David Burt is in Washington leading a Bermuda delegation at the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group — the first time the island has been invited to participate.

The Premier and Minister of Finance participated in the Caribbean Ministerial Meeting at the IMF today, a Bermuda Government spokeswoman said.

The Spring Meetings bring together central bankers, ministers of finance and development, private-sector executives, and civil society representatives to discuss the state of the global economy and key international issues, including the growth outlook, financial stability, and economic resilience.

This year’s session, hosted by the IMF’s Western Hemisphere Department, was due to focus on “The role of fiscal institutions in reducing public debt and rebuilding buffers,” examining policy actions and institutional reforms that can strengthen fiscal frameworks and support durable growth across the Caribbean.

While in Washington, Mr Burt will also continue the Government’s “outreach to key members of the United States Congress to strengthen the co-operative partnership between the United States and Bermuda”, the spokeswoman added.

Mr Burt said: “The IMF Spring Meetings provide an important platform to engage with international counterparts on the fiscal challenges and opportunities we all face. Bermuda’s invitation to participate for the first time reflects our growing recognition as a major player in international finance.

“I also look forward to continuing our engagement with Members of Congress and discussing matters of shared interest to Bermuda and the United States.”

Three years ago, the IMF raised concerns of financial “contagion risk” arising from the strong growth of “asset-intensive life reinsurance”, which is heavily concentrated in Bermuda. However, there was no indication this topic was on the agenda this week.

The close relationships between many private equity firms and the reinsurers covering hundreds of billions of dollars worth of annuities and life insurance, and especially liquidity concerns, was the focus of a 2023 IMF report.

Since then the life reinsurance industry has continued to grow in Bermuda, driven by the growing retirement income protection gap around the world.

Bermuda property-and-casualty reinsurers will be familiar to the World Bank, through their active involvement in the Insurance Development Forum, of which the World Bank Group is a partner. The IDF works to find solutions to the catastrophe protection gap in the developing world.

The World Bank has issued catastrophe bonds to governments including Chile and Mexico in recent years. Bermuda is the world leader in issuance of insurance-linked securities, including catastrophe bonds.