A business and trade delegation, led by Business Bermuda concluded a successful Annual Bermuda Financial Services Conference on Tuesday, 24 April 2012 at the Mandarin Oriental Hotel in London. Bermuda’s key government members and industry leaders spoke at the London event which was attended by more than 260 leading lawyers, accountants and financial services executives.
The conference commenced with a breakfast panel on Insurance and Reinsurance with panellists including David Cash, CEO of Endurance, Janita Burke, Partner at Appleby, Charles Collis, Director at Conyers Dill & Pearman and Tim Leggett, Partner at Ernst & Young. The panel observed that the Insurance and Reinsurance industries are experiencing strong trading with new customers in emerging markets, whose economies continue to develop despite the slowdown in Western markets.
The breakfast was followed by an offshore pre-conference summit and panel discussion on Bermuda and offshore jurisdictions featuring: the Governor of Bermuda, Sir Richard Gozney, the Premier of Bermuda and Minister of Finance, The Honourable Paula Cox, JP, MP and Jeremy Cox, CEO of the Bermuda Monetary Authority, Greg Wojciechowski, President and CEO of the Bermuda Stock Exchange, Cheryl Packwood, CEO of Business Bermuda and Richard Hay, Partner of Stikeman Elliot London.
During the offshore pre-conference summit, the Premier and Minister of Finance, The Honourable Paula Cox spoke about Bermuda’s continued progress in making Bermuda a credible and competitive jurisdiction. Premier Cox referred to the Tax Information Exchange Agreements (TIEAs) signed recently including the latest agreement signed with Italy and Malaysia on Monday 23 April, the enactment of Bermuda’s Amendment Act during 2011, the importance of credibility and Bermuda’s commitment to achieving Solvency II equivalence.
Premier of Bermuda and Minister of Finance, The Honourable Paula A. Cox, commented:
“Bermuda continues to update and improve its regulatory framework to withstand critical inspection, all with one thing in mind; credibility. Our investment in our regulatory infrastructure reinforces our global reputation and our appeal as a jurisdiction in which to do business.”
The newly-appointed Minister of Business Development & Tourism, The Honourable Wayne L. Furbert, JP, MP, delivered this year’s luncheon keynote speech. The Minster highlighted the benefits of doing business in Bermuda, outlining the state of Bermuda’s economy and emphasizing Bermuda’s standing vis-à-vis other jurisdictions.
He also highlighted Bermuda’s existing twin economic pillars: International Business and Tourism and his thoughts on the opportunities for financial services businesses on the island.
Minister of Business Development and Tourism, The Honourable Wayne Furbert said:
“This year’s conference has been a resounding success, especially the calibre of attendees Bermuda has engaged with and the Bermudan businesses that have participated.
The London visit has provided Bermuda with an improved insight into investor sentiment and demonstrated the need for Bermuda to promote itself aggressively internationally in order to increase its profile in the international business arena.”
In a packed and fast-paced itinerary, the breakfast and pre-conference summit sessions were followed by sessions discussing: Islamic Finance, Convergence, Trusts, Hedge Funds and Private Equity and Investments, Private Wealth, Capital Markets and Asset Financing before the event concluded with a drinks reception.
At the conference the Governor explained that his presence was almost unnecessary, due to the extent of Bermuda’s autonomy in financial matters. No other overseas territory has the freedom to borrow US$500 million in the capital markets of London and Bermuda.
Concluding the event, Cheryl Packwood, Chief Executive Officer of Business Bermuda, commented:
“This year’s event gives me the opportunity to highlight to London delegates the significant progress Bermuda has made in the twelve months since our last Conference here. In that time, we have updated and improved our company law and applied for Solvency II equivalence. We have also increased our number of Tax Information Exchange Agreements, signed around the world, to 34, including the most recent agreements with Italy and Malaysia.
“We continue to strengthen and deepen our relationships with international financial centres and remain focused on creating an attractive business environment built around a robust and sophisticated regulatory framework.”
