Cox sees ‘renewed interest’ in captive business

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Just back from the RIMS conference in Philadelphia, Premier Paula Cox believes there is a “renewed interest” in Bermuda as a captive jurisdiction.

“We’re obviously out there telling Bermuda’s story, we received a good response; there was a lot of interest in captives,” said Ms Cox.

“Whether it’s at RIMS or whether it’s in another few weeks in New York. And on the weekend I met Business Bermuda in London because you’ve got to tell the story.

“You can’t cross your legs and hope business comes to you it doesn’t work that way, you’ve got to go out and you’ve got to get the business.”

Close to 60 volunteers from the industry, as well as representatives from the Bermuda Monetary Authority and the Insurance Development Council worked at the Bermuda booth for the four-day conference.

After speaking with them at the Philadelphia Convention Centre, Ms Cox said: “They found so many people who have real commercial interests in our captive environment and Bermuda as a jurisdiction. There seems as if there is a renewed interest in our captive market and I think that’s good.”

In an interview with The Royal Gazette, the Premier also discussed the Bermuda Job Market report released this week by the Department of Statistics.

There were nearly 700 fewer jobs last year, the third consecutive year of job losses in Bermuda. There were 698 fewer jobs in 2011 than there were in 2010, representing a decline of two percent. According to the report, the number of filled position reported in 2011 was 37,399 compared to 38,097 in 2010.

When asked for her views on the recent figures, Ms Cox said: “Job losses, I think, are always cyclical, there are ebbs and flows. When you have an economic slowdown as you have had over the last couple of years, you’re going to have losses and that’s why it’s so very important that you provide credible opportunities for people to retrain and also to gain opportunities.

“It’s not easy right now for many, particularly in the hospitality area, but what we’re doing is going out there to get business. When you get more international business that also has collateral benefits throughout the economy and that’s what we’re going to do.

“We’re not going to cry in our soup. My agenda is always to take care of Bermudians and to make sure we do the necessary and that is what this Government will continue to do for now and for the foreseeable future.”

When asked how that fits in a climate of doom and gloom, Ms Cox replied: “Gloom and doom is often manufactured for political ends. Bermuda is suffering, like everywhere else, from a recession.

“However, Bermuda is not a lazy, slow or apathetic. Bermuda and Bermuda business want to see Bermuda succeed, those who want to see Bermuda succeed are going out there telling the story and getting the business coming in.

“For political reasons people will always say gloom and doom. That has its role, I don’t want people to think that we see the world through rose-coloured glasses, but let’s be real.

“And if we’re going to be real we will recognise that notwithstanding the recession Bermuda has continued to remain standing.

“We’ve had our legs shortened a little bit but we’re back in the game and we’re back going after the business and we’re back getting the business.”

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