Bahamas Financial Services Board
Wednesday, January 30, 2013
Wednesday, January 30, 2013
The Insurance Session at the upcoming International Business & Finance Summit will have a dual focus: covering insurance as a wealth management tool and, separately, the various factors involved in becoming a Captives Domicile. Presenters will be Bob Colvin of Robert D. Colvin & Associate and Nicholas Leighton and Lesley Thompson of Atlas Insurance Management. The Session will be moderated by Timothy N. Ingraham, FCII, General Manager & Director, Summit Insurance Co. Ltd.
Mr. Leighton says, “Captives have been used for over 40 years, assisting companies in their risk management and strategic planning. From the entrepreneur to the multinational corporation, captives have a place within any organisational structure and can provide multiple benefits.” He continues, “The Bahamas has updated its External Insurance Act, reinforcing the commitment to the captive insurance industry and promoting The Bahamas as a domicile of choice; yet, the growth in the industry has been relatively slow compared to other domiciles.” He and his colleague will explore this from a captive manager’s perspective. Atlas Insurance Management is a leading independent insurance management firm that provides captive insurance company consulting, formation and management services in a choice of US domiciles as well as in International Financial Centres such as the Cayman Islands, Anguilla, The Bahamas, and Nevis.
Bob Colvin will discuss insurance planning, including benefits such as asset protection, tax-free income accumulation & access, reduced tax reporting obligations, and hedge on investment performance.
Nicholas Leighton is the Group Managing Director of Atlas and is based in the Cayman Islands. He is responsible for the overall operation of the Atlas Group, including client relations, product development and regulatory compliance. Mr. Leighton is recognized as one of the leading specialists in cell captives. While serving as Managing Director of the Aon-owned Protected Cell Company “White Rock”, he was instrumental in the formation of cell arrangements for over 30 cell participants.
Lesley Thompson is Senior Account Manager at Atlas Insurance Management and has been working in the captive insurance industry since 2000. She is experienced in all stages of the life cycle of captives, from incorporation to liquidation and also has extensive knowledge of all types of captives including but not limited to Single Parent, Association, Group, Agency, Life, Rent-a-Captive, Segregated Portfolio Companies and Special Purpose Vehicles across multiple offshore and onshore domiciles.
Bob Colvin advises high net worth international private clients and the institutions that service them on cross-border transactional issues, international tax, trust & estate planning, as well as private placement variable life insurance and annuity products. In the years immediately preceding the establishment of his independent law practice, Mr. Colvin was a partner in the International Private Banking group of the international law firm of Baker & McKenzie LLP. Prior to joining Baker & McKenzie, he enjoyed approximately 15 years practicing in the International Tax Section of Chamberlain, Hrdlicka, White, Williams & Martin PC.