Trade relations between Bermuda and the US were worth $64 billion during the global economic crisis of 2008/09, according to an economic impact study commissioned by Business Bermuda.

The 2010 survey, which was carried out by the Washington-based Albright Stonebridge Group and presented by senior vice-president Charles Ludolph at the Fairmont Hamilton Princess Hotel to delegates at the Business Bermuda meeting yesterday, looked at US-Bermuda relations, revealing that since 2007 two-way trade and investment between the two countries averaged at least $60 billion annually.

During that time the Island has become more prominent relative to other economies trade with the US and American exports of business and professional services to bermuda increased significantly over the downturn, it found.

"In spite of the global economic crisis and difficulties in US financial markets, Bermuda-US economic ties remained surprisingly strong," said Mr. Ludolph.

"Bilateral trade and investment flows remained at more than $60 billion for the three years of the crisis from 2007 to 2009.

"Bermuda supports at least 130,000 jobs in the United States after all the relocations from 2008 and 2009."

In 2008 and 2009, Bermuda was the most important offshore supplier of reinsurance and payer of property and casualty losses to the US and was second only to Canada as the most important export market for US primary insurance, the figures showed.

It was also the sixth most important export market for US financial services and the eighth most important supplier of energy shipping services to the US, as well as the 14th most important export market for US business and professional services and in the top 20 most important export markets for total US private sector services.

During 2009, Bermuda and US company affiliates invested in each others respective markets supplied about $40 billion in two-way sales in addition to $24 billion worth of US exports and imports with Bermuda.

The Island's trade and investment relationship with the US sustained 162,000 jobs last year, with 94,500 US jobs created by annual US exports to Bermuda and 66,000 jobs derived from US substantially majority-owned subsidiaries of Bermuda companies.

In terms of re/insurance, the study disclosed that Bermuda supplies 50 percent of Florida's homeowner catastrophic insurance market and offers Florida homeowners premiums at a lower price than its competitors in the US and Europe, while a total of 23 Bermuda reinsurance companies supply 40 percent of the catastrophic event property and casualty coverage for the entire US market.

Furthermore, 35 percent of US crop insurance is underwritten by six Bermuda-owned insurance affiliates and 55 percent of the gross premiums ceded by insurers to reinsurers come from the Island, with more than 250,000 US farms in 40 states dependant on Bermuda re/insurance firms to hedge annual crop-related risk during 2009.

In 2008, Bermuda had more than 1,100 domiciled and regulated investment funds with almost $200 billion in assets, the report found, while US-owned corporate and tax exempt funds accounted for as much as $70 billion of such assets and US individuals' made up for another $30 billion.

Bermuda also tied for 10th place as the largest foreign portfolio investor in US securities as its portfolio doubled to $200 billion between 2000 and 2008, while Bermudian investors were the 15th largest holders of US government agency asset-backed bonds.