After 19 years at its previous location on Cedar Avenue, the Bermuda Insurance Institute (BII) has moved to a purpose-built facility in Sofia House.

Finance Minister Grant Gibbons and several members of the insurance, reinsurance, and captive insurance industry were at the opening event at the Church Street office building, and Governor George Fergusson officially opened the new premises.

Mr Fergusson noted the reciprocal relationship between Bermuda and the insurance industry, according to a press release from the BII. “Bermuda is good for insurance and insurance is good for Bermuda,” he said.

He also mentioned the importance of providing development opportunities for young people interested in the insurance industry.

Chris Fisher, chairman of the BII Governing Council, said the BII’s “strategy and journey is toward world-class status” — cited the leadership programme that the BII hosts in partnership with the Wharton School of Business as an example of an initiative designed to provide “exemplary professional development opportunities on Island”.

In a keynote address, Rees Fletcher, division president of Ace Bermuda Insurance Ltd, described the BII’s critical role in not only training new entrants to the insurance market, but also developing the industry’s thought leaders of tomorrow.

“He reminded the audience that the BII’s success as a preeminent training organisation, developing valuable industry talent, is a testament to the hard work of the market practitioners who have volunteered their time, knowledge and experience over the past 30 years. And to build on these achievements, it is essential that the BII receives the continued support of all companies in our industry,” stated the release.

Dawnnelle Walker, BII chief executive officer, highlighted the partnership between the BII and the Ministry of Education which is providing public high school students with a career pathways programme in re/insurance, including the BII partnership with Georgia State University which offers an MBA programme in risk and insurance in Bermuda.