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Premier in talks over Gulf oil spill

Premier Ewart Brown has met with US Congressmen to discuss the economic impact of the BP Oil Spill and Bermuda's role in providing coverage.

The Premier, along with Deputy Premier and Finance Minister Paula Cox, has been speaking with Washington politicians this week regarding various issues connected to the Island. They were accompanied on the visit by Cabinet Secretary Marc Telemaque and Financial Secretary Donald Scott.

On Wednesday, the delegation met with House Majority Whip Jim Clyburn to promote the Island's reinsurance industry as an important part of the American economy.

"We wanted to highlight the fact that Bermuda and its reinsurance industry contributes in an extremely positive manner to the economy of America, and to the well-being of Americans," Dr. Brown said.

The Premier said that a substantial number of the insurers covering the recent oil disaster in the Gulf of Mexico were located in Bermuda. "Some of the proposed legislative changes could raise the US consumer's insurance bills by as much as $12 billion annually. We had to make sure this information was presented on Capitol Hill," he said.

One of the proposed legislative changes is the 'Neal Bill' which would make it less profitable for companies to use jurisdictions outside the US.

The delegation also met with Congressman G.K. Butterfield of North Carolina, Senator Richard Durbin of Illinois, Chairman of the House Ways and Means Committee Congressman Sander Levin, and Congressman Charles Rangel of New York.

Dr. Brown said: "Congressman Rangel is no stranger to supporting Bermuda, and he reiterated that he would not support any attempt to single out our country by harmful legislation.

"And Congressman Levin, along with his general counsel, engaged in detailed discussions demonstrating keen insight into our positions and challenges with potentially harmful tax legislation."

The Premier also said that Congressman Butterfield, who has family connections to the Island, agreed to assist Bermuda in talks with other leaders and law makers.

Earlier this week, the delegation met with representatives of the Pentagon, along with the assistant to the President for Homeland Security and Counterterrorism, John Brennan, and assistant treasury secretary for Terrorist Financing, David Cohen.

The visit was intended to deepen the relationship between Bermuda and its closest neighbour. "We are very pleased with the meetings we have held and consider this visit a success," said the Premier.