HAMILTON, Bermuda, Dec. 5, 2013 (GLOBE NEWSWIRE) -- Following the successful delivery of the first Bermuda Captive Breakfast Seminar in Calgary last year, a second event highlighting Bermuda's robust captive market took place recently. The Seminar, which provided insight into the benefits of the Canada-Bermuda Tax Information Exchange Agreement (TIEA), also served as a high-level networking event with potential buyers from large and middle market companies. Risk managers, CFOs and prospective captive owners heard of Bermuda's value as the oldest and largest captive domicile which is well placed in close proximity to Canada.
With less focus on regulatory matters and more emphasis on practical experience, this year's attendees of potential buyers and service providers heard from Parrish & Heimbecker Limited whose captive is domiciled in Bermuda. Kevin Klippenstein, CFO, described the process the company undertook in evaluating the use of a captive vehicle in managing its corporate risks and the expertise found in Bermuda which is needed to effectively manage the captive. The format of the event encouraged highly interactive and engaging discussions between the panelists and audience, thereby generating invaluable feedback for the Bermuda delegates.
Stephen Lund, CEO of Bermuda Business Development Agency (BDA) commented: "The key to capturing business in markets like Calgary is through proactive business development. The Bermuda Captive Breakfast Seminar is the right forum through which industry experts can explain why Bermuda is the intelligent choice for Canadian companies considering the use of a captive vehicle. Furthermore, the TIEA in place between Canada and Bermuda levels the playing field on taxation as compared to other domiciles."
Other sessions at the event focused on Bermuda's position as a leading captive domicile distinguished by its access to (re)insurance markets as home to many of the world's top reinsurers. With high quality expertise and sensible supervision, Bermuda continues to attract Canadian multinationals looking to establish or re-domicile a captive vehicle to better manage their corporate risks and control costs thereby capturing sustainable value for the parent company writing non-Canadian risks.
ABOUT BERMUDA BUSINESS DEVELOPMENT AGENCY (BDA)
Formed through the strategic merger of Business Bermuda and the Bermuda Insurance Development Council, BDA is an independent organization partnering with both the public and private sectors to promote and sustain existing international business, while actively developing new business in Bermuda. Through the collaboration and expertise of Bermuda's industry professionals and the Bermuda Government, BDA effectively identifies and explores business development opportunities to enhance Bermuda's position as a premier financial center. For more information, visit bermudabda.com.