Bermuda is winning an increasing amount of new captives business from Latin America as a greater variety of companies from the region explore this form of risk transfer and choose Bermuda as their domicile of choice.
That was the message from Bermuda captive industry executives representing Bermuda Business Development Agency (BDA), the body formed through the merger of the Insurance Development Council and Business Bermuda, at a risk management conference in Colombia.
“Encouraging developments are that a greater variety of Latin American companies are developing interest in Bermuda. Historically, mostly large corporations have established Captives in Bermuda, a trend that is changing as medium sized, private and healthcare companies are beginning to express serious interest in Bermuda Captives," said Nick Frost, president of R&Q Quest Management Services.
The executives attended the Multi Latina Risk Management Conference in Cartagena, Colombia, as part of Bermuda's strategic initiative to source new business opportunities in the region and drive captive formations to the island.
Other executives in attendance included Robert Geraghty, business development leader, of Marsh Bermuda, and Thomas Kelly, managing director of KPMG Bermuda.
Kelly added: "Over the recent couple of years, Bermuda has had a very good run in Latin America. The number of new incorporations has been very rewarding and clearly demonstrates that Bermuda is the domicile of choice. We also noted a significant number of attendees from Latin America at the Bermuda Captive Conference in June this year, which we took as a very encouraging sign. When you add these two indicators to the very receptive and engaged audiences over the week-long visit to Colombia that occurred last week, the clear signal is to continue to create the momentum in Latin America."
Bermuda, LATAM, Captives, BDA