Bermuda-US ties highlighted at New York forum
Bermuda's value to global business and the United States has been highlighted at the Bermuda Executive Forum in New York on March 22.
Michael Bloomberg and Brian Duperreault joined Premier David Burt for the event's kick-off "fireside chat," a wide-ranging discussion that touched on geopolitics, leadership styles, industry trends, and the advantages Bermuda lends to corporations seeking safe, stable, diverse and innovative jurisdictions.
"Culture attracts capital faster than capital attracts culture," noted Bloomberg. "We do a lot of business in Bermuda because there are a lot of financial institutions that need Bloomberg terminals, so it's a logical place to go. Bermuda is a relatively easy place to do business. And as long as the insurance business keeps growing in Bermuda, I think our business will keep growing there.
The forum showcased the Bermuda market's expertise across myriad industry sectors and attracted a 350-strong audience of executives and investors to the midtown venue off Times Square. More than 40 speakers from the island, comprising government, industry and regulatory leaders, outlined global trends and the unique combination of factors that set Bermuda apart as a jurisdiction of choice for global business. The forum was the fifth in a successful series hosted in different cities by the Bermuda Business Development Agency (BDA).
"I think we have a great story to tell and getting out in a forum like this, and getting someone like Mike Bloomberg ,whom everybody holds in the highest esteem, and having him talk about how great it is to be in Bermuda, how he feels about Bermuda compared to other places, I think that's valuable," noted Duperreault, the Bermudian market veteran who is currently President and CEO of American International Group (AIG).
"Bermuda is home to me. My business is also very much involved there," he said, noting AIG is celebrating its centennial this year, including more than 70 years on the island. "Bermuda is a great place to work and live and its culture is deep. Its proximity to the US, the business relationships we have, all of these things add up to providing a venue that's the best to me for what I do."
The forum featured moderated panels of experts in Bermuda's key industries, from re/insurance and asset management to trusts, family offices and fintech, as well as networking opportunities. The island's historic and mutually beneficial relationship with the US was the common theme across all discussions.
"New York is the most important city worldwide when it comes to capital markets, and it's a city we have numerous links to. That's why we're speaking to potential customers and describing why Bermuda is a jurisdiction that can help them return value to their shareholders," said the Premier Burt, who was joined by Finance Minister Curtis Dickinson at the event. "Having industry titans with us such as Brian Duperreault and Mike Bloomberg demonstrates how important Bermuda is to America and to American citizens. We must grow and build on those relationships."
"It's been an impressive day," said the BDA's CEO Andy Burrows. "The Premier's fireside chat with Mr. Bloomberg and Duperreault highlighted the importance of the US-Bermuda relationship. It was striking and it was a theme that carried throughout the day. Our relationship with America is old, it's still maturing, yet it is also very dynamic. We look to the US as a partner economically and politically. Historically, we have invested in and supported each other's economies. Clearly, it is a relationship we must continue to nurture and grow."
