US wants ‘strong Bermuda economy’
US Consul General Robert Settje told Insurance Day Summit Bermuda conference attenders that he wants to hear from the insurance and reinsurance industries about their ideas to build the Bermuda economy.
Both Mr Settje and the Governor George Fergusson in opening remarks yesterday referred to Premier Craig Cannonier's speech yesterday when he urged the industry 'to make some noise' and tell the Government about their needs.
Mr Fergusson described the strength of the Island's regulatory environment, saying: Bermuda has "a proud record of probity”, the result of which is a reinsurance industry that is "real business, real reinsurance business”.
He said Bermuda needs to be effective in getting that message out.
"We may all need to be rather more active in putting out the story of Bermuda's strengths in today's increasingly cynical world," he said, and called it "a big PR challenge”.
The US Consul noted that Bermuda's economy is entering its fifth year of recession. "I'm concerned and my Government is concerned — we want a strong Bermuda economy."
Mr Settje told the audience that he is in daily communication with the US government, and said: "Come and talk to me.” He added: "I can pass those thoughts on.
"If there is any way I can help, I will, if I can't — I'll tell you."
He said: "The US Government wants a strong Bermuda economy."
Mr Settje noted that the Bermuda insurance and reinsurance industry spends billions of dollars when major catastrophes that impact the US, and that money also helps create American jobs.
Additionally, he pointed to a close relationship between the Bermuda and US Governments with few bilateral issues affecting that relationship.
"Working together, I think we can make Bermuda stronger," he said.