Bermuda Plans More Aggressive Marketing Of Captive Insurance Sector

by Amanda Banks, Tax-News.com, London

03 February 2005

Bermuda’s captive insurance sector is set to commence a marketing drive in the coming months, in an attempt to increase awareness internationally of the jurisdiction’s favourable captive insurance regime, the Royal Gazette reports.

Although Bermuda is the world’s largest captive insurance domicile, representatives from the industry believe that the island has not matched the zeal of other offshore jurisdictions, such as the Cayman Islands, in promoting itself to international business.

One outcome from this marketing drive will be an Annual Bermuda Captive Conference, the first of which is to be staged in September 2005.

According to the Gazette, Peter Strong, president and director of Independent Management Ltd observed that:

"Other jurisdictions like Cayman Islands and Vermont had huge success doing their own captive conference and since we are the biggest jurisdiction we felt that we should have a big conference as well so we took it on ourselves."

Mr Strong went on to add:

“We want to build loyalty to Bermuda and the conference is one way of doing it. We're going to ask (delegates) to become members and maybe depending on the finances of this, they could come to their own conference free of charge or very little charge."

Organisers of the conference also plan to offer tax seminars and to have representatives of the Bermudian government on hand to explain its position on captives.

Additionally, separate events will be held throughout the conference devoted to healthcare.

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