Newsletter of the
Bermuda Business  Development Agency (BDA)
MAY 2017
Bermuda shines at Bloomberg
When it comes to business endorsement, you can't do much better than having Mike Bloomberg big you up before a live global audience of investors and corporate influencers.

That's exactly what happened when we co-hosted a  top-level business forum at his glass-towered Lexington Avenue headquarters this month. Bloomberg doesn't personally attend many of the corporate events hosted at his privately-held financial software, data and media company. When he's in-house, he's usually busy with Bloomberg LP business.
Yet he committed early to our May 17 event and inspired his team to ensure the most senior reporters were present and participatory, working alongside the BDA and our US advocacy partners to make it a wonderful success. Notably, his support and understanding of Bermuda was abundantly evident as he introduced Premier Dunkley, and warmly welcomed Bermuda to midtown. The three-term New York mayor and billionaire told our gathering of 150 influential senior US executives that Bermuda is vital to the world of business.
 
New video promotes Bermuda market
Senior business leaders from the Bermuda market participated in a new BDA video promoting the island as a blue-chip international financial centre. Big thanks to new AIG President & CEO (formerly Hamilton Insurance Group Chairman and CEO) Brian Duperreault; Stuart Lacey, Founder and CEO, Trunomi; Dr Angelos Stergiou, CEO and Vice Chairman, Sellas Life Sciences Group; Patrick Tannock, CEO, XL Bermuda Ltd, Insurance; Allison Towlson, Senior Vice President, Distribution & Operations, Chubb Bermuda; and Stephen Weinstein, Senior Vice President & Group General Counsel RenaissanceRe Holdings Ltd. The video featuring their testimonials will be featured on our YouTube channel, BDA website, and our digital platform produced by Bloomberg BNA.
Re/insurance
BDA has launched a new digital portal targeting global insurance customers and connecting them to Bermuda's top-tier market for risk coverage. The Bermuda Risk Directory offers access to the island's brokers, as well as insurance, reinsurance, captive insurance, and insurance-linked securities sectors, connecting users to the market's globally-respected companies. To join the directory, email us at riskdirectory@bda.bm.
Superyachts
BDA has worked with the Bermuda Shipping & Maritime Authority (BSMA) to create an incentive programme to attract superyachts to the island. The initiative aims to encourage Bermuda registration of superyachts and support new marinas opened for America's Cup. Our new yachting focus group will work to assist the industry with increasing Bermuda's profile in this growing sector.
Asset management
BDA coordinated the Global Fund Media Special Report: Bermuda Fund Services 2017, covering asset-management topics such as Bermuda's LLC structure, private-equity opportunities, and the growth of insurance-linked securities. The report, sent to GFM's 45,000-plus subscribers and posted on its Hedgeweek website, includes expert columns and a family-office roundtable (above) with experts from Appleby, St George's Trust, EY and Anchor Investments.
Risk awards
Members of the insurance and reinsurance industry turned out in force for this year's Bermuda Insurance Institute Awards (BII) at Hamilton Princess. Pictured above, former ACE veteran and BDA Board member Rees Fletcher won the Lifetime Achievement Award and Brad Kading, President of the Association of Bermuda Insurers and Reinsurers won Industry Leader of the Year. Other winners included James Botelho of Validus, Tokio Millennium Re, and Ariel Re.
Technology
CEO Ross Webber spoke about Bermuda's innovative industry sector during a visit to Hub Culture at Times Square, New York this month. The global collaboration platform set up a design pavilion featuring mobile architecture for its broadcast studio, meeting lounge and hands-on virtual reality demo. Hub Culture comes to Bermuda's Ariel Sands property to create a similar "Innovation Campus" this summer.
Angel investment
Dreamlab Finance Director Steve Castree invited CEO Ross Webber to speak to a group of a dozen visiting entrepreneurs at its Investors Presentation Day at Grotto Bay Resort. The company targets start-ups for investment and growth-finance, and is supporting innovative projects in Europe and Africa. Webber detailed the BDA's concierge service and Bermuda's advantages for doing global business.
Trust & private client
Transcontinental Trusts held its third annual International Forum at the Fairmont Southampton. The conference attracted over 250 attendees from across the globe to discuss the latest challenges affecting the trust industry. Sixty-five expert speakers included renowned judges, barristers, and leading law firm partners. Joining speakers Premier Michael Dunkley and Daniel Silke, BDA CEO Ross Webber urged delegates to better promote the trust industry's global value.
Family office
BDA partnered with Campden Wealth for its Family Wealth Management & Structuring Conference in London. In an interview before an exclusive audience of 100 high-net-worth individuals and family-office executives, local investment consultant Michael Brace of 64 Northwest Partners questioned private investor Kim Perdikou about the importance of choosing a jurisdiction that secures a family's legacy. She explained her top choice of Bermuda.
Captive insurance
BDA Business Development Manager Jereme Ramsay was a guest speaker at this year's Bermuda Insurance Management Association (BIMA) AGM. Ramsay detailed the success of recent risk-sector initiatives, including digital projects such as captive webcasts. He thanked industry stakeholders for participation in BDA-led roadshows to cities across the United States, Latin America and Canada so far this year.
Advocacy
A new video released by the US-based Coalition for Competitive Insurance Rates (CCIR) stresses the cost-saving benefits of global reinsurance for American consumers and companies. Spreading risk around the world, including among Bermuda carriers, means cheaper insurance rates for American homeowners and businesses, says the industry advocacy group, which opposes any US tax-reform measure that would restrict supply.
Millennial visit
We welcomed this summer's Bermuda Foundation for Insurance Studies (BFIS) interns to our offices this month. Business Development Coordinator Mark Darko talked to the group about BDA's mission to attract new business and create jobs. The six undergraduates will spend three weeks visiting 30 re/insurance companies and work-shadowing underwriters to learn about the Bermuda market.
The Bermuda Society
Sean Moran and Conyers lawyer Sheba Raza presented at a recent breakfast workshop hosted by The Bermuda Society in London, of which Raza is a board member. They discussed developments in Bermuda's economy and opportunities for UK-based investors and businesses. Special thanks to Robert Childs (pictured) at Hiscox, for his kind hospitality in providing a venue and introductory remarks.


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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