16 January 2017News

85% of re/insurance execs see Americas Cup an opportunity for Bermuda

Some 85 percent of re/insurance executives are positive about the opportunities provided by the arrival of the Americas Cup to Bermuda this year, according to a survey by Bermuda:Re+ILS – but 15 percent of online readers fear it will be a distraction.

Bermuda:Re+ILS asked readers if they felt the event will benefit the re/insurance industry by putting Bermuda on the map and attracting clients or if it will be a distraction from doing serious business.

The results of the survey showed that just 15 percent of respondents said that it would be a distraction, with the other 85 percent saw it as being a positive.

One respondent said the event offers the opportunity to profile Bermuda as a centre for the re/insurance industry, whilst another pointed out that this was the first world class event to be hosted in Bermuda and added: “Congratulations.”

The fact that the Americas Cup is only ever held every four years added to the kudos for Bermuda hosting the event. One reader pointed out that it was a big International event not held often and attended by different people who might never have been to Bermuda before.

Another said: “Any additional positive spotlight on Bermuda will enhance the reputation of the marketplace globally. People and companies like to be associated with world class and exciting sports.”

Another reader pointed out that it will bring more US and international people to the island, and to therefore bring more attention to the re/insurance community in Bermuda.

And one reader went into some detail: “The Bermuda market is a highly concentrated pool of capital and talented professionals. Bermuda is often aligned as an offshore jurisdiction and relatively few clients regularly visit the island.

“The Bermuda selection for America's Cup was the US choice and the island infrastructure and professionalism will be showcased in a great light, helping to show that Bermuda is a very developed market. The Cup will give a specific reason to encourage more clients and potential clients to visit the island.”

There were few negative comments from the 15 percent who felt that the Americas Cup will act as a distraction to the normal business routine on the island.

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