BBDC Completes Business Bermuda Merger

April 23, 2013

The Bermuda Business Development Corporation [BBDC] completed all legal processes on Friday [Apr. 19] when the members of Business Bermuda approved the merger of their organisation with the BBDC.

The BBDC is a public-private sector partnership that is focused on growing Bermuda’s economy, supporting international business and creating jobs.

The BBDC, which has been actively working towards the mergers with Business Bermuda and the Insurance Development Council [IDC] over the past months, is focused on growing Bermuda’s economy, supporting international business and creating jobs.

The merger means that all organisations which have received funding from the government of Bermuda to support the growth of international business are now united in the newly formed BBDC.

The recently appointed members of the BBDC board of directors have elected Caroline Foulger and David Cash, chair and deputy chair of the board.

The board members, who were appointed in March 2013, are:

  • Kiernan Bell [Managing partner of Appleby Bermuda];
  • Lawrence Bird [Managing director Marsh Bermuda and chairman of the Bermuda Insurance Management Association];
  • Wayne Caines [CEO of Digicel Bermuda];
  • David Cash [CEO of Endurance Specialty, chairman of Business Bermuda, Association of Bermuda Insurers and Reinsurers representative, and recently elected Deputy Chair of Board of the BBDC];
  • Rees Fletcher [Division president ACE Bermuda and Bermuda First representative];
  • Caroline Foulger [Independent director and recently elected Chair of the Board of the BBDC];
  • Richard Moseley [CEO of HSBC Bermuda];
  • Allan Pelvang [Country head of Fidelity Bermuda and ABIC representative];
  • Paul Scope [Chairman and CEO of JLT Park Ltd];
  • Derek Stapley ]Independent director, director of ISIS Foundation and chairman of Cambridge Beaches, Bermuda];
  • Allison Towlson [Chief operations officer ACE Bermuda and chair of the IDC];
  • Ross Webber [Permanent secretary of the Ministry of Economic Development].

Mr. Cash, deputy chair, commented, “The merger of Business Bermuda and the Insurance Development Council into the Bermuda Business Development Corporation brings together the efforts of government and the business community under one roof to grow the Bermuda economy, provide additional support for international business and create new jobs in Bermuda which are vital to the success of our country.

“We appreciate the increased financial support of the Government of Bermuda and we thank the Government, the members of Business Bermuda and the IDC as well as our interim Board and the newly-appointed permanent Board members for their commitment of time, talent and energy to this effort.”

Added Ms Foulger, chair, “Change is never easy. We recognize that the past months have been challenging as we have created a new organization to transform the way Bermuda’s international businesses work together and with Government to grow the economy. This is a true public-private sector partnership that will chart a new more strategic, targeted and effective course for Bermuda to seize the opportunities and respond to the challenges we now face.”

The BBDC board has received significant support from industry in the last few months and eleven focus groups have been working on developing renewed strategies for the respective industries and are providing guidance, recommendations and actions as the BBDC defines its strategy and interim tactical plan. Over the coming weeks, the BBDC board will also be initiating an innovation sub-committee to focus on new business areas that will advance Bermuda’s strategic positioning in the global marketplace.

The BBDC is already supporting new programs in the Asset Management, Insurance Linked Securities, and Trusts sectors. These include events that will attract key decision makers to Bermuda for meetings with industry leaders and Government namely the Asset Management ‘Think Tank’ Two-Day Summit in May 2013 and the Insurance Linked Securities Conference scheduled for the Fall 2013. The BBDC is also happy to be supporting the long standing and successful Bermuda Captive Conference in June 2013.

Ms Foulger concluded, “The BBDC is an action oriented organization and the Board, Government and staff are taking real steps to ensure it is a powerful new force that will expand international business in Bermuda. We have a good team in place and are making significant progress in appointing a CEO who will lead this organization forward.”

The BBDC is well progressed in an active search for a new CEO. The organization has received more than 180 applications from Bermudian and international candidates and has narrowed the search to a range of candidates with the expectation of announcing an appointment to this position shortly.

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