Business Leaders On Impact Of UK Leaving EU

June 24, 2016

[Updated] The Association of Bermuda Insurers and Reinsurers and Bermuda Business Development Agency have both commented on the British voters decision to leave the European Union, with the referendum seeing 51.9% of voters backing an exit vote, while 48.1% voted to stay.

ABIR said that Bermuda’s Solvency II equivalence finding by the European Union “will serve us well” as “the Bermuda equivalency is unaffected by the UK vote,” while the BDA said our Solvency II equivalence and “progressive path towards Alternative Investment Fund Managers Directive [AIFMD] passport rights in Europe may now appear even more attractive than they were a day ago.”

Association of Bermuda Insurers and Reinsurers’ Comments

The Association of Bermuda Insurers and Reinsurers [ABIR] President Bradley L. Kading said, “Bermuda’s Solvency 2 equivalence finding by the European Union will serve us well as the UK negotiates its multi-year transition out of the EU. The Bermuda equivalency is unaffected by the UK vote.

“ABIR has excellent relationships with both UK and EU policymakers and regulators. ABIR members provide vital insurance capacity that makes UK and EU insurance markets more competitive. ABIR members will be reviewing corporate structures to determine what changes in their regulatory footprints may be necessary in order to conform with expected changes in European regulatory governance.

“Meanwhile we encourage the Bermuda government and the Bermuda Monetary Authority [BMA] to continue their wise investment in bilateral relationships that lead to important legal agreements on tax cooperation and transparency; and recognition of robust BMA regulation that is in compliance with international standards.

“These essential actions are necessary to ensure we retain level playing field access to the world’s markets.”

Bermuda Business Development Agency’s Comments

Bermuda Business Development Agency CEO Ross Webber said, “The United Kingdom has voted to leave the European Union, and the question now becomes how the actual process of that exit will be carried out.

“There is naturally much speculation and uncertainty over the vote’s political implications, as well as its socio-economic impact, and industry around the world will be closely monitoring how this affects the markets and business landscapes of the EU, Britain and their respective trade partners.

“In a global economy, Bermuda is affected, like other nations, by such major events. We stand ready to deal with myriad eventualities. No matter how the exit unfolds, we remind our business partners in the UK that Bermuda continues to offer the same stable, attractive, effective and proven blue-chip international business domicile as it has for the past 70-plus years.

“Today, in fact, Bermuda is better placed than ever to cater to the contemporary needs of international business. Attributes such as our stand-alone Solvency II equivalence with the EU and our progressive path towards Alternative Investment Fund Managers Directive [AIFMD] passport rights in Europe may now appear even more attractive than they were a day ago.

“These are examples of regulatory votes of confidence given to Bermuda as a robust jurisdiction in its own right, and not contingent on our relationship with Britain.

“Our island enjoys a strong relationship with Brussels nurtured over decades of collaborative efforts by our government, industry and regulator.

“At the BDA we remain focused on helping foster job creation and economic growth in this unique, elite jurisdiction, and we are happy to work with anyone seeking more information about how Bermuda can provide solutions for their business requirements amid an ever-evolving international environment.”

Update 2.51pm: Bermuda Stock Exchange’s Comments

Greg Wojciechowski, CEO of Bermuda Stock Exchange [BSX] and Chairman of ILS Bermuda, said: “The result of yesterday’s UK referendum in no way diminishes the unique strengths that have for decades anchored Bermuda as a world-class, well-respected, and robustly regulated financial centre.

“Bermuda’s unique geographic position between two of the world’s deepest capital markets and largest insurance centres has created commercial opportunity for the island as well as a solid platform to provide services to a global audience—and the Brexit result will not impact this. Bermuda will continue to provide a safe harbour amid uncertainty for the foreseeable future.

“Whether considering Brexit, the Panama Papers, or other challenges, Bermuda’s legal, regulatory and commercial infrastructure has always provided clients and associates comfort that their assets and business interests are being managed with due care and protection. While the world wrestles with the impact of the Brexit vote, Bermuda will continue to offer innovative commercial solutions to clients and industry segments we support, and we welcome future opportunities that may arise.

“In respect of the BSX, we continue to drive the development of the domestic capital market to the benefit of the country and Bermudians. This includes supporting niche capital market opportunities such the insurance-linked securities [ILS] asset class, for which the BSX is now the global listings leader, with over 70 percent of capacity.

“In the face of change, Bermuda’s ILS platform remains a stable centre of excellence for the creation and listing of these structures and as an industry, we stand ready to provide collaborative support to overseas colleagues to help drive the global ILS market.”

Bermuda Insurance Management Association’s Comments

Grainne Richmond, President, Bermuda Insurance Management Association [BIMA], said: “As an economic bloc, the European Union is stronger with the United Kingdom in it, yet respect has to be given to the decision of the British people in yesterday’s referendum.

“It will likely take years for a full departure of Britain from the EU, therefore it remains premature to comment on any effects the vote will have on the captive insurance market. BIMA and our members will be monitoring the process closely in the UK.”

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Comments (24)

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  1. rodney smith says:

    If a strong financial country like England can pull out of the EU, we can only aspect that others will follow . The desired formation of the Holy Roman Empire will only be achieved by inviting in the Papacy. All 28 nations have one religion . Papa is the only person who can bring about a union of nations in Europe . Prove me wrong.??

    • Rada Gast says:


      and your suggestion was proved wrong several centuries ago.

    • Zevon says:

      You think there is one religion in the EU? Are you really that utterly clueless?

