20th Bermuda Captive Conference to include CIT discussion

Created: Sep 08, 2024 12:05 PM (Updated: Sep 08, 2024 06:07 PM)

Crystal Pittendrigh, tax director, PwC Bermuda (Photograph supplied)

Captive insurance company owners will gain insight into the impact of the Bermuda Corporate Income Tax at this week’s Bermuda Captive Conference, which begins tomorrow at Pier Six in Hamilton.

Innovative uses of captives and strategies for sustainable growth are among other topics to be explored at this year’s event.

BCC statistics highlight at least 17 new captives formed in Bermuda last year, and a register of more than 600 captive insurance companies with $31 billion in annual gross written premiums.

Crystal Pittendrigh, tax director, PwC Bermuda, is one of the participants in the session, “Fiscal Horizons: Exploring the Impact of Corporate Income Tax in Bermuda”.

“Understanding the implications of the Corporate Income Tax Act is crucial for compliance and strategic decision-making,” Ms Pittendrigh said. “I'll be discussing the key elements of the August 2024 Consultation Paper as well as focusing on the positive impacts to Bermuda.”

The conference brings together industry professionals in its 20th year exploring the complexities of the captive landscape in Bermuda as a leading captive domicile.

This year’s theme is “Navigating Captive Horizons”, with sessions exploring the challenges, opportunities and strategies within the captive industry.

David Gibbons, PwC Bermuda’s captive insurance leader (Photograph supplied)

Commenting on a high level of activity in the current captive market, David Gibbons, captive insurance leader, PwC Bermuda, said: “New formations are accelerating, with the timeline from interest to formation shrinking from years to months, post-feasibility study.

“Additionally, existing captives are reassessing their business, exploring new lines and layers while negotiating pricing with reinsurers.

“The market's vibrancy underscores a period of substantial evolution and strategic adaptation. Our dedicated team of captive and tax specialists at PwC Bermuda look forward to attending this year’s event and hearing more on this and other trends from the excellent line-up of speakers.”

PwC remains a committed gold sponsor for the BCC and will once again host the opening reception.