Captive Conference Examines Risk in the Emerging Age of AI
This week, captive insurance professionals gather in Bermuda, one of the oldest and most respected captive domiciles. The focus is clear: how can captives help buyers manage and protect against risks in an era defined by technological growth?
Artificial intelligence (AI) is set to be a key topic. Following a recent executive order by US President Donald Trump aimed at “Removing barriers to American leadership in artificial intelligence,” the insurance sector faces new regulatory questions. A potential conflict between federal and state authorities over AI regulation could have wide implications, especially since captives remain state regulated.
Industry Leaders Prepare for Key Discussions
David Gibbons, leader of PwC Bermuda’s captive insurance practice, highlights the dual focus of this year’s conference. While Bermuda’s regulatory framework and market innovation remain central, the rapid pace of technology demands fresh attention. “The conference will address the challenges and opportunities these advancements bring, highlighting how captives can leverage innovation in an increasingly digital world,” he said.
The 21st Bermuda Captive Conference, held at the Hamilton Princess & Beach Club, runs for three days under the theme “Reimagining Risk.” It is the first major captive event since the passage of the new AI-related bill, offering a platform for risk managers and captive professionals to share insights on the potential impact of unregulated AI growth.
Collaboration and Best Practices in Captive Operations
PwC Bermuda, a long-standing sponsor, hosts the opening reception and participates in key panels. Danielle Moniz, senior manager at PwC Bermuda, will join the session “Exploring the Ecosystem of Captive Operations.” She explains: “We will discuss how captive owners and service providers work both independently and collaboratively to support captive operations, offering best practices for long-term success.”
Gibbons also advises captive owners to make the most of the event. “The Bermuda Captive Conference presents a great opportunity to hear directly from industry experts on how captives can be best used to manage and mitigate risk. Owners should focus on creating tangible value from their existing structures and programs.”
AM Best’s Role and Regulatory Updates
AM Best is a gold sponsor of the conference. Managing Director Maura McGuigan will take part in the Wednesday panel titled “Strategic Decisions: Optimising Portfolios and Structures in the Captive Insurance Sector.” The discussion will cover captive structures, asset allocation, and risk management strategies.
Ms. McGuigan will also provide insight into AM Best’s proposed updates to its captive and alternative risk transfer criteria. The panel aims to clarify how regulatory changes and current market conditions affect investment decisions within the captive insurance space.
For insurance professionals interested in AI’s impact on risk and management strategies, this conference offers timely perspectives. Exploring how captives adapt to technological advances is crucial for staying ahead in today’s environment.
To learn more about AI and its applications in insurance and risk management, consider exploring AI courses tailored for professionals.
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