Premier Tells RIMS: Bermuda Is One-Stop Shop
Bermuda has the leading and the largest concentration of captive insurance, commercial insurance and reinsurance in the world, making the island “a one-stop shop”, Premier Craig Cannonier told attendees at the Annual Risk and Insurance Management Society [RIMS] Conference & Exhibition in Los Angeles.
“Our message to you is this. Doing business in Bermuda has never been easier,” said the Premier. “We have the leading market for captives, reinsurance and insurance. We have the breadth of products and the depth of experience. We are a one stop shop. That’s pretty compelling.”
Premier Cannonier is attending the conference along with Minister of Finance Bob Richards, Minister of Business Development Dr Grant Gibbons and members of the Bermuda Monetary Authority, Business Bermuda, ABIC and ABIR. The conference is being held from April 21-24, and is expected to attract around 9,000 risk management and insurance professionals.
Premier Cannonier’s full speech from the RIMS conference follows below:
Good evening Ladies & Gentlemen,
To the distinguished RIMS invitees, Minister Bob Richards, Minister Grant Gibbons, distinguished Bermuda Booth Hosts and representatives, the entire Bermuda Team and friends – good evening to you.
Welcome to the 2013 Bermuda RIMS Reception. As the Premier of Bermuda, I am honoured to be here for this auspicious occasion.
In an increasingly complex and unpredictable environment, the Bermuda Insurance industry has become known for its ability to deliver a wide array of innovative risk management products demanded by the world’s leading corporations.
There is no doubt that the scope of our insurance product is substantial and unique. Bermuda has the leading and the largest concentration of captive insurance, commercial insurance and reinsurance in the world.
No one else has a leading position in all three markets, except Bermuda. You can literally walk from one meeting to the next- Ladies and gentlemen – Bermuda is a one-stop shop.
The recent Fitch Ratings report say that quote “Bermuda insurers market remains strong for 2013 and continues to lead the way as convergence of the reinsurance market and capital market persists.” end quote.
There’s a reason for that…….we are committed to helping your business to succeed. As a new Government we are fully focused on the goal of maintaining and building upon our excellent reputation by streamlining processes to make it easier for you to conduct business in Bermuda. In fact, we welcome you.
It is your corporations that delivering products and services that are the very texture of our modern society in the 21st Century, but you can’t do it alone. You need partners to help navigate you through the minefield of risk found in today’s world. Many of you wisely choose partners from the Bermuda market.
In addition, the quality of the products we provide is complemented by independent and high quality regulation.
The Bermuda Monetary Authority represents world class regulatory oversight, but is also held in high regard in the market and by meaningful international bodies, for its insight with regard to global supervision.
Much like many other countries, Bermuda finds herself in an era marked by challenges. While this economy bears almost no resemblance to one of just a few years ago, we still count ourselves among the fortunate ones, as optimism in Bermuda’s economy is brewing. The latest statistics show that Bermuda’s insurance market maintained its resilience by writing $100 billion in premiums.
Bermuda companies were asked to pay 40% of all reinsurance costs associated with the 2011 natural catastrophes, which was a record year for global catastrophes. That includes $17 billion of claims relating to Hurricane Katrina.
Ladies and gentlemen, our message to you is this. Doing business in Bermuda has never been easier. We have the leading market for captives, reinsurance and insurance. We have the breadth of products and the depth of experience. We are a one stop shop. That’s pretty compelling.
I am joined here this evening by the Hon.E.T. ‘Bob’ Richards JP, MP, Minister of Finance and Dr. the Hon. Grant E. Gibbons, JP MP, Minister of Business Development. We have come all the way from Bermuda to welcome you to Bermuda.
Thank you for your attendance tonight. We trust that you have a good evening and a productive and successful year.
Enjoy!
Read More About
Category: All, Business, News, Politics
The premier’s speech above looks like a ringing endorsement of the PLP’s work in the insurance field.
please elaborate how the PLP did any work in the insurance field?
Look at the trailer to get an idea of how things were done between 2006 – 2010 LOL
http://www.youtube.com/watch?v=jcAvBK_VfjA
Working with companies and maintaining an excellent reputation for Bermuda as a leader in the reinsurance and capitall markets.
I see good things in the future….now, if any of you Bermudians want a job in this industry you need to get ya A** off the island and gain some experience. Don’t complain that the jobs are being taken up by expats.
Experience on Education?? I am not saying its impossible, but really, how realistic is it for Bermudians to gain employment overseas?? First the company has to sponsor you through immigration and to do that, you would have to be that much better than the people living in that country for a company to take on the extra expense.. I am not saying its impossible, but its surely more complicated that your suggesting.
I went to Uni in Canada, automatic 2 year work visa upon graduation….but yur gotta graduate
I graduated Magna Cum Laude,, thanks
I worked in London for 3 years before returning to Bermuda. I went to University, got a degree and then spent 6 months working a part time job and sleeping on a friends couch while doing interviews in the city. I finally got a job, got experience and eventually moved back to Bermuda to work in I.B. You just have to want it and try hard to get it, but in the end it will be invaluable. I was not sponsored by any company, nor is anyone who lives and works in England when they first start out, we are just so used to living a spoilt existence where we expect things to be handed out to us instead of having to scrap for it and earn it like the rest of the world.
Excuses do not equal Success
well for someone who is doing just that…its possible but NOT easy. Took me three months of HARD work. must have applied to over 80 companies. One trick i learned is that Monster.com and all those other sites are GARBAGE! You NEED to physically show up and submit a resume, call ahead and speak with someone, or have a connection who works with a company to submit a resume for you (and hopefully recommend you).
You can work here in Europe without a work permit if you are Bermudian (and get your EU passport).
Oh…and there is WAY more tail over here, no need to go Dockies/Cairo and pick up teenagers, trust me.
this is our time to shine and make the island known to others. let’s do it and move forward by keeping the past out of it.
welcome reinsurance, etc. Bermuda is open!
You are a class act Mr. Premier. A breath of fresh air. Thank you for being a great leader, we havn’t had one since Madam Jenifer Smith, when the island had a surplus and a positive image.