It's clear why Bermuda remains the world's largest captive domicile. After attending the Bermuda Captive Conference in late June, I saw again how Bermuda is eager to show its support for the captive industry. Members of Bermuda's government made a show in force to welcome attendees.

Bermuda Premier Ewart Brown welcomed attendees; while other officials participated in a panel discussion about the domicile. Bermuda has consistently made it clear that the country stands behind the companies domiciled there, tweaking regulations, changing or tightening them when necessary and keeping an open dialogue with business.

In the U.S., by comparison, Vermont's Governor frequently welcomes conference attendees and Hawaii also has shown long term support of the captive industry.

Like other captive domiciles, Bermuda has had to overcome a down market, but it also has fought the “offshore” image of “tax haven” and easy regulations. It has done so by meeting with the U.S. government to set and meet standards and with Solvency II policymakers.

Bermuda appears to be staying the course, going for stability and long term growth and if its conference was any indication, its efforts are being noticed. Attendance was the highest since the start of the conference six years ago. Last year, I was told, it topped 350.

I talked with captive owners, several of whom have had a captive in Bermuda for years. They said they are happy with the expertise there and the convenience of travelling there. The perception of boards and coworkers, however, is a different issue that some have had to deal with on a regular basis.

Perception is the dirty word that will have to be dealt with. How, remains to be seen.

Any suggestions from captive owners or managers?

Special Reports /

Bermuda Works To Remain On Top

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