“THUS FAR THE LARGER SINGLE-PARENT CAPTIVES HAVE DOMINATED THE FIELD, REFLECTING THE SIZE AND NATURE OF THE CANADIAN ENERGY FIRMS THAT HAVE LED THE CHARGE.”


Canadian questions


Finally, turning to the questions that Canadian clients are asking of the Bermuda industry, the three industry leaders outlined a range of issues. For Bird, the key questions relate to infrastructure, regulation and cost. He said that one of the enduring myths about Bermuda is that it is an expensive jurisdiction in which to do business. By comparing Bermuda


with competing jurisdictions, however, Bird said that it is possible to dispel such misconceptions.


Gibbons reiterated this point, indicating that “for those with established captives, when they look at Bermuda they see that the benefits outweigh the costs”. The question of cost largely arises in conversations with those considering establishing a new captive, he said, but without a “detailed analysis it is unlikely you will be able to weight the costs and benefits of being located in a jurisdiction such as Bermuda”. Companies that have opted for Bermuda have been “happy with the professionalism of the captive sector and its connections with the insurance and reinsurance industry on the Island”, he said.


Whelan concluded that the quality of service providers—an area in which Bermuda has considerable strength—is another issue raised in such conversations, as is the benefit of the Island’s close proximity to Canada. It seems that Bermuda has little to fear from such examinations of the Island’s captive landscape, with the recent TIEA and rising Canadian interest likely to add further captive numbers to Bermuda’s already impressive field. l


bermuda captive 2012 21


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68