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BMS launches captive insurance division in Alberta

The new division’s services include insurer management, strategy and advisory services, governance and compliance audits, analytics and capital impact analysis, and transfer pricing validation.

BMS added that the new division will adhere to the ring fence principle, in line with the standards of confidentiality and independence required of captive insurance managers.

The launch of the BMS captive insurance service was initiated by the Province of Alberta. Captive Insurance Companies Act and the Insurance Reform Act July 1, 2022.

read more: Alberta Legislators Propose Bill to Allow Captive Insurance Companies to Form

BMS said Ian Matheson, non-executive chairman of BMS Canada, was involved in informing the new legislation as he served as a member of the Alberta Economic Development Task Force. Matheson and Task Force also developed a comprehensive strategic plan to make Alberta a hub for insurance, reinsurance, retroactive, and captive risk securitization. Brian Gomes, president and CEO of BMS Canada, also served as an advisor to the task force.

“With changes to the Insurance Act and passage of the Captive Insurance Companies Act, Alberta is rapidly establishing itself as a vibrant and welcoming hub for insurance activity,” said Matheson. “We are pleased to work with our Task Force colleagues to continue to develop Alberta’s insurance expertise and attract new business to the region.”

“Given market conditions, many organizations in need of insurance remain underserved,” added Gomes. “The enactment of this new law will help address this gap and expand the range of insurance options for businesses in the region. provides clients with the expertise they need to set up, manage and optimize their captive agreements.”

BMS launches captive insurance division in Alberta

Source link BMS launches captive insurance division in Alberta

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