Newspaper highlights island’s economic surge
Bermuda's hosting of the 35th America's Cup and an upswing in tourism to the island have been highlighted by The Times newspaper in Britain.
In an article titled “Tourism leads economic surge”, journalist Phil Thornton reported on Standard and Poor's affirming of the island's A+ grade last month, and its expectation that the economy will grow by 1 per cent this year.
He also mentioned a “resurgence” in the tourism industry with air arrivals and hotel occupancy both up by double-digit percentages in 2016.
The article in Saturday's edition of The Times was accompanied by a photograph of $100 Bermuda bank notes. It reported: “The America's Cup will help to showcase the attractions of the island. The event has already attracted investment into projects such as the Loren at Pink Beach hotel; $100 million invested in the Hamilton Princess resort; a development at Morgan's Point peninsula; and optimism over a project in St George's town.”
And the America's Cup promoted “Bermuda's stature as a safe harbour for investors”, according to the newspaper, which sells more than 450,000 copies per day.
Featuring quotes from Michael Dunkley, the Premier, and business leaders Arthur Wightman of PwC Bermuda, and Tim Faries, of Appleby, the article went on to highlight the island's reputation as a leading jurisdiction for reinsurance, capital markets and insurance-linked securities. The Times noted that ILS, catastrophe bonds and reinsurance notes listed in the Bermuda Stock Exchange exceeded $20 billion last year.