Leveraging the Strategic Advantages of Captives to Address Today’s Top Business Issues
The 2015 Captive Insurance Companies Association (CICA) International Conference is being hosted under the theme “Captives: The Strategic Advantage”. The annual event, scheduled for March 8-10 at the Loews Royal Pacific in Orlando, Florida, boasts an agenda packed with educational sessions tailored to help businesses leverage the strategic advantages of captives to address key business trends.
The Bahamas Financial Services and the Insurance Commission of The Bahamas once again will have a presence at the CICA Conference, as delegates and exhibitors. BFSB CEO Aliya Allen says, “Since BFSB began refocusing on the promotion of the captives sector in 2012 we have achieved measurable results and The Bahamas is making strides to firmly position itself as a competitive domicile for captives and international insurance. Our participation in CICA along with ICB is a critical element of our strategic positioning – every domicile with captives is represented and it shows that we are serious about developing the sector.” BFSB has been attending CICA annually since 2010.
ICB Superintendent Michele Fields adds, “Attendance at CICA is important for the Commission as emerging issues regarding the Captive insurance industry are discussed. The Commission is pleased to support BFSB in the promotion of The Bahamas as a captive domicile.”
CICA President Dennis Harwick notes that this year’s conference is designed to explore the strategic advantages of captives related to a number of factors driving profound change in the sector – including technology and increased regulatory scrutiny. “These and other top business issues such as increasing demands for transparency and changing tax laws,” are very much in focus according to the President.
The keynote address is by Jack Uldrich, who will discuss themes identified in his latest book Foresight 20/20: A Futurist Explores the Trends Transforming Tomorrow. Mr. Uldrich is a renowned global futurist and the author of 11 books. He is the founder and “chief unlearning officer” of the School of Unlearning – an international leadership, change management and technology consultancy dedicated to helping businesses and organizations prepare for and profit from periods of profound transformation.
The program continues with 22 education sessions designed to offer valuable insights and new ideas for industry veterans and newcomers. These include, for example, “New Business Strategy: Designing and Implementing a Cyber Risk Insurance Program”; “Consolidating Insurance Programs for Strategic Business Purposes in an Era of Mergers & Acquisitions”; “New Developments in State and Federal Income Taxes and how they may Impact Captive Strategies”; “Developing the Operational Strategy of Managing Medical Stop Loss in Your Captive”; “The Stanford Way: Modern Reserve Setting Techniques that Influence Case Strategy and Litigation Decisions”; “CICA’s Best Practices and Strategies for Transfer Pricing”; and “Using Captives to Corral Credit & Political Risk”.
In keeping with its focus on strategic advantages, CICA is using its conference app to facilitate polling during several key sessions this year. “We hope the polling will make for more interactive discussions and help presenters know which topics might warrant more or less discussion,” President Harwick added.
CICA’s strong conference program and outstanding trade show draws the perfect blend of captive owners, potential captive owners, captive managers, risk managers, domicile regulators and service providers. Key decision makers from the captive owners attend, along with those who are just starting a captive.
“We believe that there are many unexploited synergies between The Bahamas’ core business and our captives business,” says CEO Allen. “Captive owners have operational businesses that require appropriate risk management and risk pricing. So too do our core clients – many are self-made job creators. We should be seeking to grow with our core clients and to address more than their pure wealth management needs.”