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.
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