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The politics of reputation can pose thorny challenges. As Warren Buffett famously noted, "it takes 20 years to build a reputation, and five minutes to ruin it." Especially if you're a small, highly successful jurisdiction that finds itself in the bulls-eye of global grandstanding.
Bermuda's long-established status as a world-class international financial centre is something the BDA guards carefully. Competing domiciles lose little sleep attempting to undermine and tarnish the island's top status. Threats to our global character are constant: witness the perennial pot-shots, black-lists, "tax-haven" rhetoric, NGO fallacies. Amid this hostile climate, our reputational stewardship demands an all-hands-on-deck approach. Our focus at BDA is to foster the kind of collaborative governance that brings government, community and private sectors together as active gatekeepers of our blue-chip global status.
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Life & annuity
A
new economic impact study done by the island's growing longterm re/insurance sector has found its companies contributed almost $80 million per year to Bermuda. The
Bermuda International Longterm Insurers and Reinsurers (BILTIR) released the study's finding this summer, reporting its members spent $77.5 million in 2015 on employee costs, payroll tax and rent, plus $1.5 million in educational and charitable work. Half its workforce is based in Bermuda and more than 70 percent of locally-based employees are Bermudians or spouses.
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Captive insurance
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Asset management
The revitalisation of the island's asset management sector is the focus of this summer's
HFM Week Special Report: Bermuda 2017
, an annual funds publication. Industry leaders highlight the growth of funds, family offices and insurance-linked securities sectors, and point to Bermuda as a safe harbour for investors amid geopolitical uncertainty around the globe. Other hot topics in the report include the strength of the Bermuda Stock Exchange and the island's leadership in global transparency and regulatory compliance.
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Legal expertise
Partners from two Bermuda law firms contributed to leading legal guides highlighting Bermuda's business advantages. Natalie Neto of Cox Hallett Wilkinson authored the
Bermuda chapter
of the International Comparative Legal Guide (ICLG) to Private Equity 2017. Ariane West, of Taylors in association with Walkers, wrote the
Bermuda section
of the ICLG to Alternative Investment Funds 2017. Published by Global Legal Group, the reports provide international practitioners with comprehensive legal analysis of financial centres worldwide.
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Shipping
Indio Francis, 14, was awarded this summer's inaugural Charlotte Watlington Student Voyage Scholarship. The $1,500 award is the result of a partnership between Bermuda International Shipping Association (BISA) and the Bermuda Sloop Foundation. The Bermuda Institute student won the opportunity to take part in a week-long sail-training voyage around the island
aboard Spirit of Bermuda, part of a youth
offshore programme aboard the 112-foot sail-training vessel.
BISA supports education initiatives and students entering the maritime careers.
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Diversity
A gala dinner held by 100 Women in Finance during the America's Cup has raised close to $20,000 for charity. About 140 industry leaders attended the "Sailing into History" event, held at scenic Commissioner's House, Dockyard in June. 100WF is
a global network of professionals in the finance and alternative investment industries; its Bermuda chapter has more than 200 members. Receive special discounts to industry conferences by
joining 100WF
, including October's
Global Fund Forum
.
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A full slate of Bermuda-based industry events is shaping up for the fall, including
two major insurance conferences
the BDA is bringing to the island for the first time. All are expected to attracted hundreds of overseas delegates and boost business tourism across the island. Click the links below for registration links and more details:
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PROBUS keynote
CEO Ross Webber was guest of honour at a recent lunch for members of PROBUS, for Rotary retirees at the
Royal Hamilton Amateur Dinghy Club
. He
spoke to the group
about the BDA's achievements, including its growing roster of industry events, and business development plans for the next year. He also outlined Bermuda's global contribution in jobs and capital, and its regulatory leadership on tax transparency, compliance and international cooperation.
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Entrepreneur Camp
Our BDA Business Development Team spoke to students in the Young Entrepreneurship Initiative's BizCamp at Bermuda College this summer. Run by Joe Mahoney, BizCamp teaches entrepreneurial middle-schoolers how to create and present business plans for a marketable idea. Sean Moran joined a panel of judges for the finals, at which Tyler Kelly's GPS locator and Shalom-Yasha Cannonier's prosthetics proposals tied for top honours.
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Connecting Business
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business here smooth and beneficial. |
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