Captive insurance companies are forming in Bermuda at a strong pace, and that is likely to be a focus of discussions at the Bermuda Captive Conference, being held this week until Wednesday at the Hamilton Princess Hotel and Beach Club.

This year’s theme is Adaptability, highlighting the strength and stability of the Bermuda industry, now home to over 700 captive insurance companies.

David Gibbons, captive insurance leader, PwC Bermuda, said: “Not only are we seeing significantly more captive formations – but also the time from interest to inception is far faster than in previous years.

“Due to increasing premiums in the insurance and reinsurance markets, existing captives are also re-examining the business they write and assessing the risk versus benefit of increasing the captive’s retention.”

Another topic looming large for Bermuda’s broader (re)insurance industry is the global minimum tax rate of 15 per cent on multinational companies.

Scott Slater, tax services leader, PwC Bermuda joins other panellists to weigh in on the subject with the latest update, and discuss the issues for captive owners and service providers. He is speaking in the Tuesday session, Global Minimum Tax – An Easy Fix?

The Bermuda Government has issued a public consultation document as part of its consideration of introducing a corporate income tax that might apply to multinational enterprise groups with annual revenue of at least €750 million.

Mr Slater said: “It is proposed for the tax to apply from January 1, 2025 or after, and to closely follow the OECD model rules.

“Along with discussing the high level features of the income tax regime, including a proposed rate of 9 per cent to 15 per cent, which the Government is currently considering, the consultation includes a series of specific questions for which the Government is seeking public comment.

“This is expected to be the first in a series of public consultations in relation to this subject.”

PwC Bermuda continues its sponsorship of the Bermuda Captive Conference as a gold sponsor, once again hosting the official Welcome Reception Monday night at the Hamilton Princess.