All this week the captive community has descended on the Southampton Princess for the Bermuda Captive Conference. In its fourth year now the conference is well attended with about 500 captive professionals. The conference includes a specific track for Healthcare captive issues which is curious since for many years Bermuda neglected this market segment, essentially putting Cayman into the healthcare captive business. Perhaps this is an indication that Bermuda is now welcoming this segment into the ranks of the largest global captive domicile with nearly $30B in captive insurance and reinsurance premium during 2007.
My own company, Cedar Management Limited and Cedar Consulting LLC had a big announcement just before the beginning of the conference. We have reached agreement with USA Risk Group, Burlington, VT for them to purchase a controlling interest in our companies. The original partners of Cedar will retain a significant ownership percentage and the companies will continue to trade in the US and Bermuda under the Cedar name. We are very excited about the opportunities that this presents for our company and our clients.
More news from Bermuda to come over the next few days.