The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) attended the Captive Insurance Companies Association (CICA) International which was held at The Westin Rancho Mirage Golf Resort & Spa in Rancho Mirage, California on March 5th to 7th 2023.

The 3-day event served as an opportunity for captive and risk management professionals to explore new uses of captives, engage new talent, and outline best practices. The Bahamas Financial Services Board was a bronze sponsor at Captive Insurance Companies Association (CICA). CICA was formed in 1972 to foster and support the development of captive insurance companies around the globe. Through the years, CICA has evolved along with the industry to offer alternative risk professionals the latest, most up-to-date viewpoints on captive insurance, and more recently, risk retention groups. This was the 51st, year of the conference’s existence.

The Bahamas delegation attended as part of the jurisdiction’s continuing efforts to attract captive insurance business to The Bahamas. There were over 540 participants in attendance at the conference representing the captive industry which was hosted under the theme “Accelerating Captive Innovation”.

Participants at CICA 2023 were comprised of internationally recognized expertise, exhibitors and regulators representing 24 states (USA) and 25 captive domiciles. The CICA conference was opened by award-winning keynote speaker, Don Yaeger, who began his career as a reporter for San Antonio Light and today an author of  eleven New York Times Best-sellers. The conference hosted several sessions throughout the day and were labeled as either “101: All Audiences”, “201: Intermediate”, and “301: Advanced” for each attendee to identify which topic is recommended for their level of expertise. Some of the topics covered included:

  1. Captives 101 – New to Captives – Expand your knowledge here
  2. The Impact of Inflation and Other Economic Trends on Captive Programs
  3. Captive Investments – Back to the Future
  4. Integrating Your Service Providers for a Stronger Captive
  5. Navigating Fronting and Reinsurance – Keys to Success
  6. Captive Collateral Damage: Preventing and Mitigating Harm to the General Public
  7. Small Captive Tax Audits and Litigation – Today’s Status, Tomorrow’s Changes

The representatives of The Bahamas that attended this year’s CICA conference are Dr. Tanya McCartney, CEO and Executive Director of BFSB, Ms. Rianna Sobiech, Marketing and Special Projects Associate of BFSB, Mr. Darrin Rodgers, Senior Analyst of Supervision Unit at the Insurance Commission of The Bahamas, Ms. Jamell Bodie, Manager of Insurance Company Supervision at the Insurance Commission of The Bahamas, Mr. Hilton Bowleg, Director and Assistant Treasurer at Co-operative Assurance Limited, Mr. Dexter Brooks, Treasurer at Co-operative Assurance Limited, and Mr. Guilden Gilbert, CEO of Chandler Gilbert Captive Managers.

The CICA 2024 International Conference is scheduled for March 10-12, 2024 at The Westin Kierland Resort & Spa in Scottsdale, Arizona.  The next captive insurance conference on the calendar for this year is RIMS 2023 Annual Conference & Exhibition from April 28- May 3 in Atlanta, Georgia.