A Bermuda delegation will tomorrow attend a major conference on captive insurance in the US.

The VCIA 2016 Annual Conference is being held in Vermont.

Grainne Richmond, president of the Bermuda Insurance Management Association and vice-president at insurance management firm Dyna, said that Bermuda and Vermont. the third largest captive domicile in the world, have close ties through the industry.

She added: “Bermuda should be represented prominently because of that business relationship on the captive side.

“Also, Vermont is a very large lobbying group on legislation that might be coming out of the US and which could impact the captive space in Bermuda.”

She said: “They are still our competitors, there is no way of getting away from that, but it’s important we work together.

The Vermont Captive Insurance Association conference, which starts tomorrow in Burlington and runs until Thursday, will also be attended by the Bermuda Business Development Association, which will run a booth at the event.

Ms Richmond said: “It’s a worthwhile exercise even just for the whole networking and engaging opportunities.

“There are a lot of decision makers at the conference and it’s good to get in front of them.

“And it does seem to get a larger contingent of professionals that work in the captive space.”

Ms Richmond added that the event could also lead to more business for Bermuda — although that was not the main reason for attending.

She said: “If opportunities come Bermuda’s way we won’t say no, but we don’t like to go into someone else’s house and steal their dinner.”

Bermuda companies who will be represented at the event include Aon, Kirkway International, Liberty Mutual, R & Q Quest Management, Randall & Quill and Willis Towers Watson.