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2025-04-22T07:45:00-03:00

IDC to host inaugural RIMS Bermuda Market Breakfast

IDC chairman Allison Towlson

The Bermuda Market Breakfast will be a new feature of the Risk and Insurance Managers’ Society (RIMS) annual conference this year.The biggest insurance industry conference of the year will be held in Vancouver next week and a strong delegation from Bermuda - including Premier and Finance Minister Paula Cox - is expected to attend.Next Tuesday’s breakfast is hosted by the Insurance Development Council (IDC), which also organises the Bermuda booth, designed in Bermuda architectural style to stand out in the RIMS conference hall.IDC chairman Allison Towlson said the organisation would also be hosting the traditional Bermuda cocktail reception, which will also take place on Tuesday, at 6pm at the Blue Water Café and Raw Bar.The invitation-only breakfast event, expected to be attended by around 100 risk managers and insurance professionals will start at 7.15am in the Crystal Ballroom at the Pan Pacific Hotel.The Premier will speak and will subsequently join a panel together with Jill Husbands, head of office at Marsh IAS Management Services (Bermuda) Ltd, Patrick Tannock, president of XL Insurance Bermuda Ltd, Shelby Weldon, director of insurance licensing and authorisation at the Bermuda Monetary Authority, and Joe Rego, president and chief operating offocer of Aon Bermuda Ltd. Ms Towlson will moderate.Later on Tuesday, the Premier will stage her traditional walkabout in the conference hall, meeting up with the president of RIMS“It’s a well-rounded panel who will give a complete view of the Bermuda market,” Ms Towlson, who is chief operations officer of Ace Bermuda Ltd, said. “We have some from the captive management side, an insurer, a regulator, a broker and the Premier.”The annual trek to RIMS is a annual fixture on the calendar for many in the Bermuda insurance industry, but Ms Towlson urged her fellow conference-goers to seize the opportunities that it brings.“For those of us who have gone to RIMS year on year, it’s important that we don’t get complacent,” Ms Towlson said. The value of RIMS was in face-to-face meetings and networking, she said. It was a chance to put Bermuda in the spotlight, as well as individual companies.“While people have busy schedules and a lot of meetings, I would urge them to give some time to volunteer on the booth, remembering that success for the market is everybody’s success,” she added.One of the hot topics at the conference in the west-coast Canadian city will be the business opportunities opened up by the tax information exchange agreement between Bermuda and Canada, signed last year.The agreement offers Candian companies similar benefits to those enjoyed by jurisdictions that have a double tax agreement with Canada, such as Barbados.“We do foresee further opportunities for the captive sector and in insurance generally opening up between Bermuda and Canada as a result of the TIEA,” Ms Towlson said.The Bermuda cloth carrier bags that are given away at the Bermuda booth are always a big hit at RIMS. This year the bags will be red, in honour of host country Canada.