A new scholarship, offered by KPMG in Bermuda and the Bermuda Captive Network, seeks to nurture Bermudian talent specifically for the captive insurance sector.
Captives, which provide insurance coverage to their corporate owners, form the bedrock of Bermuda’s international insurance industry. American Fred Reiss came up with the concept and coined the term “captive”, before he brought the idea to Bermuda to launch a brand-new industry in the 1960s.
The business infrastructure that grew around it helped establish Bermuda as the global hub for commercial insurance and reinsurance that it is today. Throughout, Bermuda has remained one of the largest captive domiciles in the world, and is today home to some 650 active captive insurers.
GAIN VITAL EXPERIENCE
The new scholarship was designed to address a global talent shortage in the captive sector and to leverage Bermuda’s deep pool of expertise in the industry.
The award includes $20,000 in financial support annually for up to three years, and $10,000 of in-kind contributions such as access to industry events. It is open to undergraduates or postgraduates, and based on academic excellence.
Scholars will gain invaluable hands-on experience through rotations across KPMG’s Audit, Tax, and Advisory services, along with secondments in captive insurance companies, exposing them to underwriting, claims, finance, risk and compliance functions.
Additional benefits include a paid summer internship and the opportunity for full-time employment with KPMG via the Lift Off Programme after graduation, as well as exclusive networking opportunities at events like the Bermuda Captive Conference.
Scholarship recipients receive personalised mentorship from career coaches and performance managers. Furthermore, recipients may participate in KPMG’s Global Advantage Programme, a prestigious four-day event hosted at one of the firm’s global offices, providing valuable international exposure.
MENTORSHIP CHANCES
Bron Turner, partner and sub sector lead, captives at KPMG in Bermuda, said this immersive approach is designed to offer a depth and breadth of experience that lays a solid foundation for a successful career in the captive sector.
“The scholarship serves as a direct gateway into the captive insurance industry by offering a blend of hands-on work experience, personalised mentorship, and extensive industry networking,” Mr Turner said.
“Scholars will gain direct exposure to various facets of captive insurance, not only through their roles at KPMG, but also by working within registered captives in Bermuda.”
IMPROVE YOUR KNOWLEDGE
Graduates of the programme are required to commit to at least three years of employment with KPMG.
Scholarship recipients gain broad industry knowledge beyond finance, including underwriting, claims, reserving, risk management, and compliance. They will also build professional contacts through numerous networking opportunities facilitated by the Bermuda Captive Network and industry events.
This positions them for career opportunities at KPMG, beginning with roles such as senior associate, manager, senior manager, with opportunity to progress to director, and partner within the Audit, Tax, or Advisory practices.
Beyond KPMG, careers in the captive insurance industry include roles like claims analyst, underwriter, finance manager, actuary, chief claims officer, chief underwriting officer, chief operations officer, chief risk officer, chief financial officer, and regulatory roles within governing bodies, in Bermuda and overseas.
INTERNATIONAL OPPORTUNITIES
So why should young people consider a career in captive insurance, as opposed to other sectors of the island’s insurance industry?
Mr Turner said the captive sector offers a “dynamic and innovative environment that stands apart from traditional insurance and reinsurance”.
He added: “Captives provide customised risk-management solutions tailored to the unique needs of businesses, allowing professionals to engage in creative problem-solving and strategic thinking.
“Working in the captive space also opens up opportunities to connect with C-suite individuals from the parent companies from around the globe in particular the US, Europe and Canada.
“These parent companies range from hospital groups, construction companies, financial services and global Fortune 500 companies. This exposure allows professionals to gain deep insights into industries beyond re/insurance, particularly the risks and challenges they face.
“Bermuda, as a global leader in this field, offers unparalleled opportunities for international exposure, collaboration with high-profile clients, and the chance to make a tangible impact.”
JOBS FOR THE FUTURE
While the captive sector is the oldest segment of the island’s international insurance market, it remains as relevant as ever, helping large companies to create insurance cover for their own specific risks that is either unavailable or unaffordable on the commercial market.
Mr Turner described the sector as “vibrant and poised for continued growth” and added: “Over the past six decades, the industry has evolved in response to global market shifts and the changing needs of businesses seeking tailored risk management solutions.”
He added that Bermuda’s enduring leadership in the captive space is underpinned by a robust regulatory environment, overseen by the Bermuda Monetary Authority, which has won stamps of approval from standard-setting authorities in both the United States and the European Union.
BERMUDA’S PROUD REPUTATION
Under Bermuda’s equivalence with the EU’s Solvency II directive, the island has a bifurcated regulatory regime, which means captives are regulated differently from commercial insurers. This also sets Bermuda apart.
“What truly differentiates Bermuda is its ecosystem of expertise,” Mr Turner said. “The island is home to a rich concentration of professionals — underwriters, actuaries, risk managers, and more — who bring unparalleled knowledge to the sector.
“This expertise is supported by a sophisticated infrastructure, from advanced technology platforms to seasoned legal, audit, and consulting services tailored specifically to the insurance industry.
“Bermuda’s reputation for innovation remains a cornerstone of its success. The island has consistently pioneered new products and solutions in the captive space, allowing businesses to adopt flexible, customised structures that keep them competitive in an ever-changing global landscape.
“Combined with its political and economic stability, streamlined regulatory processes, and strategic geographic location between North America and Europe, Bermuda continues to offer an ideal environment for captives to thrive.
“In short, Bermuda’s captive sector is not just surviving — it’s thriving, with a future as bright as its storied past. Its commitment to excellence, transparency, and adaptability ensures its position as a global leader in the industry for years to come.”
