” Oceana Yates, senior vice president—captives at Davies Captive Management, said recently during a 2022 Bermuda Captive Conference session titled “Emerging Uses of Captives in the Post-Pandemic Era.”

There also has been increased use of segregated cell structures, Ms. Yates said.

Bermuda Captive Conference 2022 details unveiled

Wed, 08 Jun 2022 17:30:00 GMT

Bermuda Captive Conference 2022 details unveiled

June 8, 2022

The Bermuda Captive Conference is returning to the live stage on September 12–14, 2022 at the Hamilton Princess in Bermuda.

Now in its 18th year, the conference returns as a hybrid event, and will examine trends in the global captive market, bringing together industry professionals for thought leadership, education and connectivity. The conference will feature educational sessions, keynote speakers, interactive discussions and opportunities to reconnect and network.

For the first time since 2019, delegates will have the opportunity to return to a live event format, alongside corporate risk managers and captive owners, insurance managers, insurance brokers and service providers. For those who are not able to attend in person, the event will also be streamed virtually via an interactive online platform.

This year’s theme is Fusion, celebrating the momentum and synergy of the newly-launched Bermuda Captive Network that the Bermuda Captive Conference now falls under. The new organisation brings expanded membership and more diverse thought leadership to the table, and will offer to the conference cutting-edge panel discussions with a wide variety of dynamic speakers at the event.

You can read the rest of this article from Captive International here .

Bermuda Captive Network launched as ‘leading edge in captive solutions’ for its members

Wed, 11 May 2022 19:21:00 GMT

Bermuda Captive Network launched as ‘leading edge in captive solutions’ for its members

“This initiative has been a long time in the making and is something many have talked about over the years. BIMA and its membership are delighted that the vision of many is now coming into action and existence.”

Richmond continued: “It is very fitting that at the 60-year anniversary of the first captive in Bermuda, we will now have one cohesive voice for our 650+ captives, their owners and their service providers. As the original backbone of the Bermuda insurance industry, it is no more than our stakeholders deserve and will serve to be a strong platform for the Bermuda Captive Solution to thrive and be even more successful for generations to come.”

The Network’s vision is to gain rapid, international recognition as an independent association providing member-focus, value, education and effective representation for the captive and managed insurance space. With innovation and growth set firmly at its centre, the Network will speak and act with one voice for members’ business development and interests.

Scott Reynolds, President & CEO at American Hardware & Lumber Insurance & President of the Bermuda Captive Owners Association added:

“I and other captive owners have long recognised Bermuda as the number one domicile in the world. The formation of the Bermuda Captive Network will give captive owners a best-in-class organisation from which to learn, share ideas, and interact with important regulators and service providers. Without exception, the captive owners I have spoken with about the Network are looking forward to maximising the potential of their captives.”

The Network’s strategic priorities are clear. Focused on growing its international presence, the new organisation will deliver an expansion of resources, adding value to members and other stakeholders through events, forums, consultation, data and analytics, as well as promoting the development of a more diversified membership.

Notably, the Network will also offer enhanced advocacy, leading and evaluating changes in Bermuda’s legislative and policy landscape with one voice, to ensure the interests of Bermuda and its stakeholders are represented.

Helen Cart, Business Development Manager, Bermuda Business Development Agency (BDA) said:

“The BDA congratulates the Bermuda Captive Network (BCN) for bringing Bermuda’s vital captive industry together into one independent voice. For the last 60 years, captives have been the foundation upon which Bermuda’s risk industry was built. The BDA remains committed to captives and looks forward to working with the Network to build upon Bermuda’s success.”

News of the launch coincides with the announcement of the 18 ^th Bermuda Captive Conference, set to take place during September 12 – 14 this year. Advertised as a hybrid event for 2022, the conference will adopt the Network’s mission, vision and values, embodying innovation, education, networking and business development, as delegates return to a live event format for the first time in three years.

Leslie Robinson, Senior Vice-President, Head of Underwriting & Claims at Willis Towers Watson Management Bermuda & Bermuda Captive Conference Chair said:

“The Bermuda Captive Conference welcomes this new organisation that the annual event will now fall under. With expanded membership, this year’s conference will be exposed to more diverse thought leadership that will assist with planning of the conference, also allowing us to offer cutting-edge panel discussions with a wider variety of dynamic speakers. The new membership will also allow an avenue for many overseas sponsors of the event to have ongoing dialogue and networking opportunities throughout the year with the Bermuda market.”

Membership for the Bermuda Captive Network will launch in April. There are three membership tiers on offer (Premium, Partner and Affiliate) for both organisations and individuals. Everyone with an interest in Bermuda’s captive market is encouraged to join, including captive insurers, owners and managers, corporate service providers, re/insurers, brokers audit, actuarial and legal firms, as well as colleges and universities.

To secure your membership, visit www.bermudacaptivenetwork.com to join the Network.

For questions on the Bermuda Captive Network, how you can collaborate, or to learn more on the benefits for your organisation, please get in touch: hello@captivenetwork.bm

Innovative, Impactful, Inclusive . These are the guiding principles for the Bermuda Captive Network, a new, membership-focused organisation providing education, value and effective representation for Bermuda’s captive and managed insurance industry.

Emerging from the collaboration of three prominent and established organisations, the Bermuda Insurance Management Association, Bermuda Captive Owners Association and the Bermuda Captive Conference, this new solutions-driven entity will continue to promote Bermuda as a world-class domicile in the global risk market.

Grainne Richmond, Vice-President of Strategic Risk Solutions Bermuda & President of the Bermuda Insurance Management Association commented:

May 11, 2022