Premier Dr. Ewart Brown has convened a summit of some of Bermuda's most influential international business stakeholders to create a unified lobbying strategy in Washington.

Key individuals who have long represented Bermuda's interests in the US such as Dr. Andrew Brimmer, lobbiest Ken Levine and former Clinton Transportation Secretary Rodney Slater were at the talks on Monday.

And there were more than a dozen business representatives including Bradley Kading, of the Association of Bermuda Insurers and Reinsurers, David Ezekiel, of the Assocation of Bermuda International Companies, and Philip Butterfield, CEO of HSBC Bank of Bermuda.

The summit was the first of its kind while Dr. Brown said he hoped to convene another such meeting in the upcoming months to review the strategies.

According to the Premier, the meeting provided an opportunity to "ensure greater cohesion and greater communication at all levels in advancing Bermuda's agenda in the US".

He added: "The recent US election result was met with a degree of euphoria in light of its historic dimensions. With history comes responsibility and reality.

"The reality of the situation is that the election of president-elect Barack Obama has magnified the critical crossroads at which Bermuda finds itself."

During the US election Mr. Obama claimed his opponent John McCain had promised to protect US firms hiding their profits offshore in Bermuda while Mr. Obama has pledged to close down tax havens. Bermuda is named in the Stop Tax Havens Abuse Act legislation he co-sponsors.

Finance Minister Paula Cox said: "We had many of the movers and shakers in our business sector coming together to be 'Team Bermuda' and speaking with one voice.

"They are clearly active participants in Bermuda and they clearly have an identity of interest with the Government and with the people of Bermuda."

The meeting concluded with a number of resolutions being put forward for consideration but Government did not say what they were.

A Government spokesperson said: "They resolved strategies for dealing with Capitol Hill legislation under consideration that could affect Bermuda's international business environment."

Last week the US Senate proposed draft legislation aimed at closing a "tax loophole" said to give some Bermuda insurance groups an advantage over their US rivals.

The law would tax related-party transactions by Bermuda-based and other non-US insurers.

It would apply when the US subsidiary of a Bermuda company collects premiums in the US. By taking out reinsurance with their Bermuda parents, those companies can lower their US tax bill.

Analysts believe insurers that would be most impacted include some of Bermuda's biggest reinsurers XL Capital, Arch Capital, Everest Re, Allied World and Ace Ltd.