2024 Bermuda Captive Insurance Conference

The world’s premier captive insurance location. 

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September 9th – 10th, 2024

The Bermuda Captive Conference is returning  September 9th – 10th, 2024 at the Hamilton Princess in Bermuda.

Bermuda is the largest global hub of captive insurance with over 700 captive insurance companies and $34 billion annual gross written premiums.  The Bermuda Captive Conference was created in 2004 to help promote, support, and grow the island’s world-leading captive insurance industry sector. The three-day conference is Bermuda’s largest and longest-running industry event, held every June, attracting more than 800 delegates, half from overseas.

Review

A captive is defined as an insurance company established in an offshore jurisdiction, created and controlled by either a parent company or professional association through which their own risk is insured. Those insured risks are frequently re-insured through a large multinational carrier.

The cost of insurance represents a considerable expense for most businesses. In recent years, premiums have skyrocketed leading many professionals to explore creative cost reduction strategies. One imaginative – yet proven – strategy is the use of wholly-owned subsidiaries to meet insurance needs which can control or even cut expenditures. Captives can be established to self-insure part or all of property loss, product liability, work compensation, malpractice and virtually any other coverage. Consequently, the driving force behind the move to offshore captive insurance extends virtually across all industries including, but not limited to: medical malpractice, workers compensation, manufacturing, financial, energy-related, and real estate developers, just to name a few. Over 350 of the Fortune 500 companies in the United States have insurance captives. As a result, Captive Insurance Companies have become a growing and significant sector of the global insurance industry.

Benefits:

1. Instances when insurance cannot be purchased from commercial insurance companies for a business risk. In many instances companies within an industry form a joint captive insurance company for that reason.

2. In very specific cases, premiums paid to a captive insurance company may be deductible as a business expense for tax purposes according to the Internal Revenue Service. It is important to note that the IRS has established very strict guidelines to qualify for tax benefits and the use of a professional is critical.  The rule of thumb is that the insurance company will need to be adequately capitalized and offer sufficient third party (non-related) insurance to qualify.

3. Insurance can be obtained through the international reinsurance market at a more favorable premium with higher limits of coverage.

4. Investment returns can be obtained directly on its invested capital.

Bermuda

Bermuda stands as the world’s leader in Captive Insurance.  As such, their annual conference is consider one of the most important in the industry.

Conference Information


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About The Publisher

Jeff Corbett
As entrepreneur, author and magazine publisher with over 25 years’ experience in the global marketplace, I enjoy writing as an advocate for international business and personal freedoms. Thanks to my experiences building businesses I also have a tremendous interest in reading or writing about motivation and self-discipline.