Transforming how Bermuda does business
The Bermuda Business Development Agency has changed and is helping drive growth in a rapidly evolving economy, says managing director Kendaree Burgess. Here she reviews progress and evaluates prospects.
The past year has been one of meaningful transformation, not only for us at the Bermuda Business Development Agency (BDA), but for Bermuda as a global leader in risk, reinsurance and investment. At a time when geopolitical instability, climate uncertainty and shifting economic headwinds are redrawing the global risk landscape, Bermuda has continued to rise to the moment, offering stability, innovation and trusted expertise.
At the BDA, 2024 marked a strategic evolution in how we support and promote investment in Bermuda. The agency transitioned to a formal investment promotion agency (IPA) model, following a three-phase roadmap that sharpened our capabilities, refined our focus and aligned us more closely with the jurisdictions and industries poised for long-term growth. Our new approach is deliberate, data-driven and designed to create tangible value for Bermuda’s economy and the global partners who choose to do business here.
This evolution has already yielded results. More than $500 million in investment has been secured through the Economic Investment Residential Certificate (EIRC) programme since its inception in 2021. We also completed a strategic engagement tour through London and the Middle East, launched targeted outreach across our priority sectors and deepened collaboration with industry and government on new product development and legislative reform. And, perhaps most importantly, we’ve seen Bermuda-based business expand – and new ones take root – thanks to connections first made at home-grown events such as the Bermuda Risk Summit.
Now in its fourth year, the Summit has become a fixture on the international calendar. The 2025 edition brought together hundreds of delegates from nearly 180 companies across 16 countries, surpassing previous years in both global reach and sponsor participation – testament to the event’s growing influence. It also boosted local economic activity across airlift, accommodations and business development. Most importantly, it demonstrated the power of thought leadership in action. From global geopolitical shifts and climate-driven catastrophes to cyber risk and digital transformation, the conversations taking place in Bermuda this year were not just timely – they were catalytic.
As the world grapples with intensifying climate extremes, from record-breaking wildfires to rising sea levels, Bermuda continues to play a central role in supporting the resilience of global markets. Our regulatory strength, legacy of innovation and deep capital base enable our market to offer real solutions for real-world risk. As Commissioner Ricardo Lara, of California, reminded us at the Summit, the crisis may be mounting, but so is our resolve. And with experts such as Jeff Goodell and Gregory Daco weighing in on climate adaptation and economic volatility, it became clear that while the threats may be rising, the innovation to meet them is rising faster still.
The reinsurance industry, in particular, is evolving rapidly, with Bermuda at its centre. Growth in the life and annuity sector continues, supported by high trust in Bermuda’s regulatory framework and its ability to safeguard long-term promises. Our leadership in property and casualty remains robust. We are seeing growing interest in legacy business, ILS and digital asset protection. InsurTech is also accelerating at pace, bringing new opportunities for underwriting, claims and capital efficiency, with Bermuda increasingly viewed as a hub for responsible innovation.
Yet, we know market leadership is not just measured by capital and capacity, but also by the strength of our partnerships, the reach of our message and our ability to attract the next generation of talent. That is why the BDA has continued to support initiatives that bridge local and international opportunity. It’s why we’ve invested in telling Bermuda’s story abroad, while elevating home-grown excellence at signature events. And it’s why we have prioritised building a modern, responsive agency; one that reflects the best of Bermuda to the world and brings the best of the world to Bermuda.
Looking ahead, our focus remains clear. The BDA will continue to serve as a connector and champion for high-quality investment across our strategic priority sectors: risk and insurance, financial services, climate finance, high-net-worth services and legal infrastructure. We will deepen our support for business development and policy advocacy. And we will measure success not only by numbers, but by impact: jobs created, innovation sparked and industries grown.
Redefining resilience is about turning uncertainty into opportunity. And it is about doing so together, with industry, government and the global leaders who choose to build their future in Bermuda.
Thank you for your continued partnership. The BDA remains committed to delivering on our mission and to ensure Bermuda remains the world’s most respected risk and investment destination.
Kendaree Burgess is managing director, Bermuda Business Development Agency. To find out more about the BDA, visit www.bda.bm
For more news on Bermuda Risk Review 2025, click here.
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