IML at the Bermuda Captive Conference 2026: A New Chapter in Captive Management

Every June, the global captive insurance community converges on Bermuda — the island that effectively invented the modern captive — for one of the most important gatherings in the industry. The 2026 Bermuda Captive Conference was no different. For existing captive owners keeping a close eye on where the market is heading, this year’s event carried a particularly compelling message: the captive landscape is evolving fast, and those who move with it stand to gain the most. Among the names making news at the conference was IML, one of Bermuda’s last remaining independent insurance managers, which announced a significant joint venture that could reshape how UK and international businesses access the Bermuda captive market.

The 2026 Bermuda Captive Conference: Setting the Scene

Held from 1–3 June at the Hamilton Princess Hotel & Beach Club, the 22nd Bermuda Captive Conference ran under the theme “Unlocking Markets. Commanding Risk.” — a fitting lens for an event that drew captive owners, risk managers, regulators, and service providers from across North America, Europe, Asia, and beyond.

Bermuda’s position as a captive domicile remains formidable. Over 600 registered captive insurers are domiciled on the island, writing approximately $30 billion in annual gross written premiums, according to the Bermuda Monetary Authority’s 2026 Business Plan. Despite growing competition from onshore US states and emerging European regimes, Bermuda continues to attract new formations — 17 new captive licences were issued in 2024 alone, up from 16 the previous year.

For those already running a captive on the island, the conference served as a reminder of something fundamental: the domicile you choose matters as much as the structure you build — and the management partner you work with matters just as much as both.

IML Announces Joint Venture with Norfolk Reinsurance

The headline news from IML’s corner of the conference was the formation of Norfolk Insurance Management Services, a new joint venture between IML and Norfolk Reinsurance, a Bermuda-based Class 3 company with deep roots in specialised risk-financing programmes.

Justin Doherty, IML’s President and CEO, was candid about both the opportunity and the timing:

“The market is changing quite a bit, and especially with AI, increasing cyber risk and climate change risk — this is one of the better times to start thinking about how a captive can benefit your business.”

The joint venture is specifically designed to reach UK and international businesses that are new to captive ownership, offering them a structured pathway into Bermuda’s Segregated Accounts Company (SAC) framework — one of the island’s most flexible and innovative captive structures.

What is a Segregated Accounts Company (SAC) and Why Does It Matter?

For existing captive owners evaluating their options, the SAC structure deserves close attention. A Segregated Accounts Company holds assets and liabilities in discrete, legally separate accounts — ring-fenced from one another and from the general assets of the parent company.

Norfolk Re’s president, Anthony Valsamakis, was one of the earliest pioneers of the SAC model in Bermuda, having developed one of the first cell structures on the island in the 1990s. That institutional knowledge now sits at the heart of the new venture.

The practical benefit for captive owners is meaningful. Rather than requiring each business to capitalise and run a standalone captive, the SAC model allows for:

• Lower entry costs — multiple participants share infrastructure without commingling risk
• Regulatory efficiency — a single licensed entity with distinct internal accounts
• Portfolio diversification — when unrelated businesses participate together, their combined risk profile is more balanced

That last point is central to the Norfolk Re model. As Valsamakis explained at the conference, Norfolk Re currently manages a portfolio of 24 completely unrelated client companies operating collectively through the SAC structure — generating measurable diversification benefits that reduce the overall cost of risk for each participant.

Why Bermuda Still Leads

It would be easy to assume that after six decades, Bermuda’s edge as a captive domicile has narrowed. The data suggests otherwise. According to WTW’s Insurance Marketplace Realities 2026 report, segregated account (cell) business in Bermuda remains highly active, and captives are becoming increasingly embedded in enterprise risk management strategies — not just as cost-saving vehicles, but as instruments of long-term resilience.

Key advantages that Bermuda continues to offer captive owners include:

• Regulatory credibility — the BMA is globally respected, with Bermuda holding EU Solvency II equivalence
• Tax efficiency — no corporate income tax, no withholding tax, no capital gains tax for Bermuda-domiciled captives. Corporate Income Tax CIT only applied to those who exceed NWP of 750m Euro on a group level and meet several other criteria. 
• Speed of licensure — one of the fastest formation timescales of any major domicile
• Depth of expertise — a concentrated ecosystem of actuaries, lawyers, auditors, and managers

For businesses already holding a Bermuda captive, these are not abstract benefits — they are the operational and financial foundations your captive was built on. The question at this year’s conference was less about why Bermuda and more about what’s next.

What This Means for Existing Captive Owners

The formation of Norfolk Insurance Management Services signals something broader than a single business announcement. It reflects a growing recognition that the captive market is entering a new phase — one shaped by emerging risks (cyber, climate, AI liability), pressure on commercial insurance premiums, and increased demand for flexible, cost-effective risk financing tools.

For captive owners working with IML’s captive management team, the expansion into the UK market and the SAC joint venture represent an evolution of the same philosophy that has defined IML since its founding in Bermuda in 1984: bespoke service, long-term partnerships, and independent advice untethered from the agendas of larger group structures.

As one of the last genuinely independent insurance managers on the island, IML’s approach has always been to work closely with clients — adapting to what each organisation needs, rather than fitting clients into a standard product template. The new venture extends that ethos into new geographies and new structures.

Conclusion: Bermuda Captive Conference 2026

The 2026 Bermuda Captive Conference made one thing clear: the captive insurance market is not standing still. From SAC innovation to cross-border joint ventures, the most forward-thinking operators are actively reshaping how captive solutions are designed, accessed, and managed. For existing captive owners, this is precisely the moment to re-examine whether your current programme is working as hard as it could be — and whether your management partner is keeping pace with the market.

Is Your Captive Keeping Pace with the Market?

If the announcements at this year’s Bermuda Captive Conference raised questions about your own captive structure — whether that’s exploring SAC options, reviewing your current programme, or simply understanding what the latest market shifts mean for your business — IML’s team is well placed to help. With over 40 years of independent captive management experience in Bermuda, IML provides the kind of close, tailored guidance that complex risk environments demand. Explore IML’s captive insurance design and formation services, or get in touch with the team directly to start the conversation.