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Many times, captive board members have lots of expertise in their own industry, but little knowledge of insurance. Captive managers usually provide the insurance expertise. But captives can get a truly unbiased perspective by adding an independent director to the board who knows the ins and outs of the insurance business.

Bermuda, the global leader when it comes to hosting captive insurance companies, held its first annual captive conference in September. The hope is that the meeting will boost interest in the island, which has seen its share of the captive insurance marketplace decline over the past 15 years as the island has become more expensive and as other jurisdictions have caught up.

The Cayman Islands drift offshore, unsure of whether they want to follow the fecund currents of capital or set course for land and the relative safety of the state.