“With increasing competition in the captive space, especially with the rise of pop-up domiciles in the US, we feel it’s more critical than ever to promote Bermuda’s value as a top tier jurisdiction,” Bermuda Business Development Agency (BDA) manager Jereme Ramsay noted.
Bermuda is being positioned as a blue chip financial center for captive insurance, or self-insurance, which enables global companies to cost effectively manage risks in health care, cyber, and enterprise risk management.
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Currently, a Yahoo Finance report said that around 800 firms are based in the country generating almost $55 billion in annual gross written premiums. Further, the report said that captive owners and operators are able to access the open market afforded by the presence of commercial insurance and reinsurance firms in the island.
BDA will host executive forums in Boston and Chicago in March to connect with parties who may be interested in opportunities in the island.
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