Bermuda's economy is in a recession and is at a turning point in its history.

That is the reality facing the Island's business community according to US Consul General Gregory Slayton, who was talking to delegates as keynote speaker on the first day of the 22nd International Reinsurance Congress held at the Fairmont Hamilton Princess hotel yesterday.

Mr. Slayton said Bermuda had prospered for the past 20 years due mainly to a tax treaty agreement signed with the US which helped open up its market to free trade, in addition to hard work and entrepreneurial spirit.

For full story see Business section, Page 33.