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Press Release

Jun 12, 2019 19:52 UTC

AM BestTV at the Bermuda Captive Conference: ‘Captives Don't Fly Under the Radar Anymore’

OLDWICK, N.J.--(Business Wire)--In this AMBestTV episode, attendees at the Bermuda Captive Conference in Southampton, Bermuda, said regulatory challenges and new risks change rapidly, with captive insurers becoming organizations with higher profiles that are more closely scrutinized by global regulators. Click on http://www.ambest.com/v.asp?v=bcc1619 to view the entire program.

Industry participants addressed the challenges captives face today.

“The challenge will always be convincing people that captives are a viable alternative to commercial insurance and reinsurance. The challenge is essentially starting a separate company to manage your risk, whether you want to bring that risk and that management into your company or you want a third party to do it,” said Roland Burrows, chief executive officer, Bermuda Business Development Agency.

“What is happening now in the industry is there are a lot more regulators that are looking at captive programs,” said Steven Bauman, head of global programs and captive practice, North America, AXA XL. “Captives do not fly under the radar anymore, which is not only in the United States, but also around the world. Making sure that your program is fully compliant is very important. We need to be over aggressive in being more compliant rather than less. This is a major challenge in the industry.”

Other people in this episode:

  • Adam Peckman, global cyber practice leader, Aon;
  • Brad Adderley, partner, Appleby;
  • Robert Quinn, vice president, Wilmington Trust Company; and
  • Peter Dunlop, partner, re/insurance, Walkers Bermuda.

For full video coverage of the Bermuda captive conference, including exclusive executive interviews, visit http://www.ambest.tv/bcc19.

Recent AMBestTV episodes:

  • New Court Venues, Litigation Funding and #MeToo Impacting D&O Market, Say AM Best Analysts: Sridhar Manyem, director of industry research and analytics, and Sam Hanig, senior industry analyst, both of AM Best, said insurers that offer directors and officers (D&O) coverage face a widening array of developing issues, including cyber-related exposures: http://www.ambest.com/v.asp?v=dand0619.
  • U.S. Inland Marine Sector Shows Exceptional Stability, Says AM Best Associate Director: David Blades, associate director, AM Best, said the ongoing profitability of the inland marine insurance sector attracts competition, but competitors face the challenge of becoming knowledgeable of the sector’s specialized risks: http://www.ambest.com/v.asp?v=inlandmarine619.
  • China, Other Expanding Markets Drive Growth for Life Re Sector, Says AM Best Senior Financial Analyst: Michael Adams, senior financial analyst, AM Best, said business from Chinese insurers, fueled by an expanding middle class, is helping insurers find growth outside of the United States and Europe, where life markets are relatively mature: http://www.ambest.com/v.asp?v=lifere419.
  • Rated Companies Should Prep for Possible TRIPRA Shutdown, Says AM Best Senior Analyst: Edward Zonenberg, senior financial analyst, AM Best, said uncertainty on the Terrorism Risk Insurance Program Reauthorization Act should motivate insurers to address coverage needs in the event the U.S. Congress fails to renew the program by the end of 2020: http://www.ambest.com/v.asp?v=tripra519.

AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View AM BestTV episodes at http://www.ambest.tv.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

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