14 September 2016News

Bermuda a safe port amid Brexit uncertainty

Bermuda’s strengths as a globally respected place to do business have been highlighted by the ongoing uncertainty over the Brexit vote, according to Greg Wojciechowski, president and chief executive officer of the Bermuda Stock Exchange (BSX).

Speaking to Monte Carlo Today Wojciechowski said that Bermuda had been a strong, solid business platform that had been serving international clients and global commerce for over 70 years and that although there were some highly specialised areas within that market, the platform as a whole was well supported.

“Whether that’s been through innovation, adding new lines of business, expanding what we do—the BSX is a great example of that—or other financial services, we’ve also seen evolution and innovation from the reinsurance industry and the specialty insurance industry which has been pretty indicative of the deep and mature infrastructure of the market,” said Wojciechowski.

He added that Bermuda was now well known for the creation of captive insurers, property/catastrophe insurance, a variety of other lines and now insurance-linked securities and that it had been very interesting to watch that evolution take place.

He also stressed that other markets—particularly the UK’s—are currently experiencing uncertainty as a result of the surprise Brexit vote, along with the subsequent question of just what—and when—the next step will be with regard to that vote.

However, nothing has changed for Bermuda, he said. “We’re still able to provide that level of support and service to our clientele.

“One thing that was excellent timing for us was the announcement that Bermuda had Solvency II equivalence, which is very important.

“It does a couple of things for us: it lets some of the uncertainty around Bermuda evaporate immediately, because the regulatory regime is certain, and it also shows the commitment of the Bermuda regulatory structure in continuing to meet and indeed exceed international standards.”

This  news story originally ran on Intelligent Insurer.