A new tax agreement is generating interest among Canadian companies in forming captives in Bermuda, according to an island official.

Shelby Weldon, director of insurance, licensing and authorizations with the Bermuda Monetary Authority, tells NU, "Canadians are now recognizing the benefits [of captives]—benefits that many in the U.S. have been enjoying for quite some time."

Jill Husbands, a managing director and office head of Marsh Management Services (Bermuda) Limited, concurs that the tax deal could spark a lot of business.

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Captives