Report: Reinsurance & OBA: Turning A Corner
Bermuda has long been a hub for international reinsurance, but that dominance began to look uncertain in recent years however “overall the OBA appears to be moving in the right direction,” a report from GlobalReinsurance said.
The report said, “With high-profile companies and their executives beginning to relocate, plus a slowdown in new company registrations, the One Bermuda Alliance (OBA) party had its work cut out to improve the situation when it took power in 2012.”
“In just over a year since it came to power the OBA government has shown its willingness to work with the island’s international business community. It has scrapped term limits and strengthened ties with international business.”
The article quotes Third Point Re Chief Executive John Berger as saying: “It’s a trend in a positive direction in terms of new companies being formed. Will they ever be like an ACE and XL again, really big companies with big employment levels? I don’t know but clearly the trend is going the right way.”
Association of Bermuda Insurers & Reinsurers president Bradley Kading is quoted as saying, “My sense from being in Bermuda this week and talking to people is there’s a positive buzz now that you’ve not seen for some years.
“There’s a sense that the worst has passed and the new government is trying very hard to encourage business growth.”
“Some of the new company formations in the alternative capital space are hiring people too. That’s given people a sense of encouragement that the alternative capital vehicles means new jobs and are an interesting development.”
Read the full article here on GlobalReinsurance.
Good to hear change is on its way
This is freaking out the PLP leadership…a general strike will be coming soon. Only a cockroach needs to fart to get it going. May God protect Bermuda from them
No truer word was ever spoken.
This is good news and shows investor confidence in this Govt. This is a great starting point!
Now we need hotel investment and we definitely on our way.
But, But, They went on a private Jet?
Its amazing how everyone is focused on the negative news and hardly anyone has commented on the positive news. Very disappointing.
And yes, this is great news for the island.
Indeed. The PLP and their labour wing the BIU are far more concerned with disrupting Bermuda’s success for their selfish political gains. They will stop at nothing to inconvenience the electorate and besmirch our international reputation through illegal wildcat strikes, sweeping and reckless accusations devoid of facts, petty attempts at one-upmanship and outright hypocrisy.
A rising tide lifts all boats. The PLP would rather shipwreck our economy for their own political gain.