Premier Alex Scott will attend his first Risk and Insurance Management Society, Inc. (RIMS) Conference in San Diego beginning today.

And the Premier made a speech at the HSBC/Bank of Bermuda's pre-RIMS event on Saturday night in Carlsbad, California where he called the sale of the Bank of Bermuda to global giant HSBC “a marriage waiting to happen”.

In that speech he also promised that Government, “as long as I am Premier, will work hand-in-hand with the HSBC Group and all members of the banking industry and financial sector in addressing the many issues that we are all aware exist in our Island home”.

The Premier admitted his regret at not being able to join his audience before Saturday night due to “the various activities featured in your programme: golf, the spa, culinary delights, music, hot air ballooning and Feng Shui (none of them overly onerous)”.

Noting that “political and financial stability go hand-in-hand”, he said: “International business in Bermuda is our primary representation of global exposure and global reach.”

Saying the sale of the Bank of Bermuda to HSBC had been met with “huge scepticism” by many locals, the Premier added: “it is equally true that this sale marks a new era of banking for Bermuda on the global market.

“This Government would like to think that it has struck the right balance,” he said. “We hope that the success of these financial sectors also translates into the success of numerous social programmes such as housing, health benefits for our seniors, narrowing the education and wealth differentials for our citizens, and so on.

“We believe that the attractions of political stability, commercial and economic progressiveness, amenable and modern telecommunications, accounting and banking services which we enjoy today will ultimately result in a well-housed, healthy and educated Bermudian society.”

He finished: “To those of you in the audience who work in the banking, insurance, investment and financial services sectors, if you were asked to find or describe the ideal environment in which you would wish to conduct your business, and you then committed your thoughts, recommendations and criteria to paper, you would soon find that in fact you had described Bermuda.”

The Premier has also stressed the importance of Government continuing its full support of the Island's insurance industry, saying: “The success of our economy depends largely on our ability to effectively partner with the private sector in insuring that Bermuda remains a leader in the global insurance market.”

Tomorrow Mr. Scott will meet with RIMS president Lance Ewing. he will also speak at a reception for conference participants which he will host along with Finance Minister Paula Cox and the Bermuda Insurance Institute.