The Tribune

This weekend’s International Business and Financial Summit (IBFS) will address why the Bahamas has been seeing “relatively slow” growth in its captive insurance business, despite its remodelled External Insurance Act.

The Insurance Session at the Bahamas Financial Services Board (BFSB) organised conference will have a dual focus, covering insurance as a wealth management tool and, separately, the various factors involved in becoming a captives domicile.

The presenters will be Bob Colvin, of Robert D. Colvin & Associates, and Nicholas Leighton and Lesley Thompson of Atlas Insurance Management. The session will be moderated by Timothy N. Ingraham, general manager and director of Summit Insurance Company.

Mr Leighton said: “Captives have been used for over 40 years, assisting companies in their risk management and strategic planning. From the entrepreneur to the multinational corporation, captives have a place within any organisational structure and can provide multiple benefits.

“The Bahamas has updated its External Insurance Act, reinforcing the commitment to the captive insurance industry and promoting the Bahamas as a domicile of choice, yet the growth in the industry has been relatively slow compared to other domiciles.”

He and his colleague will explore this from a captive manager’s perspective. Atlas Insurance Management is a leading independent insurance management firm that provides captive insurance company consulting, formation and management services in a choice of US domiciles, as well as in international financial centres such as the Cayman Islands, Anguilla, the Bahamas and Nevis.

Mr Colvin will discuss insurance planning, including benefits such as asset protection, tax free income accumulation and access, reduced tax reporting obligations, and hedges on investment performance.

Mr Leighton is the group managing director of Atlas and is based in the Cayman Islands. He is responsible for the overall operation of the Atlas Group, including client relations, product development and regulatory compliance.

Mr Leighton is recognized as one of the leading specialists in cell captives. While serving as managing director of the Aon-owned Protected Cell Company ‘White Rock’, he was instrumental in the formation of cell arrangements for over 30 cell participants.

Ms Thompson is senior account manager at Atlas Insurance Management and has been working in the captive industry since 2000. She is experienced in all stages of the life cycle of captives, from incorporation to liquidation, and also has extensive knowledge of all types of captives: Single Parent, Association, Group, Agency, Life, Rent-a-Captive, Segregated Portfolio Companies and Special Purpose Vehicles across multiple offshore and onshore domiciles.

Mr Colvin advises high net worth international private clients, and the institutions that service them, on cross-border transactional issues, international tax, trust and estate planning, as well as private placement variable life insurance and annuity products.

In the years before the establishment of his independent law practice, Mr Colvin was a partner in the international private banking group of the international law firm Baker & McKenzie LLP. Prior to joining Baker & McKenzie, he enjoyed 15 years practicing in the international tax section of Chamberlain, Hrdlicka, White, Williams & Martin PC.