BRIDGETOWN, Barbados--(BUSINESS WIRE)--BIBA, the Association for Global Business in Barbados, is excited to announce its first virtual Barbados Risk & Insurance Management (BRIM) global conference in Barbados between March 24 and 25, 2021.
BIBA President Derrick Cummins, noted that Barbados is one of the top tier domiciles for captive insurance companies in the world and such a conference was long overdue.
According to Cummins, who is also the CEO of Amicorp Bank & Trust Ltd, as businesses and individuals grapple with the fallout from the COVID-19 global pandemic, the insurance industry worldwide is experiencing a high demand for coverage. However, on the flip side, he said insurers were facing high capital adequacy requirements, “creating the type of hard market that leaves clients little room for negotiating on premiums, and insurers little appetite for writing new policies.”
Despite this, Ricardo Knight, Biba’s Marketing and Communications Committee chair and Senior Vice-President of Marsh Captive Solutions, said captive insurance business registrations continued to expand in Barbados. “We are one of the Top Ten jurisdictions in the world. I don’t think we can really speak to many industries in the world, where Barbados is in the Top Ten of an industry, which is growing during one of the harshest pandemics that the world has ever seen,” Knight stressed.
Statistics from the Barbados Financial Services Commission show that Barbados has 279 captive insurance companies, the bulk of which are Canadian and American entities. 16 new captives were formed in 2020.
Cummins added that: “We have designed this conference as a must-attend event for risk, insurance, finance, investment, legal and any professionals aligned with the insurance sector, especially the captive industry.”
Among the many topics up for discussion at the conference are:
- Risk Management Post-Pandemic
- Emerging Markets – New Opportunities
- Investment opportunities in a low yield environment
- New Initiatives in Captives - Covering Cyber Risk and Pandemic Risk
- Risk Management & Climate Change
- Managing Investment Portfolios for Captives
- Regulation in a Post-COVID World
- Disaster Risk Financing and Sustainable Development - A Look at Parametric Insurance at the Sovereign and Micro Levels
- IFRS 17 - It's time for a Straight Line to the Finish
Some of the scheduled speakers at BRIM 2021 are:
- Michael Serricchio, Managing Director of Marsh Captive Solutions in the Americas
- Daryl Senick, Partner and National Insurance Leader with BDO Canada
- Elizabeth Emanuel, Technical Assistance Manager for the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility)
- Professor Avinash Persaud, Chairman of the regulator for the industry, the FSC
- Ben Arrindell, special advisor to Prime Minister Mia Amor Mottley on international business matters and Deputy Chairman of Cidel Bank & Trust
The staging of this conference is being made possible by Diamond Sponsors: RBC Dominion Securities Global and the USA Risk Group; our Platinum Sponsor: London & Capital; our Gold Sponsor: Strategic Risk Solutions; and our Bronze Sponsors: Invest Barbados, Sagicor Life Inc, and Summit Asset Management.
Announcing their commitment to long-term sponsorship of the event, Jean Crawford, Senior Vice-President of USA Risk Group and Elliott Barrow, Vice-President, Portfolio Manager of RBC Dominion Securities Global, said they were pleased to be diamond sponsors of BRIM 2021.
“We are excited to be involved in this and be a diamond sponsor. This is long overdue, and Biba has our full support and commitment for 2021 and beyond,” said Crawford. Barrow, who described the captive insurance industry as a significant part of RBC Dominion Securities Global portfolio, remarked: “It is an industry we are very excited to be a part of, and we will commit to be diamond sponsors. This is an important development for our industry and for Barbados.”
Biba is a non-profit private sector organization comprising companies engaged in global business from within and through Barbados, and companies which are otherwise strategically associated with this sector. It provides a network for meetings and exchange. Biba serves as a voice for the development of global business in Barbados and has over 140 member firms at this time. Biba has repositioned itself as the Association for Global Business to align with the vision of Barbados being a global business hub.