Bermuda captive insurance experts visit Chile and Peru

HAMILTON, Bermuda – The Bermuda Business Development Agency (BDA) is leading an industry delegation to Santiago, Chile and Lima, Peru this week to host executive forums on the value of Bermuda-based captive insurance.

The regional outreach includes meetings with prospects and service providers who want to learn more about Bermuda’s captive insurance solution and ways to access the island’s powerful re/insurance market.

The forums, geared to financial executives, risk managers and family-office advisers, will be held at the Ritz-Carlton, Santiago, at the Westin Lima Hotel & Convention Center.

Scheduled to run 9–11:30 am both days, the forums will feature two sessions: the first, “Captive Solutions & Strategies,” explains what a captive insurer is, a captive’s structure, key reasons to set up a captive, along with common risks insured, citing several case studies.

A second session focuses on regulatory, tax and legal frameworks and includes two case studies. Interested parties in the region can register here: Santiago Forum or Lima Forum.

“Bermuda has seen encouraging interest from the Latin American market, with the establishment of three new Latin captive insurers out of Chile, Colombia and Mexico in 2016,” noted Jereme Ramsay, BDA Business Development Manager for the risk sector.

“Our delegation will continue to educate industry partners in the region and look to connect businesses with our local stakeholders. This collaboration between Bermuda’s public/private sector significantly enhances opportunities for new business leads for our captive insurance market.”

“Chile and Peru are home to many large and medium-sized corporations with sophisticated risk managers and an excellent understanding of their insurance risk,” said Janita Burke, Client Director for Estera. “These entities can benefit from establishing and operating a Bermuda captive – a risk-management tool that has been highly beneficial to their counterpart corporations in the United States for decades.”

Bermuda’s captive insurance market is the global leader, with close to 800 companies generating more than $55 billion in annual gross written premiums. The presence of commercial insurance and reinsurance companies on the island allows captive owners and operators to access open-market underwriting capacity not found in other captive domiciles, making Bermuda a one-stop-shop.