CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Bermuda Promotes Captive Insurance To Canadian Industry

Bermuda Promotes Captive Insurance To Canadian Industry

by Mike Godfrey, Tax-News.com, Washington

28 April 2015


Bermuda is to send a 15-strong delegation to Canada to host a roadshow touting the corporate benefits of setting up a captive insurance company in Bermuda.

The delegation will include members of Bermuda's insurance industry, the Government, and the financial services regulator.

The Government said Bermuda has seen increasing interest from Canadian corporations following the signing in July 2011 of the Canada-Bermuda Tax Information and Exchange Agreement (TIEA).

The roadshow will explain what a captive is, and discuss structuring, the reasons for setting up a captive, the common risks insured, and include case studies. It will also include e-commerce sessions to explain how Canadian retailers that sell their goods and services online are able to utilize the advantages of the Canada-Bermuda TIEA to reach international customers.

Ross Webber, CEO of Bermuda's Business Development Agency (BDA), said: "The TIEA between our countries makes it easy and beneficial for Canada and Bermuda to do business together. The BDA, with [the] Government, BMA, and our industry partners, is working to educate the Canadian market about the process and benefits of setting up a Bermuda structure as part of their overall international planning. We are anticipating that a growth in interest from Canada in establishing a Bermuda presence will result in manned physical operations–and jobs for Bermudians."

Speaking ahead of the visit, Philip Cook, CEO of Toronto-based Omega Insurance Holdings Inc, said: "There are other good jurisdictions, but none of them offer everything Bermuda does. Bermuda offers Canadian business the best opportunity for one-stop shopping if an alternative method of risk transfer or risk financing is desirable."

TAGS: Insurance | tax | investment | business | tax information exchange agreement (TIEA) | interest | commerce | financial services | insurance | international financial centres (IFC) | Bermuda | offshore | agreements | e-commerce | captive insurance | Canada | retail | services | Tax

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »