THE Asian Captive Conference 2017 
DE-RISKING ASIA:
THE GROWING ROLE OF
SELF-INSURANCE
16 - 17 AUGUST 2017
OVERVIEW
The Asian Captive Conference 2017 is a joint effort between Labuan IBFC and the Labuan International Insurance Association, an industry association representing the insurance and risk management industry in the jurisdiction. This conference is aimed at highlighting the benefits of self-insurance, specifically captive insurance for Asian corporates and conglomerates.   

Towards this, we will be presenting results from a piece of research commissioned by Labuan IBFC and conducted by Captive Review, as to why Asian captives are still inadequately represented vis-à-vis the total number of captives globally. In fact, only 2.3% of the 7000 captives that have been established worldwide are of Asian origin, while Asian corporates make up more than 30% of the world's largest companies.

Supported by the Pan-Asia Risk and Insurance Management Association, PARIMA, this conference is also expected to explore the topical developments in the risk management industry, ranging from Insure Tech to the potential changes in the way captives are managed and structured, due to regulations introduced by the Organisation for Economic Co-operation and Development (OECD)'s Base Erosion Profit Shifting initiative.  
AGENDA
  • 8:30 AM
    Registration
    9:30 AM
    Welcome Remarks
    Chairman, Labuan IBFC Incorporated
    10:00 AM
    Keynote Address
    Y Bhg Datuk Seri Muhammad bin Ibrahim
    Governor, Bank Negara Malaysia
    Chairman, Labuan Financial Services Authority
    10:30 AM
    Networking Break
    10:45 AM
    White Paper: "Attitudes towards Captive Insurance in Asia" 
    By Richard Cutcher, Editor, Captive Review
    Panel Discussion
    "Attitudes towards Captive Insurance in Asia"
    Led by Richard Cutcher, Editor, Captive Review
    11:45 AM
    Panel Discussion
    The Many Faces of Self Insurance: Captives, PCCs, ICCs, Group Captives
    Led by Dato' Majid Mohamad, Technical Advisor, 
    Labuan International Insurance Association
    12:30 PM
    Networking Lunch
    2:00 PM
    PARIMA for Asian Risk Managers
    by Steve Tunstall, General Secretary of PARIMA
    2:15 PM
    Panel Discussion
    Insure Tech: 
    Block Chains, a new Friend or a Dangerous Foe?
    Led by Steve Tunstall, General Secretary of PARIMA
    3:30 PM
    Panel Discussion
    Base Erosion Profit Shifting: 
    Changing Mindsets and Managing Change
    Led by Michael Velten, Asia-Pacific Financial Services & Insurance Tax Leader, Deloitte
    4:45 PM
    Closing Remarks 
    Chairman, 
    Labuan International Insurance Association
    5:00 PM
    Ends
  • 9:00 AM
    Welcome Remarks 
    Chief Executive Officer, Labuan IBFC
    9:05 AM
    Ins and Outs of a Captive Feasibility Study
    George McGhie, Managing Director, Captive Practice, Willis Towers Watson
    9:50 AM
    A Captive Case Study
    Kelvin Wu, Group Risk & Insurance Manager, International SOS
    10:30 AM
    Networking Break
    11:00 AM
    Panel Discussion
    A Year in the Life of a Captive 
    Led by Stuart Herbert, Senior Vice-President, 
    Marsh Captive Solutions Group
    12:30 PM
    Ends
MEET OUR SPEAKERS
Datuk Seri Muhammad Ibrahim
Bank Negara Malaysia 
Dato' Seri Muhammad Ibrahim was appointed Governor Bank Negara Malaysia on 1 May 2016. He chairs Bank Negara Malaysia's Monetary Policy and Financial Stability Committees.

Prior to his appointment as Governor, Dato' Seri Muhammad Ibrahim was the Deputy Governor responsible for the development of the financial markets as well as Treasury operations including exchange and reserve management of the Central Bank. He also oversees the development of the banking sector including Islamic finance and insurance sector.

