November 25, 2013
Shipowners attending the annual general meeting of the Bahamas Shipowners Association (BSA) in London last week were given the opportunity to learn about the benefits of The Bahamas for their captive insurance needs.
The "Why The Bahamas" for captive insurance presentation, which took place on November 22, 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, BFSB's CEO 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 utilizing 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 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.
BSA's 200 members are owners from various nations and shipping sectors including ferry and short-sea vessels, cruise ships, reefers, high quality tankers and operators of dry bulk carriers.
BMA, who provides secretariat services for the association, welcomed the opportunity to partner with BFSB on this initiative.
This partnership will extend to participation in Posidonia, 2014, June 2-6, in Athens.
Posidonia is organized 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.
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