Bermuda has been selected to host a conference expected to attract hundreds of delegates from Latin America.

The ALARYS conference will be staged on the Island for the third time in 2016, after being held previously on the Island in 2004 and 2010 — the only non-Latin venue in its 20-year history.

The Bermuda Business Development Agency (BDA) announced the news today and BDA’s Latin America Committee head Eduardo Fox described the news as “a notable coup for Bermuda”.

“Hundreds of delegates from Latin America and the Iberian Peninsula, as well as investors, brokers and administrators with interest in the region from as far away as the Far East, will travel to Bermuda for this event,” said Mr Fox, who is an ALARYS director and LatAm Global manager at Appleby.

“It’s good for the Island, good for our captive industry, and good for the jurisdiction as a whole.”

Bermuda is home to almost 250 companies from Latin America across multiple sectors. Notably, some of the largest companies in Latin America have formed captives and other investment vehicles on the Island, including Colombia’s Ecopetrol, Pacifico Rubiales, and the Carvajal Group.

According to Mr Fox, nearly two-thirds of all Latin America-owned captives in the world are being formed in Bermuda. “Its importance to the rest of our market is supported by the fact that 2013 alone saw nearly a third of all newly-formed captives in Bermuda having a LatAm parent,” he noted.

Bermuda was announced as the 2016 venue host at last month’s 20th ALARYS Congress in Rio de Janeiro, Brazil, attended by a small Bermuda delegation led by Fox, including BDA business development manager Jereme Ramsay and Daniel Message, assistant vice-president, captives, R&Q Quest Management Services. Earlier in the conference, they were also joined by Javier Mirabal, ALARYS’ executive director on a panel-presentation on the Bermuda market.

“Our success in winning this prestigious event reflects strong ties to the Latin American region and further highlights Bermuda’s lead position as the domicile of choice for risk-management solutions,” said BDA chief executive officer Ross Webber.

“I am very proud of the work undertaken by the BDA committee. The immediate economic boost during the event will be apparent, and securing an increase in Latin American business will reap long-term benefits for Bermudians.”

Mr Ramsay said: “Bermuda was able to add value to the agenda by discussing the Bermuda-based captive concept, and our successful bid to host the 2016 ALARYS Congress will further strengthen business ties between Bermuda and Latin America.

“A rapidly evolving market in the region continues to drive new demand for sophisticated risk management and financing solutions. This, combined with the ongoing signing of a number of tax information exchange agreements (TIEAs) between Bermuda and countries across Latin America is paving the way for Bermuda to be at the forefront of bringing new captive insurance and other business to the Island.”

Mr Message said the Island’s successful bid “underlines Bermuda’s role as a leading reputable, jurisdiction to which Latin American entities are now looking more than ever before.

Work has already begun to make ALARYS 2016 as successful an event as the two previous ALARYS conferences held in Bermuda.

“Serious interest in Bermuda as the primary domicile for captives and other insurance and reinsurance services has exponentially grown, not coincidentally, since the first ALARYS Congress outside of Latin America was held in Bermuda in 2004,” said Mr Fox. “We look forward to hosting the next one.”