Dato' Seri Muhammad Ibrahim is responsible for promoting Malaysia's agenda of migration to e-Payments aimed to generate cost and operational efficiency for businesses. He is also actively involved in collaborative efforts with the regional central banks to develop a multi-currency payment settlement platform aimed to enhance linkages in cross border transactions in trade and investment.

He also serves as Chairman of the Finance Accreditation Agency; Board member of the Retirement Fund Incorporated; member of the Malaysian Institute of Accountants; panel member of the National Trust Fund. He is also the Senate Chair of the International Centre for Education in Islamic Finance; was the Chairman of the Irving Fisher Committee on Central Bank Statistics, Bank for International Settlements; and a Fellow of the Asian Institute of Chartered Banker.

He holds a bachelor's degree in accounting from the University of Malaya and Master’s Degree from Harvard University and International Islamic University.
George McGhie 
Willis Towers Watson Global Captive Practice
George has over 37 years of insurance experience. He moved to Singapore 25 years ago, after 6 years with Johnson & Higgins in Bermuda, to establish their Asia captive insurance practice. More recently he managed the broking operations of JLT in HK/China, and established their Regional Employee Benefits practice. 

He has been involved in the incorporation and/or management of many Asia Pacific captives, and worked closely with regulators across the region on captive related matters.

He is currently focused on advising Willis Towers Watson clients on the design and management of captive programmes across a broad range of countries, industries and classes of risk.
Kelvin Wu
PARIMA
Kelvin is the Group Risk and Insurance Manager for International SOS, where he has responsibility for the Group’s risk management initiatives, corporate insurance programs including property, casualty and employee benefits, as well as the firm’s captive insurance company.

Prior to this, Kelvin was the Senior Consultant in JLT Asia’s risk consulting practice, where he led the development and delivery of risk consulting projects encompassing areas such as Enterprise Risk Management, Business Continuity Management, risk-insurance gap analysis, strategic risk financing and captive insurance.

Kelvin is a founding Board Member of the Pan-Asia Risk and Insurance Management Association (PARIMA), where he directed the organization of the highly successful inaugural 2014 PARIMA Annual Conference held in Singapore, which attracted over 400 risk and insurance professionals from all across Asia.

Kelvin holds an Economics degree from the Singapore Management University, where he graduated summa cum laude. He is also an Associate of The Chartered Insurance Institute (ACII) in UK, and an Associate in Risk Management (ARM) of The Institutes in US.
Dato' Majid Bin Mohamad
Labuan International Insurance Association
Dato' Majid holds a Bachelor of Arts (Honours) degree from University of Malaya and a Master of Business Administration degree from Manchester Business School, England. He also attended senior management programmes at Harvard Business School, United States and INSEAD, France.

Dato' Majid has extensive experience in the setting up, regulatory planning and rehabilitation of finance and insurance institutions. He started his banking career in Bank Negara Malaysia in 1977 and held various supervisory roles across key departments, from audit to economics, and bank and insurance regulation. He was Chief Executive Officer (CEO) of several life and general insurance companies in Malaysia including Pacific and Orient Insurance Berhad, Malaysia National Insurance Berhad, The People's Insurance Co. (Malaysia) Berhad and Talasco Insurance Berhad. In 2001, he facilitated the successful merger of Talasco Insurance Berhad and The People's Insurance Co. (Malaysia) Berhad. He retired as CEO and president of Labuan Reinsurance (L) Ltd at the end of 2010.

Dato' Majid is currently the Managing Advisor of MBM Advisors (L) Ltd, a consultancy outfit based in Labuan International Business and Financial Centre, and Technical Advisor to the Labuan International Insurance association and The Lloyd's of London. He also serves in the Investment Committee of Universiti Malaysia Pahang.

Dato' Majid's directorships in other companies are in Alliance Investment Bank, Alliance Islamic Bank Berhad (AIS), AIA Public Takaful Berhad and Pasdec Resources (South Africa) Ltd.
Michael Velten 
Deloitte Singapore
Michael is a financial services tax partner with Deloitte Singapore and is the firm’s Asia - Pacific Financial Services Tax Leader.

