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Bermuda Promotes Captive Insurance To Canadian Industry

by Mike Godfrey,, 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

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