Michael Frith

Senior Counsel – Chairman (Corporate Services), Carey Olsen Bermuda

Session: Bermuda Mutual Captives: The Foundation of Risk-Sharing and Innovation

Michael Frith is Senior Counsel at Carey Olsen Bermuda Limited and non-executive Chairman of the corporate services business. His legal practice focuses on all aspects of Bermuda corporate law, including all types of Bermuda corporate structures, equity and debt financings (public and private) and IPOs. Michael has particular experience advising on the formation and ongoing regulatory and transactional requirements of all types of Bermuda insurance structures, including commercial insurers and reinsurers (both life and non-life), mutuals, captive insurers, ILS structures (including collateralised reinsurers, sidecars and cat bonds), segregated account companies and insurance intermediaries.

Michael has significant experience in the provision of corporate administrative services to Bermuda groups, and has served as independent Director on a large number of Bermuda boards, including finance and holding vehicles, commercial and captive insurers, mutuals, SPIs and investment funds. Michael also has particular expertise in relation to Bermuda’s economic substance requirements, and has been a key advisor to the Bermuda Registrar of Companies and Ministry of Finance in relation the development and implementation of Bermuda’s economic substance legislation and related guidance.

Career
Prior to joining Carey Olsen in 2020, Michael was a Director in the Corporate Department (Insurance) at a major Bermuda-based offshore firm and corporate service provider, where he practiced for over 16 years. Michael has been a member of the Insurance Advisory Committee since 2011, advising the Minister of Finance and the Bermuda Monetary Authority on matters relating to the development and regulation of the insurance industry in Bermuda and has been a member of the Employment and Labour Tribunal since 2013.

Carey Olsen Bermuda Limited is a limited liability company incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules 2009. The use of the title “Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business.