Representatives from Bermuda are in Central America this week talking up the benefits of doing business on the Island to some of the largest companies in the world.Janita Burke and Eduardo Fox of law firm Appleby (Bermuda) along with David Fox from the Bermuda Insurance Development Council (IDC) are participating at the ALARYS Congress in Panama City, Panama. ALARYS is commonly referred to as the "Latin American RIMS" due to its membership of risk managers who are from Latin America, Portugal and Spain.The IDC has an exhibit booth and the three representatives have also been fielding questions with interested parties about captive insurance, commercial insurance and the island’s reinsurance market.The importance of attending this this biennial conference, which Bermuda has attended every year since its inception in 1994, is crucial, says Eduardo Fox.“At the moment, Latin American business coming to Bermuda is the fastest growing reinsurance business to our little Island,” said Mr Fox, who is Appleby’s manager of the Corporate and Commercial and Latin Business Sector.“But it’s not limited to just captives, there are also other companies, including holding companies and investment vehicles, forming here as well.”He added that the Tax Information Exchange Agreement (TIEA) that Bermuda signed with Mexico in late 2009 and came into effect in January 2011, is now “bearing fruit”. A TIEA provides full exchange on criminal and civil tax matters between the two jurisdictions.“Companies are now coming to Bermuda, returning or reviving dormant captives,” he said.“We’re talking about some of the biggest companies in the world.”Some examples include the third largest cement and oil companies in the world and the world’s largest producer of silver, all of which have captives here now.“The conference is where the Latin American industry gets together and focuses on risk management needs,” said Ms Burke, a partner with Appleby.“As a jurisdiction that provides those services, it’s very important to be here to listen to potential clients’ needs and assist them in providing solutions.“We want to be available to develop relationships and let them know about the virtues of Bermuda.“In order to develop those relationships, it’s important to be here to learn about the environment and culture of the people.”In Latin America — three countries are within the G20, including Mexico and Argentina with which Bermuda has already signed TIEAs, and Brazil which is in the stage of negotiation with Bermuda.“It’s very important for the economy and future of Bermuda to get these TIEAs signed,” said Mr Fox. “It will have a crucial impact.”No doubt as Brazil is the sixth largest economy in the world, larger than the UK’s and some say is poised to take over the fifth spot held by France.