Premier Jennifer Smith addressed leading members of the Bermuda and US business community on Saturday night as a prelude to the RIMS conference in New Orleans.

At the New Orleans Museum of Art, The Premier spoke about why the Island had become the focus of so many of the largest insurance and re-insurance companies during the last 20 years.

And she said although some people would say that Bermuda had attracted so many international businesses because of its favourable tax environment, she believed the answer was much more complex.

She stated the high quality infrastructure, legislation, professional services, and tourism as the key factors.

Speaking two days before the start of the annual re-insurance conference, the Premier said: "I say the answer is Bermuda...because of our ability to respond swiftly, efficiently and effectively to shortfalls in the industry; and ability developed (it is true) as a result of a favourable regulatory environment and a sophisticated infrastructure.

"Those of you who know Bermuda know that our motto - Quo Fata Ferunt - is translated as 'whither the fates lead'.

"While fate may indeed play a part, the private sector, in tandem with Government, has worked assiduously over the years to establish a high quality reputation for Bermuda's international business and financial services sectors."

The Premier was staying in New Orleans over the weekend courtesy of the Bank of Bermuda's Taste of New Orleans weekend, in which a number of corporate clients and guests had been invited to attend.

Her speech was part of the Bank's corporate client dinner on Saturday night.

And in it, she said she regarded Bermuda as being no different than on-shore jurisdictions, like Delaware.

She added: "We serve a legitimate business purpose. We comply with all necessary laws, regulations and international best practise; and we provide a competitive edge in the arena of global competition, that is good for shareholders, good for employees, and, ultimately, good for the global economy.

"The Government is committed to maintaining and enhancing Bermuda's position as a jurisdiction of choice for businesses and a high quality tourist destination.

"We are jealous guardians of a distinguished reputation that sets us apart from other jurisdictions. "We worked hard, along with the business community, to ensure that reviews conducted by the Organisation for Economic Co-operation and Development (OECD), the Financial Action Task Force (FATF) and other international bodies, endorsed Bermuda's tax, regulatory and oversight systems.

"We are proud of the fact that Bermuda is seen as adhering to the highest international standards in all those areas."

And the Premier said, over the years, Bermudians had earned a reputation for being skilled at taking advantage of making the best out of what ever they had, and in line with that, following the atrocities of September 11, a number of insurance companies had located to the Island.

She added: "This wave of new insurers and re-insurers has meant a lot of capital and capacity coming to the Island at once; proving once again that Bermuda is the jurisdiction of choice for new venture capitalists and insurers.

"The presence of international business is critical to the sustained economic viability of Bermuda. We are proud of the fact that some of the brightest. most innovative and most entrepreneurial business minds have been attracted to our shores.

"Excellence in the insurance industry, in particular, has been catalytic to the development of Bermuda's investment services industry.

"We are also proud of the fact that we have a proven track record based on fair, responsible and non-intrusive Government regulation.

"Government is committed to listening to all points of view, to be responsive to the concerns of the international business community and to fostering partnerships, therefore, I am most appreciate of this opportunity to speak to you tonight.

"I believe that the Bermuda economy will continue to flourish as a result of your presence ."