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Bermuda to differentiate itself at Rims

Bermuda will use a major US conference to continue to differentiate the island from other offshore jurisdictions in the wake of the “Panama Papers” controversy that focused global attention on international financial centres.

Ross Webber, chairman of the Bermuda Business Development Agency, said the annual Risk and Insurance Management Society conference, which started yesterday in San Diego, was an ideal opportunity to differentiate Bermuda from places like Panama and the British Virgin Islands.

“We are putting forward a clear and consistent message about Bermuda's value to the global economies,” he said.

“We're highlighting the contribution of our insurance and reinsurance industry, in particular to powerhouse nations — including those that sometimes, unfortunately, find it all too convenient to blame us for what are essentially onshore tax policy issues.

“Rims presents a timely opportunity to counter such misinformation and clarify Bermuda's worth to the world.”

Around 200 representatives of Bermuda's insurance and reinsurance industry and professional services sector will be joined at the conference by Government leaders, including Michael Dunkley, the Premier, Bob Richards, the finance minister, and Grant Gibbons, economic development minister.

Mr Dunkley said: “Rims is always an important highlight for Bermuda. Once again, Team Bermuda is well represented with key individuals from the Bermuda Government and the private sector.

“This year, we are continuing to focus on strengthening our existing relationships and building new ones.”

Mr Dunkley added that Bermuda's success in getting European Union equivalence under its Solvency II regulations, which allows the island to compete on a level playing field with EU-based companies, would also be highlighted.

He said: “We are using the Rims opportunity to reinforce Bermuda's leading reputation of being the largest captive domicile with a sophisticated business environment and well-regulated framework.

“Certainly, part of our story will be our recent Solvency II achievement, as well as the fact business confidence in Bermuda continues to grow.

“So we are definitely looking forward to the Rims event and telling the Bermuda story of success.”

The Bermuda Monetary Authority, the island's financial regulators, will also be out in force at the conference, with CEO Jeremy Cox, Shelby Weldon, the director of licensing and authorisations, chairman Gerald Simons, managing director Craig Swan and Melissa Morton, the assistant director of authorisations in attendance.

Mr Weldon said: “A hot topic at Rims is likely to be the recent news that Bermuda's enhanced commercial reinsurance and insurance regime has be confirmed as fully equivalent with the European Union's Solvency II directive.

“In fact, we have already had companies interested in meeting with us as they consider their options in various jurisdictions.

“It's an exciting time for Bermuda and as always, the authority is delighted to be part of the annual Bermuda delegation to the conference.”

Looking to impress: the Bermuda kiosk at the Rims conference in San Diego. The major insurance and reinsurance multi-day event got under way yesterday

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Published April 11, 2016 at 9:00 am (Updated April 11, 2016 at 1:16 am)

Bermuda to differentiate itself at Rims

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