The Foot Report, Solvency II and the Island's contributions to the US economy were just some of the hot topics of debate at the Annual Bermuda Financial Services Conference held in London yesterday.

That is according to Finance Minister Paula Cox, who was in attendance along with a number of Bermuda luminaries at the event hosted by Business Bermuda at the Mandarin Oriental in Hyde Park.

Minister Cox also revealed that the burning issues of the threat of a change to US tax policy and its impact on the Island, and the recent stream of high-profile companies redomiciling to Europe, were also brought up in a media interview conducted during the day.

The Minister spoke to The Royal Gazette after delivering her luncheon keynote speech, providing an insight into the state of Bermuda's economy and its standing versus other jurisdictions and its work towards transparency.

Ms Cox said that the Bermuda business model generated a lot of interest among the 200 delegates present - doubling the conference's turnout for 2008 - the last time it was held due to the 2009 event being cancelled as a result of the economic downturn.

"I think that what we were really doing was to keep Bermuda top of mind," she said.

"There seemed to be a lot of interest in the regulatory framework and Solvency II and what we were looking forward to doing in the future apart from the traditional services were currently offer.

"There was also some commentary and questions as regards to the Foot Report and how much we contribute to the US economy and the fact that that story needed to be told or repeated in terms of what we offer in revenue and jobs.

"It proved that Bermuda still has tremendous cachet."

Ms Cox was joined by the Bermuda Monetary Authority's (BMA) CEO Jeremy Cox, who presented the reception speech on the latest regulatory developments both on Island and globally.

Aslo there were Bermuda Stock Exchange (BSX) CEO Greg Wojciechowski, Business Bermuda CEO Cheryl Packwood and Fitch Ratings sovereign wealth director Casey Reckman.

The event kicked-off with a one-hour plus pre-conference Offshore Summit, highlighting Bermuda's key benefits and giving an overview of its global position, and debating everything from the economic crisis in 2009, Bermuda's credit ratings and the regulatory approach of the BMA to the strength of the BSX, international co-operation and the challenges and opportunities facing the Island.

A series of panel discussions were then held ranging from re/insurance, capital markets and hedge funds to the country's infrastructure, the tourism industry and land development, as well as the subject of telecommunications covered by Digicel CEO Wayne Caines, the Island's satellite programme by Michael Scott, Minister of Energy, Telecommunications and Ecommerce, and alternative energy introduced by Linda Smith of Belco. Ms Packwood said the conference was well subscribed with a range of participants from across the industries, including insurance professionals from Lloyd's of London, London's Magic Circle law firms, bankers and investors.

She said the key talking points included Business Bermuda's (formerly known as Bermuda International Business Association) 2009 Bermuda Awareness survey and the opportunity to expand the organisation's reach into Britain and Europe.

"There was tremendous interest in Bermuda as a centre for international business," said Ms Packwood. "Business Bermuda's members, our government officials and all of our panellists are to be commended for their efforts and I am confident that attendees came away from the event knowing that Bermuda is well-positioned to provide their businesses with the best possible services to enhance their growth in a well-regulated, financially strong and highly respected business environment."

Other sessions held during the conference included a panel on aircraft and shipping moderated by Stephen Woodward, director of local business at KPMG in Bermuda, with an emphasis on the Island being the eighth most important supplier of energy shipping services to the US and the aircraft registry and securitisation sector representing a substantial market in the offshore world. Former Governor Sir John Vereker was also at the event to lend his support to the Bermuda cause.