Shipowners attending the annual general meeting of the Bahamas Shipowners Association (BSA) in London today 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 is part of the Bahamas Financial Services Board’s 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 the Hon. L. 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.
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 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 interest. The Bahamas will have a major presence at the event.
About the BSA
The Bahamas Shipowners Association was inaugurated in London on 11 July 1997. Its members have common interests and a common purpose and pool knowledge and experience to collectively provide a clear voice in BMA thinking.
Objectives:
- to promote the interests of owners of Bahamian registered vessels and to facilitate dialogue between the Bahamas Maritime Authority and shipowners.
- to offer owners the chance to be proactive in discussing prospective international policy changes, especially with regard to IMO deliberations.
- to meet with international bodies such as the European Community and the US Coast Guard to lobby on behalf of the interests of Bahamas flagged vessels.
