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The insurance industry has been a key driver in the synergy that links Bermuda to London, according to Ross Webber, CEO of Bermuda’s Business Development Agency (BDA).
Bermuda has played an important role in the reconstruction and renewal of Lloyd’s of London in recent years, Webber told attendees at the BDA’s London 2017 Bermuda Executive Forum on November 28.
“Today that synergy has evolved across industry sectors, from asset management to trust business to technology start-ups,” said Webber. “We welcome it and we thoroughly embrace that productive interaction.”
Webber said that the whilst the BDA regularly takes its message that Bermuda is a good place to do business around the world to places like Miami, New York, Hong Kong, Singapore and Silicon Valley, those trips are usually driven by individual industry sectors. The BDA’s London forum in contrast gives it a chance to display the breadth and depth of the market across industries and illustrate how each sector, world class in their own rights, builds on and complements the synergy between London and Bermuda.
Webber added that another event had occurred this year which had influenced the BDA’s decision to hold the forum in London: “The Paradise Papers [were published]. Salacious reporting strewn with misinformation and flawed economics. A campaign that fails to recognise the differences about Bermuda and its reputation. It is our record for quality, global compliance and transparency that we will highlight. We are all very proud of our reputation – we’ve worked hard for it, we believe in it.
“Yes, Bermuda is a tax-efficient jurisdiction – that is our right as a sovereign nation. But there are so many other advantages. Practical, well-respected regulation, speed to market, a nexus of expertise and access to significant capital.”
Bermuda Executive Forum, Ross Webber, Bermuda Business Development Agency, London