There is a common misconception that offshore insurance competes with traditional trust and private banking services.
Nothing could be further from the truth. In fact, offshore insurance companies rarely hold or manage assets – these functions continue to be performed by the trust companies and investment managers.
As part of its Business Seminar Series programme, the Bahamas Financial Services Board is coordinating a half-day seminar on Thursday, October 10th, at the British Colonial Hilton hotel.
The forum will cover a range of case studies to illustrate how the existing financial services sector in The Bahamas can maintain its current book of business in a compliant but tax efficient manner.
In addition, the seminar will deal with opportunities for trust companies and asset managers to gather new legitimate, transparent business from North America.
Offshore Insurance should be viewed as an extra tool to add value to a company's existing product menu rather than as a competition.
"It can assist you in retaining existing clients, gaining new ones and charging higher fees," says Hywel Jones, President of the Britannia Consulting Group, one of the cosponsors of the programme.
Along with Britannia, other corporate co-sponsors are Atlas Insurance Management Ltd. and Lighthouse Capital Insurance.
The event is a follow up to the May 17 Seminar focussing on Insurance As A Wealth Management Tool. Allyson Maynard-Gibson, Minister of Financial Services and Investments, will present Opening Remarks.
Martin Eveleigh of Atlas and David Richardson of Lighthouse both will be presenting case studies at the Seminar, along with Hywel Jones of Britannia; Jay Walker of Walker & Associates; Craig Campbell of Huish Campbell P.C.; and Merv Simpson of Norton McMullen & Co. LLP.
Contact BFSB at 326-7001 for registration details.
By Hywel Jones
