14 November 2013

Convergence 2013 demonstrates commitment to a determined lead

Bermuda's inaugural Convergence 2013 event demonstrates the “responsiveness of Bermuda and its desire to maintain its leading position” as a global centre for risk transfer.

Those were the words of Bermuda Premier, Craig Cannonier speaking at the event in Hamilton, as he welcomed more than 300 members of the burgeoning ILS industry to “winter in Bermuda”.

Cannonier praised the Island's intellectual capital, which he described as “second to none”, with Bermuda the obvious home for innovative developments in re/insurance, he said.

He said that the event is part of Bermuda's ongoing efforts to be “at the leading edge”, with Convergence 2013 “setting down a marker” that Bermuda is the domicile for ILS structures.

Cannonier said that when delegates leave the two-day event, he hopes that “they will realise this is the place”.

The Premier added that business can expect the full support of the government as it looks to develop the ILS sector. Referring to past issues relating to payroll tax and term limits, Cannonier said: “Gone are the days of putting policy in place first”. He said that the new government would consult closely with business in order to make the Island a number one jurisdiction for international business.