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:
For full video coverage of the Bermuda captive conference, including exclusive executive interviews, visit http://www.ambest.tv/bcc19.
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