Re-Insurance

Bermuda to stage Canada captive roadshow

  • Canada roadshow: Jereme Ramsay of the BDA

A 14-strong delegation of industry representatives will head to Canada next month to promote the corporate benefits of setting up a captive insurance company in Bermuda.

Led by the Bermuda Business Development Agency, the roadshow includes half-day executive forums in British Columbia and Ontario — in Vancouver on May 15 and Toronto on May 17 — as well as business development meetings. Emphasising the many elements that differentiate Bermuda as a blue-chip jurisdiction, the agenda covers topics ranging from reasons to set up a captive insurer, the nuts and bolts of how to establish a captive entity, and why Bermuda is the sensible domicile choice for captives.

“Bermuda continues to see an encouraging number of captive insurance registrations from the Canadian market, so this initiative will allow us to speak to more risk managers and financial executives about the many captive benefits for companies,” said the BDA’s Jereme Ramsay, business development manager for the risk sector. “These types of forums facilitate an environment that allows risk professionals to find out more about the significant innovation happening around all types of risk transfer, and to exchange ideas with insurance managers as well as existing captive owners. We’re looking forward to returning to Canada to continue this dialogue.”

Since 2011, Bermuda has enjoyed a Tax Information and Exchange Agreement with Canada — a bilateral agreement that puts the island on equal tax footing with jurisdictions that hold tax treaties with Canada. The TIEA allows Bermuda subsidiaries of certain Canadian corporations with international operations to be eligible for Canadian tax benefits, including the tax-free repatriation of certain dividends to Canada.

The Vancouver forum takes place on May 15, 8.30am until noon at the Fairmont Waterfront. The Toronto forum will be held on May 17, 8.30am until noon at the Toronto Westin Harbour Castle in the city’s downtown. Registration is free, and parking will be validated.

Industry representatives participating in both BDA initiatives include: Mark Allitt of KPMG; Tony Bibbings of Artex Risk Solutions; Janita Burke of Estera Services; Daniel Carter of Aon Canada; Christianne Kenny-Post of ASW Law; George Leite of Aon; Jennifer McConnell of PwC; Yanique Miller of Aon; Michael Parrish of Marsh; Danielle Paynter of Butterfield Bank; Stewart Ritchie of PwC; Leslie Robinson, of the Bermuda Monetary Authority; Dennis Silvia, of Cedar Consulting; and Gavin Woods of Appleby. Industry partners from Deloitte Bermuda also assisted with the roadshows.