Bermuda-based insurance companies' contribution to the UK in times of crisis was on the discussion table as UK Foreign Secretary David Miliband held a working breakfast with business leaders yesterday.

The gathering at Camden House was told about the vital role firms play in the aftermath of disasters such as the huge Buncefield oil fire in December 2005, for which Bermuda firms have about three-quarters of the liability.

They're also expected to be leant on as the north west of England patches up damage from the horrendous flooding in the past week.

According to those present, other items up for discussion at the hour-long session included the Foot Report and Bermuda's relative economic success compared with other jurisdictions at this time.

Association of Bermuda Insurers and Reinsurers president Bradley Kading said Mr. Miliband talked of the need for Bermuda and the UK to work together.

"It was great to talk about these issues with someone with a big future in UK politics," Mr. Kading told The Royal Gazette yesterday.

"He was personal and easy to talk with. I would characterise him as open, interesting and interested in intellectual conversation."

Bermuda International Business Association CEO Cheryl Packwood said: "It was very interesting and productive to meet the Foreign Secretary at a high level breakfast with our Government and business leaders.

"I found his comments positive and forward thinking with regard to Bermuda. He indicated that we were not in a bad position as the newspapers might lead one to think.

"He indicated this morning that, with objective reports such as the Foot Report bolstering Bermuda, we were in a relatively strong position vis-a-vis action by the European Community."

In his report after a fact-finding mission in Bermuda, former Bank of England director Michael Foot praised the Island for decisive action in helping Butterfield Bank raise the capital it needed to withstand the economic downturn, and for its record on tax transparency — but pointed to weaknesses in efforts to tackle financial crime.

A statement released by Premier Ewart Brown described the atmosphere as "cordial and informal".

"By agreement, the discussions were off-the-record. Guests agreed that the meeting was very useful as a necessary interchange between partners.

"Topics ranged from Bermuda's unique role as a successful and credible leader as a financial services centre, despite its size; the necessity for Bermuda to ensure that independent observers comment favourably on Bermuda's reputation; the importance of Bermuda having its own voice, despite the oversight role of the UK; and shared assessments of the continuing impact of the global recession on Bermuda and its partners."

The breakfast was also attended by Governor Sir Richard Gozney, Finance Minister Paula Cox, Bank of Bermuda boss Phil Butterfield, Financial Secretary Donald Scott, Butterfield Bank head Alan Thompson, Dr. Brown's press secretary Arnold Minors, Mr. Miliband's secretary Peter Hinchey and business heads Don Kramer, Julian Cusack, Peter Durhager, Evan Greenberg, Darren Johnston and Mike McGavick.