Best’s News & Research Service - June 12, 2018 11:38 AM (EDT)
A.M. BestTV: Captive Insurers Wrestle With Relevance, Talent and Regulation
- June 12, 2018 11:38 AM (EDT)
Oldwick //BestWire// - In this A.M.BestTV episode from the Bermuda Captive Conference (BCC) in Southampton, Bermuda, attendees said captive organizations are under pressure to keep up with current risks and find professionals able to work in different environments and manage mounting layers of regulation. Click on http://www.ambest.com/v.asp?v=bcc1618 to view the entire program.
“I think there are a number of factors that combine make it a larger challenge in the ever-evolving tax and regulatory regimes,” said Brad Meindersma, vice president, JLT Insurance Managers (Bermuda). “The global look at offshore and onshore domiciles and their benefits, as well as staying on top of the changing nature and environment of the regulatory and tax worlds is quite challenging.”
Paul Owens, chief executive officer, global captive practice, Willis Towers Watson, said he believes that there are really two challenges: acquiring the right talent and regulation.
“It is increasingly difficult to get the right staff in the locations you need them,” said Owens. “The locations are becoming very expensive. The other challenge is regulation. Regulation is continuing to increase with the code of conduct.”
Mike Parrish, head of business development, Marsh Management Services, Bermuda, said, captives need to focus on remaining relevant to the corporation.
“Many captives have been in operation for a number of years, and the risk and insurance environments have changed,” said Parrish. “Captive managers and captives generally must ensure to stay abreast of developments, which are relevant to the parent.”
For full video coverage of the Bermuda Captive Conference, including exclusive executive interviews, visit http://www.ambest.tv/bcc18 .
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