Log In

Reset Password
BERMUDA | RSS PODCAST

Bermuda market on show in Vancouver

Bermuda on tour: The distinctive Bermuda booth, pictured at the annual RIMS conference four years ago.

Bermuda and the local insurance and reinsurance markets are front and centre today at the Risk & Insurance Management Society, Inc (RIMS) Annual Conference in Vancouver, British Columbia.It is the first time the event has been held in this Canadian city, providing a majestic setting and a stunning back-drop of the breath-taking beauty of the Pacific Northwest.Working closely with the Bermuda Insurance Development Council (IDC), Premier Paula Cox has continued a series of market-focused meetings.The Bermuda booth was a beehive of activity on the first day of the conference yesterday as Bermuda market professionals explained the capability of the Island's insurance industry.The Premier met for cordial talks with Lloyd's of London officials, including deputy chairman Graham White, an industry veteran who has worked in the Lloyd's market since 1968. He is deputy chairman of Argenta Syndicate Management Ltd, and was elected to the Council of Lloyd's in 2006.The government also set aside special times to meet with senior representatives of two powerful global brokers – firms that have played a major role in the establishment of Bermuda as an international insurance and reinsurance market.Premier Cox's meetings included talks with Dublin-based Stephen Cross, CEO of Aon Global Risk Consulting and Aon GRIP Solutions, together with Joe Rego, president and chief executive officer of Aon Bermuda Ltd.Also scheduled were Jonathan Zaffino, Marsh managing director, US Casualty practice leader, and Marianne Romeo of Marsh Broking Bermuda.“RIMS affords us a valuable opportunity to network with our existing partners in the industry and build new relationships,” Premier Cox said.“Our message will be simple; Bermuda is a safe, reliable and successful jurisdiction to conduct business. Bermuda's solid reputation is well known at RIMS and despite global economic challenges, the Bermuda brand retains its position as the largest captive domicile.”This morning the Premier is scheduled to deliver the opening address at the first RIMS Bermuda breakfast event to be organised by the IDC. Later, she will tour the conference hall in the annual Premier of Bermuda walkabout that has become a tradition at RIMS.Shelby Weldon, director of insurance licensing and authorisation at the Bermuda Monetary Authority, was one of those in attendance at the Bermuda booth yesterday.“There's been a lot of traffic at the booth from the moment the hall opened to delegates this morning,” Mr Weldon said. “Mostly people are seeking information on setting up captives in Bermuda.”He added there was a strong turnout from Bermuda. “There are probably about 15 to 20 people from the Bermuda market milling around the Bermuda booth and answering questions with regard to the jurisdiction,” he said.“Stakeholders from the Bermuda market are pulling together to work for the Bermuda cause.”This RIMS has attracted a large crowd from an organisation that has 5,000 corporate members and 10,500 individual members, including from Canada 400 corporate members and about 1,000 individual members. They see huge growth in Canada and will market to spur growth in many other countries internationally.But with 10,000 delegates attracted to the RIMS Conference, the city itself has claimed kudos from a well-travelled crowd.Perennially ranked as one of the most “liveable” cities, Vancouver is a coastal city located in the Lower Mainland of British Columbia, Canada. The metropolitan area is the third-largest in the country, and most populous in Western Canada, with the city proper ranked eighth among Canadian cities.