  2. rodney smith says:

    If a strong financial country like England can pull out of the EU, we can only aspect that others will follow . The desired formation of the Holy Roman Empire will only be achieved by inviting in the Papacy. All 28 nations have one religion . Papa is the only person who can bring about a union of nations in Europe .

  3. paperboy says:

    It is comforting to see the BDA and ABIR speaking to this today.

    Many people are nervous and anxious to know is the Brexit good, bad or ugly? So much speculation today- here and around the world.

    It will be interesting to see if these groups speak to the no show referendum yesterday held in Bermuda – will Bermuda now be seen as a safe or not safe community for LGBT employees of all the firms we want to attract to our island?

  4. OBSERVER says:

    Employ Bermudians. How can foreigners dictate, in Bermuda, who should and who shouldn’t be employed.
    Practices in this area of work is being overfilled with foreigners and there are Bermudians who need positive work.
    They are employable with skills that suit the job.
    These unfair practices MUST STOP!!!

    • Jus' Wonderin' says:

      Find me a handful of Bermudians that want to clean toilets when everyone else is sleeping for crappy pay and don’t complain and you WIN! I’ll wait because their are jobs out there WE as Bermudians just don’t want or won’t go that low because its a **** job, etc. Go work at Buzz, cleaning carpets, toilets, etc those jobs are open and I’m sure they would rather hire Bermudians, less paperwork, etc. BUT GUESS WHAT…..BERMUDIANS DON’T APPLY!!! Tell me why that is?!?!?

      • Payattention says:

        Why is it that every time someone tries to make an argument that there are jobs out there for Bermudians but “they just don’t want them” they give examples like cleaning toilets and washing pots?? ……as if we should be thankful for the opportunity! While those are honest paying jobs, is this what Bermudians should aspire to do while non-Bermudians with equal qualifications, or less, sit comfortably in higher level positions?? H*LL NO!!!

        • reddamtibi says:

          Exactly Payattention – we should be happy to wash pots in a country that our forefathers were forced into and bled and died for…people like “jus wondering make me sick and their time is coming – the world is waking up to the inequities foisted upon them by people of this ilk – they are evil and anti-equal opportunity.

      • OBSERVER says:

        TO JUS’ WONDERIN’:
        You have TOTALLY MISUNDERSTOOD my message.
        Bermudians who are ACADEMICALLY and abundantly qualified are DELIBERATELY being overlooked by MOST foreign bosses.Ask them. They will tell you!!
        Bermudians who would have the potential to fulfill the menial jobs was not my point.
        That was YOUR wrong interpretation of my opinion!!!!!

      • reddamtibi says:

        Silly predictable response just wondering – when you factor in what these foreign workers get paid in their local currency after conversion you would bet your ass a Bermudian would do that job.

        Let me paint a Picture for you.A Thai national working here for lets say $750 pw is actually making 27,000 THB per week! Considering their rent (most of which is illegal considering how many stay in a unit) and food expenditures lets just say they send home $250 BDA or 9000 THB per week!

        How in the world is a Bermudian supposed to compete with that fool? Pay me 27,000 BDA per week (the above established ratio) and I will clean a FUC*#ng toilet.

        That is why foreign workers spell the death knell of economies – they drive wages down and send valuable revenues overseas never to be seen again. The wonderful people of England have recognized this and have said enough – the gates for sovereign national representation are now opening and we will be taking our country back at the next election – especially from un-elected leaders like Dunkley and Fahy.

        • reddamtibi says:

          And secondly “jus wondering” the Bermudians I have met at buzz kick ass – they are wonderful at what they do and guess what? I do not need an interpreter to understand what they are saying.

        • OBSERVER says:

          TO REDDAMTIBI:::

          100% AGREEMENT HERE.
          Absolutely TIRED of oba/U.B.P. lies, deceit and its deliberate undermining of BERMUDIANS.
          They do not care about BERMUDIANS….never have and never will.
          Get them all out.

  5. stunned... says:

    Nostalgically – in favor of BREXIT however it will be very challenging for Britain to revert to being Great Britain without renewing and strengthening ties with her former colonial economic partners. #mixed feelings #BREXgrets

    • Rada Gast says:

      Those “colonial economic parties” have had forty years to forge economic ties with growing economies in little places like China and India.

      Population of Australia and NZ = 30 million approximately
      Population of EC = 508 million

      • reddamtibi says:

        That is folly ‘stunned – the renaissance can start at home. No more bleeding of the economy paying benefits to illegal immigrants for one – England being able to restart industries that were shut down because of the relationship with the EU secondly and thirdly the 350M per week saved via the taxes that GB has to pay…that is a new school per week – that is a new hospital per week, that is a new bridge, a new stadium, investment in technology – the list goes on.

        What is it with this Borg hive mentality that thinks we must all be connected to “the mother ship’ to be economically viable? GLOBALISM HAS FAILED – you know why? Poverty is the worst it has ever been worldwide and the wealth gap is the greatest it has ever been worldwide – look it up for yourself – globalism has done nothing but make the rich richer and the poor poorer.

        Here is some numbers for you – in the 43 years GB has had an association with the EU it has been profitable for them (GB) ONLY ONCE!

  6. Terry says:

    Wait until BEREXIT.

    Happy weekend.

    • Dockyard Lackey says:

      Wait until TerryEXIT.
      Brilliant weekend.


    • Terry says:

      Dislike all you want.
      90% Of the dislikes are from W/B.


  7. mmm says:

    I think the whole of Bermuda, needs to know, how we stood while Britain was a part of the European Union, and the likely impact following their exit, international business speaks well of our reputation, how about the rest of us.