The Tribune

Attendees at the Bahamas Shipowners Association’s (BSA) annual general meeting in London were today given a presentation on how they could take care of their captive insurance needs in this nation.

The ‘Why the Bahamas’ for captive insurance presentation is part of the Bahamas Financial Services Board’s (BFSB) ongoing outreach to grow the captive sector.

“There are compelling reasons for shipowners to consider a captive for their business, and the Bahamas for the location for their captive,” said Aliya Allen, the BFSB’s chief executive and executive director.

“We have been working closely with the Bahamas Maritime Authority (BMA) over the past number of years to promote to shipowners the advantages of utilising our financial services sector for their business needs.

“BMA was instrumental in getting us the platform at the BSA annual meeting to present how captive insurance can benefit their business.”

The presentation featured a panel including Ryan Pinder, minister of financial services, and Ms Allen, who both presented the ‘Why the Bahamas’ story; Michele Fields, superintendent of the Insurance Commission of the Bahamas, who discussed regulatory issues; and Lorraine Stack, a senior vice-president with the Marsh Captive Solutions Group, who provided a practical business perspective on captives.

The BSA’s 200 members are owners from various nations and shipping industries, including ferry and short-sea vessels, cruise ships, reefers, high quality tankers and operators of dry bulk carriers.

The BMA, which provides secretariat services for the Association, welcomed the opportunity to partner with the BFSB on this initiative.

This partnership will extend to participation in Posidonia 2014 on June 2-6 in Athens. Posidonia is organised under the auspices of the Greek shipping community, and the five major associations representing Greek shipowner interests. The Bahamas will have a major presence at the event.