BIMA Endorses ICCIE's Captive Designation

The Bermuda Insurance Management Association (BIMA) said today it is endorsing the Associate in Captive Insurance (ACI) professional designation offered by the International Center for Captive Insurance Education (ICCIE).

The BIMA membership voted today to officially endorse the ACI program, which is the only professional designation for the captive insurance industry. The program can be completed online and consists of seven courses and three teleconferences. Several Bermudian students are already participating in the program, the association said.

"We're extremely pleased to receive this recognition of the ACI designation," said ICCIE Executive Director Mitch Cantor. "Because Bermuda is the world's largest captive domicile, its endorsement means the program has truly been accepted as the educational standard for professionals working in the captive insurance industry."

At the same time, BIMA together with the Bermuda Captive Conference have created a scholarship fund for Bermudians, encouraging them to apply for full tuition funding for the ACI program.

This fund, in the initial amount of $10,000, will cover the complete tuition costs for two ACI students who will be selected by the Bermuda Insurance Institute Scholarship Committee, BIMA said.

The balance of the fund will go toward providing two Bermuda Insurance Diploma (BID) scholarships, again awarded to successful Bermudian students wishing to start a career in the captive insurance sector.

BIMA President Philip Barnes said, "This is also an ideal way for the captive industry, through the success of its annual Captive Conference, to give back to the community and encourage grass roots participation in the continued success of the largest captive domicile in the world."

Launched in 2004, Vermont-based ICCIE has already attracted almost 400 student enrollments, with more than half of those committed to taking the complete series of courses needed for the designation.

Students participating in the course have come from 40 U.S. states and many other countries and territories, including Canada, Mexico, Bermuda, Cayman Islands, BVI, Barbados, the Netherlands, Ireland, England, Switzerland, and Dubai, BIMA said.