Michael Parrish Bermuda Captive Conference

Bermuda Captive Conference chair Michael Parrish discusses what delegates of this year’s event can look forward to

What is the main focus of this year’s conference?

The main focus of this year’s conference is around the changing landscape of the captive industry. We designed the conference to address new challenges for captive owners around issues like regulation, compliance, US tax reform, and innovative products, as well as emerging risks and other risk management challenges. We will also look at changing demographics in the workforce and issues concerning diversity in the industry.

There seems to be a lot of focus on diversity at the conference. Is this a theme that is very important to you?

It is a theme that we have developed to run through the conference in terms of the agenda, the sessions, and what we are trying to achieve. Not just diversity in terms of culture or gender, but also around diversity within the captive industry in Bermuda, so, yes, diversity of the workforce, but also diversity in the risks that our captives are covering.

The theme also refers to the diversity of different industries represented throughout Bermuda’s captive sphere, as well as the geographic spread in our captive industry. We have captives from the US, Europe, Australia, Asia, Latin America, Canada—all over the world. Bermuda’s captive industry is very diverse, so, when we talk about diversity, we’re covering the spectrum of what that means to people working in this space.

As one of the leading captive domiciles, do you feel it’s important you are an industry leader when approaching issues such as climate change and emerging technologies?

Yes, I do think it is important. Since the early development of the captive industry in Bermuda back in the 1960s, our market quickly developed a reputation as a leader and innovator, particularly in relation to how the captive industry addressed emerging risks and trends. So, we have tried to reflect that in the way in which the conference is set up, and through themes featured in our agenda sessions. Our sessions include new areas of risk in cyber, crypto commerce and climate change, all areas that are emerging risks for companies. We want to make sure the conference reflects the fact the captive industry is constantly evolving in the face of new and evolving risks faced by parent companies.

As an industry leader, do you believe you have a responsibility to aid emerging domiciles such as Canada and Latin America?

As the leading domicile, Bermuda does have an obligation to make sure companies in those emerging regions are aware of what we have to offer and are properly informed about the captive industry in Bermuda, and the value of captives in general.

The Bermuda Business Development Agency has been working in Canada for about three years now, sending delegations, informing and educating people about Bermuda and about captives in general. The agency has also done a fair bit of work in Latin America in the same way, and we do have a number of delegates from those territories coming to the conference.

Bermuda has a long history in Latin America. I was first working in Bermuda in the 1990s and I spent a lot of time developing captives in Latin America. We developed the first captives in a number of different countries that came to Bermuda. So, Bermuda is the established domicile for Latin America captives and we do certainly have an obligation to continue to reach out to those markets and make sure they understand what Bermuda has to offer and how captives work.

Are there any sessions you are particularly looking forward to?

We have some different sessions this year, including one highlighting captive owners. At last year’s conference, I moderated the captive owners’ session and it was very well received, so we’re doing it again. I know delegates who are either owners of captives or considering forming captives who like to hear from their peers, so sessions featuring those with a long history in Bermuda’s captive sector—industry figures who understand what the challenges, issues and opportunities may be—are always well received.

We also have a couple of sessions with an all-female focus, one of which specifically spotlights women leaders in the captive industry, again underscoring our theme of diversity. I think that will be very interesting and well-attended.

How have you found organising your first conference?

This is my first conference as chair, and I have to say I have found the whole process to be very refreshing. There is a lot of experience in our organising committee, and since the conference is now in its 14th year, many people have been involved for a long time, so the conference runs like a well-oiled machine. We have different committees that deal with various aspects, and I’m now looking forward to seeing the event unfold.

What new community initiatives have you included this year?

We have established a couple of new initiatives, one of which is to support a local nominated charity, which this year is Bermuda’s only hospice offering palliative care to the island community. The conference will make a donation, and we’ll also give the charity the opportunity to raise funds and public awareness during the event. This will now be an annual initiative in which we support a different Bermuda charity every year.

We are also trying to make sure the captive conference provides educational opportunities for those seeking to enter the industry. Students from two centres for training and development of risk professionals—the Bermuda Insurance Institute and the Bermuda Foundation for Insurance Studies—are invited to attend conference sessions, as well as to network with industry professionals throughout the event.

Any final thoughts as you are heading into the conference?

Delegates who have been coming to the conference for a number of years will notice some differences, for example, in the tradeshow and social functions. There’s been a brand refresh, from the event website and marketing to the use of videos on site, even an app to streamline the schedule and delegate meetings. People who have been coming to the conference for a while will experience an updated look and feel this year.

We are trying to make sure conference delegates see a bit more of Bermuda and get the opportunity to understand what the island has to offer outside of the conference or captive industry. Our social activities include golf, a boat reef tour, and a walk along the South Shore sand dunes. We’ve also teamed with the Bermuda Tourism Authority to encourage people to return to Bermuda—not just as delegates to the next conference, but as tourists to the island for family vacations. </span>

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