Despite turmoil in the world markets and uncertainty over the future of the US's $700 billion financial rescue plan set to go back before lawmakers tomorrow, the Bermuda International Business Association (BIBA) hosted a successful financial services conference in New York yesterday.

BIBA's delegation — which included Finance Minister Paula Cox and 50 other local business leaders, Government representatives and regulators — was intent on selling the Island's strengths as a consistent partner to the US business community with the conference, which has been taking place annually for 12 years.

"In light of the current financial climate, we were presented with an invaluable opportunity to showcase Bermuda and demonstrate how Bermuda plays an important role in the global financial markets," said BIBA CEO Cheryl Packwood. "Our conference allowed Bermuda's business community to meet with the financial community in New York and provide valuable insight and perspective on what makes Bermuda an attractive business partner."

Key attributes the Island offers include a stable government, strong legal firms, a transparent regulatory framework and a strong economy, Ms Packwood said. "We offer the quality attributes which investors are looking for," she said.

Ms Packwood added: "The panel sessions enabled us to dispel some myths about Bermuda law and the numbers game played by other jurisdictions. It also allowed us to expand and deepen our relationships with the lawyers, bankers, fund managers, accountants and advisers who drive the New York financial communities."

The conference drew some 250 CEOs, hedge fund managers, law firm partners, accountants and insurance executives from the New York area.

The invitation-only event, held at the Harvard Club, featured a luncheon keynote speech by Deputy Premier and Minister of Finance Paula Cox.

Ms Cox "focused on the stability of the Bermuda regulatory system and the financial attributes to the international business community", BIBA said in a press release.

Thirteen different panels were offered on topics such as Bermuda's capital markets and corporate finance, fund administration, private wealth management, captives, insurance/reinsurance, investment fund structuring, trusts, aircraft, shipping and transportation, infrastructure and regulation.

"Our focus was on how Bermuda has consistently been there as a partner to the US — throughout 9/11, with hurricanes and other disasters," Ms Packwood said. "We've consistently provided solutions to the United States."

Ms Packwood said one key "solution" Bermuda has offered is that Island re/insurers have consistently paid out on claims. "Bermuda, time and time again, has proven it pays out on claims — after 9/11, after Hurricane Katrina and so forth," she said, adding this is a top factor ratings agencies consider.

Rather than despair over Wall Street's 777-point tumble on Monday and the ever spiralling global financial crisis, Ms Packwood said the mood was "upbeat" at yesterday's event. "People were very interested and very attentive and excited to hear about what Bermuda has to offer," she said.

She added: "With the events of last week, and (Monday), in the international financial markets, it is even more important for us to talk to the American business community to remind them of our long standing relationship and how we can better serve their needs. Bermuda still has spare capacity in the marketplace to accommodate more business. We provide innovative business solutions to the international market and continue to build upon the Bermuda model."