Bermuda Conference Concludes In Singapore

April 13, 2011

Business Bermuda concluded the Annual Bermuda Financial Services Conference on Monday 11 April 2011 at The Singapore Cricket Club, Connaught Drive, Singapore. The event was attended by more than 150 leading lawyers, accountants and financial services executives.

The event featured a presentation by Greg Wojciechowski, CEO of the Bermuda Stock Exchange, on capital markets and the Stock Exchange along with presentations by Cheryl Packwood, Chief Executive Officer of Business Bermuda on Bermuda’s economic, tax and regulatory standards and other leading Bermuda business executives on insurance, reinsurance, hedge fund, private equity, trusts, private wealth management, aircraft and shipping registry.

Cheryl Packwood, Chief Executive Officer of Business Bermuda commented: “Our annual Conference has again demonstrated the high interest levels amongst Singapore’s financial and insurance community in Bermuda, and its status as a center for international business. Bermuda is open to and open for business and despite the effects of the economic disruption and global disasters, Bermuda has a great opportunity to boost its business as a stable jurisdiction.”

Greg Wojciechowski, CEO of the Bermuda Stock Exchange, commented: “Bermuda is consistently prepared to go the extra mile in the regulatory arena, beyond just mere compliance. Bermuda is well-positioned to provide their businesses with the best possible services to enhance their growth in a well-regulated, financially strong and highly respected business environment.”

James Watlington, Principal of Alexanders, Barristers & Attorneys, added: “This was a great opportunity to underscore many of Bermuda’s strengths and to build relationships that will lead to substantive business opportunities. Singapore is clearly one of the most active business centers in the world and ensuring that Bermuda is well-known and respected by its business community is absolutely essential.”

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Comments (5)

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  1. Not Suprised says:

    I Have one question….why on earth did they have a BEMRUDA FININCIAL SERVICES conference in Singapore!?

    I guess wanting to bring people to Bermuda and increasing tourism and awareness is a big load of full poo diaper.

    Maybe I woke up on the wrong side of the bed today, but I see a heap load of stupid people. I guess empty hotels and conferences on the island are going to stay just that ….EMPTY.

  2. Cheryl Packwood says:

    I am sorry that you are not aware of the amount of business Bermuda gets from around the world. The relationship with Asia has been one of decades. We are trying to maintain and increase business flows into Bermuda from this major region of the world. For example, almost 70 percent of foreign companies listed on the Singapore Stock Exchange are Bermuda Companies. Similarly, Bermuda companies used to be the majority on the Hong Kong Stock Exchange but with more aggressive activities of other jurisdictions, we are losing this edge and in just the past year dropped to number two on this global index. Our Bermuda law firms have offices in Asia precisely because of the volume of business out of this region. You are welcome to contact our offices at Windsor Place in Hamilton to learn more about international business and its importance to our economy and our livelihood.

  3. As the world, of insurance, has turned into a global market place Bermuda has been forced to keep up with the times. At the same time competition for the very lucrative captive and catastrophy reinsurance market in Bermuda is at a very high point. The Law Firm, formerly Appleby Spurling and Kempe is now a global diversified law firm and in its new form, Appleby, is the largest legal firm in the world. Bermuda must have this not as the norm and not the exception. The creation of this business in Bermuda through the 1980′s was the result of visionaries who were not afriad to travel around the world to promote Bermuda. Their success has driven the incomes and successes for many in Bermuda for 30 years.
    To the writer, not surprised, I believe you would be very surprised to see that the U.S is trying to take part of the succesful Bermuda market away just to get a hold of the millions of tax related fees they do not enjoy now (through the set up of captive groups in the United States). When 90% of all U.S Insurers leave the state of Florida (due to Hurricane losses), who do you think is insuring them now. In short we are in Bermuda.

    We must get behind Business Bermuda and the organizations promoting business opportunities to be located in Bermuda because we Bermudians benefit. After all even the British recently announced in Bermuda that they too are now open for business. This global business is going to get more competitive and any market Business Bermuda, the BSX , the law firms and our Government can gain is a benefit to us. We must get behind this now as our future depends on it.

  4. Not Suprised says:

    I am in agreement of Bermuda being in the World markets. That is not quite the point I was making. Could we not have held the conference in Bermuda or sent out invitation to do so being our economy is struggling and we have many empty hotels on island. This would have also been go in “promoting business opportunities to be located in Bermuda” That would have also made Bermuda appear to be open and capable of having such conferences. We used to be a popular destination for such things and granted times have changed, However, I think that would have been a good opportunity to bring us into thelime light to the business and financial markets of the world. Again this is simply my opinion and I am not Bashing the financial sector or international business markets nor did I bash the conference as what is standds for, just merely pointing out that BEMRUDA would have been a great destination for something like this.

  5. Underpaid Union Member says:

    Dear All,

    Considering what we have already given away with some of the more important TIEAs we rushed to sign, an element of diversification is now needed with our markting strategy.

    Our established sources of international business are contracting, so reflecting on past performance as an indicator of future success is a slightly pedestrian tactic.

    Travelling to mature developed markets and (rival) OFCs where we already enjoy established referral networks gives us limited “New Business”, either corporate or HNWI related.

    Focusing on old statistics to drive our future marketing strategy is ill-advised.

    Continued (duplicated) efforts will not increase market share from these well established markets.

    Focus on emerging markets where all forecasts point to double digit GDP growth over the next 5+ years. Focus on markets where Bermuda is still relatively unknown, you will attract genuine “New Business” instead of allocating scarce advertising dollars to repeat visits where the network is very already established.

    Resetting My Expenditure for 2011/12
    Unpaid Union Member