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14 June 2016
Southampton, Bermuda
Reporter Becky Butcher

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BCC: Canada and Latin America are emerging

Latin America and Canada are expanding in the captive space, according to a panel at the Bermuda Captive Conference.

Grainne Richmond, vice president of Dyna Management Services and president of the Bermuda Insurance Management Association, addressed the panel with a question about the captive growth in the Latin American and Canada markets.

According to Jill Husbands, head of office and managing director of Marsh Bermuda, there has been particularly large growth in Latin America, however, Canada is moving at a slower pace.

Husbands said: “The price of oil in Canada has impacted the speed to incorporation for some of those companies.”

She believes risk management is becoming part of the regime for many companies and there will be many opportunities in Asia and Africa.

Craig Swan, managing director of supervision at the Bermuda Monetary Authority (BMA), revealed that only one captive was registered in Bermuda from Canada in 2015, but the domicile saw five captives licensed from Latin America.

He said: “It takes a while to establish a relationship, and our Latin America relationship has predominantly been going on for five years. We hope to see a number of additional captives coming from that area.”

Ross Webber, CEO of the Bermuda Business Development Agency, commented: “We want to see Chile to catch up with that growth. We are starting to see more and more companies climb onto the conveyor belt and make their way to Bermuda.”

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