Bermuda Is “US’s Biggest Insurance Ally”
Business Bermuda’s recently released “2011 Economic Impact Study” claims that for the first time ever Bermuda became the most important international provider of insurance services to the US last year.
By the end of 2010, two-way trade in services between Bermuda and the US grew to more than $80 billion. Bermuda had also become the leading supplier of reinsurance to the US and the leading export market for the US primary insurance sector.
Bermuda was the most important foreign supplier of insurance and reinsurance to the US, averaging $20 billion annually in payments or as much as $35 billion annually in recovered losses.
Cheryl Packwood, CEO of Business Bermuda said: “Bermuda, like many countries, hasn’t been immune to challenging issues during the last few years, however we’ve remained convicted to foster a more interdependent relationship with the US and, as evidenced by our leadership position in providing insurance and reinsurance services as well as the thousands of jobs created for the US, we’ve been ecstatic to achieve this goal.”
The report was prepared by Charles Ludolph, an economist with Albright Stonebridge Group.
Business Bermuda works with Bermuda-resident companies and the Bermuda Government to develop and promote Bermuda internationally as the jurisdiction of choice.
The organisation’s goal is to attract international businesses to Bermuda. The collaborative efforts of Government and its members work to achieve real sustainable growth in foreign currency earnings, new business, and employment opportunities.
“we’ve remained CONVICTED to foster…” that’s a typo right?
No, not a typo. Why would you think it was? Ever heard of “having conviction” to do something…like perhaps having conviction to foster…..
Some people… always looking to point out the negative. Sad, and even more so when you are wrong.
don’t think it was a typo…I think the speaker clearly thought the noun “conviction” (i.e. a fixed or firm belief) could be used as a verb in order to express that sentiment…unforutnatley it can’t, and the verb convicted means exactly what everyone knows it commonly to mean.
Case is pending…..
I didn’t think you could be convicted here.
I thought it was merely unethical?
Committed is a better word in this context… correct?
what happened to well done Bermuda, something appears to be working right.
just criticism of one word….we are so SMALL minded
*WELL DONE BERMUDA”
What’s Bermuda’s fee for being the “US’s Biggest Insurance Ally”? Is this published/public information?
Well Done Bermuda!!!!!!!!!!!!!! Obviously we are actually doing something right. So I reckon that we have not driven IB completely out of Bermuda as the Naysayers proclaim. Keep up the Great Work Bermuda and IB.