Now, it is easier to conduct business in Bermuda - Premier
Premier Craig Cannonier, pitching Bermuda’s reinsurance market to Risk & Insurance Management Society (RIMS) conference attendees last night in Los Angeles, said: “In fact, we welcome you.”
He made the comment during a speech to guests attending the Bermuda reception — an event which has become regular fixture at the annual RIMS conference. He also said: “As a new Government we are fully focused on the goal of maintaining and building upon our excellent reputation by streamlining processes to make it easier for you to conduct business in Bermuda.”
The Premier quoted a Fitch Ratings report that stated the Bermuda market “ ‘remains strong for 2013 and continues to lead the way as convergence of the reinsurance market and capital market persists,’ end quote,” he said.
“There’s a reason for that — we are committed to helping your business to succeed. As a new Government we are fully focused on the goal of maintaining and building upon our excellent reputation by streamlining processes to make it easier for you to conduct business in Bermuda. In fact, we welcome you.”
The text of Mr Cannonier’s speech is reported in full below.
“Good evening Ladies & Gentlemen,
“To the distinguished RIMS invitees, Minister Bob Richards, Minister Grant Gibbons, distinguished Bermuda Booth Hosts and representatives, the entire Bermuda Team and friends — good evening to you.
“Welcome to the 2013 BERMUDA RIMS Reception. As the Premier of Bermuda, I am honoured to be here for this auspicious occasion.
“In an increasingly complex and unpredictable environment, the Bermuda Insurance industry has become known for its ability to deliver a wide array of innovative risk management products demanded by the world’s leading corporations.
“There is no doubt that the scope of our insurance product is substantial and unique. Bermuda has the leading and the largest concentration of captive insurance, commercial insurance and reinsurance in the world. No one else has a leading position in all three markets, except Bermuda. You can literally walk from one meeting to the next- Ladies and gentlemen — Bermuda is a one-stop shop.
“The recent Fitch Ratings report say that quote “Bermuda insurers market remains strong for 2013 and continues to lead the way as convergence of the reinsurance market and capital market persists.” end quote.
“There’s a reason for that — we are committed to helping your business to succeed. As a new Government we are fully focused on the goal of maintaining and building upon our excellent reputation by streamlining processes to make it easier for you to conduct business in Bermuda. In fact, we welcome you.
“It is your corporations that delivering products and services that are the very texture of our modern society in the 21st Century, but you can’t do it alone. You need partners to help navigate you through the minefield of risk found in today’s world. Many of you wisely choose partners from the Bermuda market.
“In addition, the quality of the products we provide is complemented by independent and high quality regulation.
“The Bermuda Monetary Authority represents world class regulatory oversight, but is also held in high regard in the market and by meaningful international bodies, for its insight with regard to global supervision.
“Much like many other countries, Bermuda finds herself in an era marked by challenges. While this economy bears almost no resemblance to one of just a few years ago, we still count ourselves among the fortunate ones, as optimism in Bermuda’s economy is brewing. The latest statistics show that Bermuda’s insurance market maintained its resilience by writing $100 billion in premiums.
“Bermuda companies were asked to pay 40% of all reinsurance costs associated with the 2011 natural catastrophes, which was a record year for global catastrophes. That includes $17 billion of claims relating to Hurricane Katrina.
“Ladies and gentlemen, our message to you is this. Doing business in Bermuda has never been easier. We have the leading market for captives, reinsurance and insurance. We have the breadth of products and the depth of experience. We are a one-stop shop. That’s pretty compelling.
“I am joined here this evening by the Hon. E.T. ‘Bob’ Richards JP, MP, Minister of Finance and Dr. the Hon. Grant E. Gibbons, JP MP, Minister of Business Development. We have come all the way from Bermuda to welcome you to Bermuda.
“Thank you for your attendance tonight. We trust that you have a good evening and a productive and successful year.
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