Network with Captive Review on LinkedIn

Follow Captive Review on Twitter

RSS

15th of May 2012

News

Bermuda licenses two new Canadian captives

Vicky Beckett 12/12/2011

Bermuda has reported an increase in Canadian captives looking to domicile in Bermuda since signing a tax agreement.
 
Bermuda and the Cayman Islands signed a Tax Information and Exchange Agreement (TIEA) with Canada last June, and two Canadian-parented captives have since been licensed in Bermuda.
 
The TIEAs make Canadian-parented captives eligible for tax benefits when domiciled in either the Cayman Islands or Bermuda.
 
Shelby Weldon, director of insurance for the Bermuda Monetary Authority, said: "There's been a marked increase in interest in Bermuda from Canadian captives."
 
Weldon said Bermuda is looking to strengthen its relationship with the Canadian government and teams of officials have visited the country as part of a direct marketing scheme.
 
John Andre, AM Best group vice-president, said: "Canada is a large country with a relatively small amount of captives.
 
"Captives bring a lot of benefits and very little down side. Now that Bermuda has changed its tax treaty, it puts them on equal footing with Barbados."
 
The Bermuda Stock Exchange has also been granted designed exchange status by the Ottawa Department of Finance, meaning securities listed on the BSX are now eligible for Canadian registered retirement savings plans and tax-free savings accounts.
 
Greg Wojciechowski, chief executive officer of the BSX, believes that Bermuda’s proximity to the US, Europe and Canada as well as having strong infrastructure are the key reasons why Bermuda has attracted Canadian interest.
 
At the end of 2010, Bermuda had 27 Canadian-parented captives, owning a collective $9.5bn in assets and $240m in gross written premiums.
 
Barbados for many years was the only jurisdiction with a tax arrangement with Canada.
 
It now risks of losing a major source of captive business to the Cayman Islands and Bermuda, so has recently targeted the South American captive industry.

Tags: AM Best, Barbados, Bermuda, BMA, Canada, Cayman Islands, Shelby weldon, TIEA

Post a comment

Post a comment

Allie 14/01/2012 2:47pm

Good to find an expert who knows what he's taklnig about!

» Report this comment

Data Centre

Captive Insurance Database (CID)is the world's most comprehensive online source of captive market intelligence.

CID gives users instant access to the names of parent companies who currently own a captive. It also provides the names and contact details of captives’ risk managers, as well as the parent or ultimate parent companies’ address, country, CFO, CEO, and exchange.

CID also gives you the captive name, manager, licence and incorporation date and the type of captive the parent company is running.

CID will help you to:

•    Win more business proactively – Search from 5,700 captives and over 3,700 captive owners who you can offer your services to.


•    Increase profit and efficiency – Target specific captive owners and sponsors quicker, saving you time.


•    Build relationships – Access detailed contact information for each decision-maker. 

An annual CID licence costs just £1,195 + VAT.

Already a CID user?Login here.

Order a 2 year subscription and SAVE 25%
The licence includes full online access to CID and a free annual hardcopy of CID (worth £610).To find out more contact Nick Byrne on +44 (0) 20 7029 4027 or cid@captivereview.com.

more//

Company and Ratings Search

Search A.M. Best's extensive database of life/health, property/casualty and insurance companies worldwide.

more//

Cell Company Guide

WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.

more//

Pellentesque feugiat arcu vitae lacus elementum in ullamcorper diam pulvinar. In odio massa, facilisis sed dignissim vel, vehicula ac diam. Curabitur tempor, quam nec aliquam tempus, dui lorem venenatis arcu

Mauris accumsan orci ut turpis placerat condimentum. Ut sit amet lobortis purus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

CID

Essential Reading for risk managers

Subscribe today

Request a free issue

Subscribe now and save £500

  • 5% off all event bookings
  • 5% off CID data access
CID