A bid to sell the benefits of captive insurance in Bermuda is to be launched in the US next month.

An industry delegation led by the Bermuda Business Development Agency is to visit the south east of America to drum up more business for the sector.

The group will hold panel sessions in Atlanta, Georgia, and Raleigh, North Carolina, as part of a new programme of regional US business development tours.

Jereme Ramsay, the BDA business development manager, said: “BDA-led forums are an invaluable opportunity for delegates to gain first-hand knowledge of Bermuda’s captive solutions to risk-management challenges.

“This roadshow includes a panel of captive insurance managers, regulatory experts, plus testimonials from active captive insurance owners representing Fortune 500 companies.”

Representatives from global soft drinks giant Coca-Cola and leading law firm Baker & McKenzie are expected to join the BDA line-up in both cities.

Each of the special forums, targeted at business leaders, will have two sessions, one focusing on captive solutions with a case study and the second on regulatory, legal and tax issues, also including a case study.

An example is Robert Spencer, former CFO and now consultant for multi-national law firm Baker & McKenzie and president of its Bermuda captive, ROP Insurance.

“We decided in 2007 that a captive could best meet our needs,” he said. “We chose Bermuda because of the established and highly regarded insurance industry presence, the favorable tax environment and our long-standing relationships with many of the major players in that market.”

The BDA said the island remains the world’s top jurisdiction for captive insurance, with about 800 captive companies registered, mostly supporting Fortune 500 firms in America, and generating more than $48 billion in gross written premiums every year.

Captives help companies to self-insure against a wide range of risks, from cyberattack to workers’ compensation, and support an estimated 25 per cent of the American medical insurance and reinsurance market.

Similar visits to Chicago and Boston are planned for later this year.