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Bermuda Wins New Business In Americas

by Amanda Banks, Lowtax.net, London
23 March, 2016

The Bermuda Development Authority (BDA), the island's inward investment promotion agency, has won new business for Bermuda in the key sectors of insurance and wealth management, targeting clients in the Americas in particular.

In an address to the Bermuda International Long Term Insurers & Reinsurers AGM, the CEO of the BDA, Ross Webber, said that its four areas of focus mirror Bermuda's key industry sectors. They are risk solutions (comprising insurance, reinsurance, insurance-linked securities (ILS) and captives); asset management; trust and private client business; and lastly international commerce.

Webber said that: "in the risk space, the BDA is particularly focusing on captive-slash-insurance management, healthcare and ILS. Our target markets for new business have been Canada and Latin America – and our efforts have translated into an upswing in registrations from those regions. These new captives cover a diverse range of risks – from oil and gas-drilling in Canada (after we staged a roadshow last summer to Toronto and Calgary) to drivers' insurance in Peru (following several BDA trips to South and Central America)."

"Captives from all regions grew in 2015 – a total of 22 new SPIs or captives were added to the registry, compared with 16 the previous year."

Webber also pointed to a growing trust industry with "trust assets under management growing by a minimum of USD62bn and over 100 new employees since 2013," and the asset management sphere where "the Bermuda Monetary Authority recorded 83 new funds in 2015, up over the 80 of the previous year."

Webber said that the island is also attracting some interesting new ventures - companies like biopharmaceutical IPO leader Roivant, and fintech start-up Trunomi. "We have also seen new tanker fleets and ship-management companies establish in Bermuda," he added.

Webber observed that "jurisdictional advocacy" was another key area of BDA focus. He said that: "We live in a time of escalating political rhetoric – labels and indictments levied as pot-shots against small nations like Bermuda that are ill-equipped to take on Goliath bullying. It comes from both sides of the Atlantic and is especially aggressive during election periods – like 2015 in the UK, and like this year has proven already in the US."

"We believe it's important to be proactive and correct factual misconceptions when our jurisdiction is maligned. And to assert Bermuda's high level of transparency and enormous contribution to global economies in a consistent, integrated way – even when there's no fire-drill, even when we don't find ourselves in the political cross-hairs. Our goal is to use this type of sustained and collective effort to differentiate Bermuda from those IFCs that actually deserve to be the true targets of onshore accusations."

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