Michael has over 30 years tax experience; 25 years of which have been spent working in Asia having been based in Kuala Lumpur, Hong Kong and Singapore. Prior to joining Deloitte, Michael had held senior tax roles with leading financial institutions and professional firms in Asia – Pacific and academic appointments at the University of Melbourne and National University of Singapore.

Michael advises on all areas of Singapore financial services tax (including indirect tax, information reporting, M&A tax and transfer pricing); and is a recognized industry tax expert. Michael works across all sectors including banking and securities, insurance and investment management.

Michael acts as global lead and / or regional lead tax partner on a number of major firm accounts and manages the delivery of Asia regional tax services for key global clients.

Michael is qualified as both a Solicitor (Supreme Court of Victoria and High Court of Australia) and a CPA (Australia). Michael is an Accredited Tax Advisor: Income tax and GST (Singapore), a Certified Tax Adviser (Hong Kong) and a Trust and Estate Practitioner (TEP). Michael is a Fellow of the Taxation Institute of Hong Kong, an Associate of the Chartered Tax Institute of Malaysia and a member of the Singapore Institute of Directors.

Michael holds a Master of Taxation from the University of Melbourne and a Master of Laws from the National University of Singapore.

Michael is a member of the ASIFMA Tax Product Committee and a member of the AIMA Tax Committee in Singapore.
Richard Cutcher
Captive Review
Richard Cutcher has been editor of Captive Review since May 2014 and is an experienced speaker on captive insurance topics in North America, the United Kingdom, Europe and Asia. Prior to joining Captive Review, Richard was Editor of Global Risk magazine and previously worked in Cape Town, South Africa where he was Editor of an African technology and telecommunications online publication. Richard has a BA Honours degree in History from the University of York and splits his time between Captive Review's London and New York offices.
Steve Tunstall
PARIMA
Steve Tunstall is a business risk management expert with almost thirty years experience in both running companies and helping them change. He has been the Head of Risk and Insurance for Genting Singapore and Cathay Pacific Airways and held the post of Managing Director or equivalent in five companies in four countries. With experience in twenty countries in Asia as well as the EU, Africa and USA Steve brings a broad based, practical approach to the management of both risk and opportunities. He currently works as a part time risk manager based in Singapore and is the General Secretary of the Pan-Asia Risk and Insurance Management Association.
Stuart Herbert 
Marsh Captive Solutions Group
Stuart is Senior Vice President and Head of Marsh Captive Solution Group in the Asian Pacific region. Marsh Captive Solution Group provides captive advisory services and delivers captive management services through Marsh Management Services Singapore Pte Ltd.

As head of Marsh Management Services, Singapore, he is responsible for the largest captive management company in the region with clients representing approximately SGD500 million in gross premiums and SGD800 million in net assets.
Organisers
Labuan International Business and Financial Centre (Labuan IBFC) offers global investors and businesses the benefits of being in a well-regulated midshore international business and financial centre, which provides fiscal neutrality and certainty, in addition to being an ideal location for substance creation.

Located off the North West coast of Borneo, Labuan IBFC provides access to Malaysia's network of more than 80 double taxation agreements and boasts Asia’s widest range of business and investment structures for cross-border transactions, international business dealings and wealth management needs. 

Well-supported by a robust, internationally recognised yet business-friendly legal framework, Labuan IBFC operates within clear and comprehensive legal provisions and industry guidelines, enforced by its single regulator, Labuan Financial Services Authority.

With a focus on enabling cross-border transactions, providing risk management structures, Islamic financial services, commodities trading incentives and wealth management vehicles, we offer solutions to regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets.
The Labuan International Insurance Association (LIIA) represents the growing number of risk management related entities licensed in Labuan IBFC. The LIIA has in excess of 200 members involved in many different aspects of insurance and reinsurance – from Life and Non-Life Insurance, Reinsurance Brokers, Insurance and Reinsurance Companies, including Captives, to related Management and Accounting Services.

The LIIA membership is a requirement for all insurance and reinsurance related entities operating in Labuan IBFC.
VENUE
Sasana Kijang
2, Jalan Dato' Onn
50480 Kuala Lumpur, Malaysia
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