A new report into US-Bermuda Economic Relations proves that rather than being a "mouse", the Island is a heavyweight player, according to MPs.

Grant Gibbons, Shadow Education Minister, detailed the findings in a Motion to the House of Assembly on Friday: "That this Honourable House take note of the significant findings highlighted in the BIBA Report entitled: US-Bermuda Economic Relations: Economic Impact Study 2009, as prepared by Stonebridge International, and the implications for Bermuda's workforce, economy and long-term sustainability."

The report was prepared exclusively for the Bermuda International Business Association.

It states the Island is the most important off-shore supplier of insurance, reinsurance and payer of property and casualty losses to the US. Bermuda is the fourth most important export market for US financial services and insurance; the eighth most important supplier of energy shipping services to the US; the 11th most important export market for total US private sector services; and the 15th for business and professional services.

In 2008, two-way trade between Bermuda and the US was $60 billion. The report also states: "Bermuda's trade and investment relationship with the United States sustained 300,000 jobs in 2007."

Up to 100,000 jobs were created in the US by annual exports to the Island while 200,000 were from US substantially majority-owned subsidiaries of Bermuda companies.

The Island's insurance industry is also the leading foreign source of insurance and reinsurance services to the US. Bermuda supplies 50 percent of Florida's homeowner catastrophe insurance market, while 23 Bermuda reinsurance companies supply 40 percent of the catastrophic event property and casualty coverage for the entire US market.

In addition, the Island is also a major insurer of American cropland.

Up to 35 percent of US crop insurance is underwritten by Bermuda-owned insurance affiliates.

The report states: "In 2008, more than 250,000 US farms in 40 states depended on Bermuda insurance and reinsurance firms to hedge annual crop-related risks."

It adds: "Over the last ten years, Bermuda has evolved into a significant international financial centre, with important ties to the US investment community.

"Bermuda is the tenth largest portfolio investor in US securities, its portfolio investment doubling to $209 billion from 2000 to 2008.

"Furthermore, Bermudian investors are the 15th largest holders of US Treasuries and US government asset-backed bonds."

The report says: "Bermuda's long interdependence with the United States and the United Kingdom gives it both economic and political stability that attracts business interests seeking an international business platform allowing easy mobility of portfolio and capital investment."

It adds: "The United States is Bermuda's largest trading partner and accounts for $60 billion of two-way commercial exchange that is key to the US economy.

"Overall, Bermuda is the tenth most important market for US services exports in the world and a leading consumer of US legal, accountancy, energy shipping and management services."

The US exported some $800 million to the Island in 2008.

One of the most lucrative exports is private jets. The report states: "The chief US exports are private and business jets ... US aircraft exports to Bermuda have grown steadily since 2004 and amount to more than $150 million a year."

The US also exports $45 million worth of computers, telecommunications equipment and consumer electronics to Bermuda each year.

"The remaining exports ranging from food products to gasoline and apparel supply 75 percent of Bermuda's total import demand," the report adds.

The report also highlights that Bermuda is a crucial player in energy shipping services to the US. Bermuda-owned, regulated and registered ships provide $1.3 billion, or four percent, of the shipping services on which the US depends for its imports.

More than 90 percent of these shipping services are for crude oil imported on Bermuda tankers to refineries in the US Gulf Coast.

The report states: "The largest number of tankers in the world's independent fleet are owned by two Bermuda companies: American Eagle and Frontline (Bermuda domiciled companies owned by holding companies in Asia and Norway, respectively).

The report concludes: "The US-Bermuda bilateral relationship will likely continue to grow as Bermuda strives to assist the United States in meeting the challenges of the current global financial crisis and its aftermath.

"Bermuda's financial markets, investment funds, and reinsurance and shipping industries will likely play an important role in helping the United States successfully navigate these challenging times."

The study was carried out by Stonebridge International, a Washington DC based global business strategy firm founded by Samuel Berger, the former National Security Advisor to President Bill Clinton. The lead researcher was Charles Ludolph, a senior US economist for international trade and investment.

Dr. Gibbons told MPs that the two-way trade between Bermuda and the US, of some $60 billion in 2008, equated to about $1 million for every man, woman and child in Bermuda.

"The report commissioned by BIBA details the depth and breadth that Bermuda plays in supporting the growth and development of the US economy," he said.

"There was lots of talk recently about the film the 'Lion and the Mouse' in relation to the Bermuda/US relationship. But what this report shows from an economic perspective is we are not a mouse.

Alluding to the film 'The Mouse That Roared', Dr. Gibbons said: "From an economic perspective we are talking about here, this is the mouse that roared."

Referring to the Premier's handling of the four Uighur Guantanamo detainees and the granting of asylum, Dr. Gibbons then said: "But we don't need to use ill-conceived and reckless strategies to get favours with the US.

"I'm talking about the Uighurs. Ill-conceived and poorly thought-out because we still don't know the consequences of offending one of the most economically powerful countries in the world China.

"Instead we can establish our partnership the old-fashioned way we can earn it by demonstrating our real economic impact and benefit to the United States."

Dr. Gibbons said: "How do we use this report so the information in it to our advantage? It's important here that we shouldn't hide our light under a bushel.

"We know Bermuda is dependent on the US in terms of economic growth but rarely have we turned the tables to see the role Bermuda plays in the US economy."

He said: "BIBA has a unique perspective on the importance of Bermuda in the US. Clearly one of the things they want to do is target US legislators but there are a number of stakeholders who should also be targeted with this information."

He said as well as being used as a tool for lobbying, the report could be used in education. Dr. Gibbons said he would like the report to be distributed to schools on the Island to give young people "an understanding as to how the various businesses of this Island work together" and to highlight opportunities available to them.

Dr. Gibbons said: "I think the House owes BIBA a vote of thanks for this particular report as it's a new way of looking at things.

"It's important and I think it gives all of us a much better picture of where we are in Bermuda's 400th anniversary year."

Shadow Finance Minister E.T. (Bob) Richards said: "The numbers that come from this BIBA report show in very stark ways the extent to which we have been underestimating the Bermuda economy.

"We are definitely in the heavyweight category here.

"What has to happen is an intelligent and informed promoting of information to stakeholders and important decision makers in the US.

"This is why this record is important, to help us to that. This is how we will differentiate ourselves and make the difference with decision makers who, with a strike of the President's pen, could make this pillar into nothing.

"So it's very important."

Patricia Gordon-Pamplin, Shadow Works and Engineering Minister, added: "In terms of economic power and importance we are as heavyweight as anybody else could possibly be."