Labor Minister Jason Hayward Address To Bermuda Captive Conference

This year marks the 20th anniversary of the Bermuda Captive Conference, a significant milestone that highlights not only the longevity but also the strength and relevance of this event in bringing together industry leaders, experts, and innovators.

Over the past two decades, this conference has played a crucial role in shaping dialogue, fostering collaboration, and driving the growth that we’ve seen in the captive insurance sector.

As many of you would know, Bermuda is the birthplace of the first modern captive. Having pioneered the captive insurance industry in the 1960s, Bermuda remains a global leader and domicile of choice for an impressive number of large multinational corporations.

Today, Bermuda is home to roughly 633 licensed captives with total assets exceeding $142 billion.

At the heart of Bermuda’s success as a global financial center is the Bermuda Monetary Authority (BMA).

It’s important to recognize the role of the BMA in regulating the sector with a framework that meets Solvency II standards, ensuring high standards of transparency and compliance.

In addition to our robust regulatory environment and our well-established infrastructure of legal, actuarial and management services, Bermuda continues to provide captives with access to extensive reinsurance markets and a strong network of financial services.

The Government of Bermuda remains committed to supporting the captive and broader insurance sector.

We are dedicated to maintaining a regulatory environment that fosters innovation, transparency, and stability.

We recognize the significant contributions of captive owners, managers, and service providers in creating jobs and upholding Bermuda’s reputation as a center of excellence for captives.

Looking ahead, we anticipate the continued growth of the sector.

Innovative solutions like segregated accounts companies (SACs) and incorporated segregated accounts companies (ISACs), have further enhanced Bermuda’s attractiveness as a domicile for captives, driving growth and maintaining our competitive edge in the global market.

These advancements underscore our commitment to staying at the forefront of the industry and adapting to evolving needs and opportunities.

In closing, I wish you all a successful and productive conference, filled with insightful discussions, valuable connections, and forward-thinking strategies that will shape the future of the captive insurance industry.

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