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LatAm insurance market in BDA’s sights

Bermuda has launched a fresh charm offensive to target the potentially lucrative insurance market in Latin America.

And the Bermuda Business Development Agency (BDA) will next year launch a roadshow in the region to highlight the business advantages of the Island to auditors, brokers and law firms.

The news came as a high-level delegation from Bermuda returned from the LatAm Insurance Review conference, held in Santiago, Chile and which brought together 103 South American risk managers.

BDA business development manager Jereme Ramsay said: “Bermuda's involvement was key to highlight the Island's risk management solutions to a fairly new audience.

“The opportunity allowed us to to emphasise Bermuda's direct involvement with the Chilean market on the heels of the 2010 earthquake. Of the $8.5 billion in claims paid, nearly 40 per cent was paid by Bermuda-based reinsurance companies.

“By making this connection, we conveyed the importance of Bermuda's contribution to the global economy.”

Mr Ramsay was joined in Chile by KPMG partner Thomas Kelly, R&Q Quest Management services captives vice-president Daniel Message and Marsh business development officer Robert Geraghty.

Mr Message and Mr Kelly took part in a panel that discussed the Bermuda-based captive approach, including structures and also touted the Island's one-stop shop advantage over other jurisdictions, as well as it expertise in the global insurance and reinsurance market.

They also underlined the Island's respected regulatory environment and its range of tax information exchange agreements with other countries — including several with Latin American nations.

Mr Message said: “Our attendance at this event further reinforces Bermuda's commitment to Latin America as the appetite for more sophisticated risk management and financing solutions across the region increases.

“This continued presence is serving to enhance awareness of the extensive range of products we have available to meet the needs of our Latin American counterparts.”

Mr Ramsay said that he looked forward to working with the same team in 2015 for a broader trip to Latin America.

He said: “The aim is to drive more business to the Bermuda market so we can boost our economy and increase job opportunities for Bermudians.”

Chilean mission: Pictured (from left) are LatAm Insurance Review (LATAMIR) associate editor Tom O'Riordan, with Bermuda delegates Jereme Ramsay, of the BDA, and Dan Message, of R&Q Quest Management Services, in Santiago, Chile.

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Published December 23, 2014 at 8:00 am (Updated December 22, 2014 at 7:50 pm)

LatAm insurance market in BDA’s sights

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