BDA: Top 10 Bermuda Market Highlights Of 2016
The Bermuda Business Development Agency has released a year end review of the top 10 Bermuda market highlights of 2016, which follows in full below.
1. Jobs growth
BDA works to empower Bermuda’s economy by helping create jobs and raise GDP. Our in-house data shows our efforts are working, with new companies setting up and generating employment. Several key national indicators released this year underscore accelerating economic growth. Positive statistics include: rising retail sales; increased business tourism; an upswing in real-estate sales and rentals; six consecutive quarters of climbing GDP; and, most notably, the first real annual GDP upturn since 2008 last year, led by international business activity.
2. Reputation boost
“Bermuda is Different” was our slogan and hashtag as we positively set our jurisdiction apart amid the controversial “Panama Papers” and “Bahamas Leaks,” and refuted the erroneous Oxfam report. Attacks on international financial centres won’t diminish, and that’s why BDA campaigns for Bermuda’s record of cooperation and compliance, robust regulation, support of 500,000 jobs worldwide, and its major contribution to global economies. Bermuda’s blue-chip message came through loud and clear at RenaissanceRe’s Risk Mitigation Leadership Forum this June at the New York Stock Exchange; in Economic Development Minister Dr Grant Gibbons’ interview with Chicago’s WGN radio; and in 12 months of speeches by BDA CEO Ross Webber and other advocates.
3. New companies
Across all industry sectors, BDA has played a key part in on-boarding new incorporations by start-ups or relocations this year. Among the entities that made Bermuda their jurisdiction of choice: biotech cancer pharmaceutical pioneer SELLAS Life Sciences; the first captive insurer from Chile, Andes Re; global fund administrator Centaur Fund Services; socially conscious film-production company Wishing Step Pictures. The island also welcomed more than 30 insurers, listings of over 40 insurance-linked securities structures worth $3.9 billion; a cyber security company; and two major marine research projects.
4. New conferences
BDA participated in and organised 62 different conferences and events in 2016 [an average of more than one per week], both overseas and on-island. We welcomed back ALARYS Congress, Global Fund Forum, Transcontinental Trusts International Forum and Regulatory Compliance Association’s Regulation, Operations and Compliance Symposium and introduced five more, including Legal Week Private Client Forum Americas, the World Alternative Investment Summit [WAIS] Bermuda and AeroPodium’s Offshore Aircraft Registration Summit. Next year debuts the Healthcare Market Forum and Insurance ERM Bermuda. They all add value to the economy, increase first-time visitors, and help boost our hospitality industry.
5. New legislation
New corporate legislation helped modernise Bermuda’s international business sector. Parliament passed significant legislative reforms and new bills in 2016, notably the Limited Liability Company [or, LLC] Act 2016, an attractive structure for funds and trusts. Other additions that streamlined our legal framework included amendments to partnership laws and adoption of the Cape Town Convention, which brought our aviation industry in line with global standards.
6. Diversity empowered
Diversity is the buzzword today’s corporations all aim to embrace, but it’s more than lip service in Bermuda. The Dive In Festival, launched by Lloyd’s of London to promote inclusion in the insurance industry, saw the City of Hamilton join a slate of 45 events over three days in 15 cities. Insurance Careers Month, orchestrated by Hamilton Group, promoted the industry’s opportunities to millennials worldwide. WISTA Bermuda, 100 Women in Finance Bermuda, and Women in Reinsurance [WiRe] also made their mark. Our CEO and Chair are local industry champions for Board Apprentice, helping local governments and private-sector companies diversify their pipeline of boardroom talent.
7. Galvanised groups
Bermuda’s industry professionals joined forces to launch several new chapters of globally recognised groups in 2016. The asset-management sector formed AIMA Bermuda, dedicated to policy development and education; AIMA has more than 1,700 corporate members and 10,000 individual contacts in over 50 countries. Female shipping executives formed WISTA Bermuda, a local chapter of the Women’s International Shipping & Trading Association. Members of the re-established Bermuda International Shipping Association [BISA] gathered momentum. Fintech also took off, with a cross-sector think-tank formed, called Bermuda 4.0. BDA Board members also have board representation on both the new shipping and aviation authorities.
8. Data & research
BDA commissioned and supported numerous research studies. They included the first project to examine the economic impact of Bermuda’s rapidly growing insurance-linked securities market; family-office research driving forward plans to attract more high-net-worth individuals and their advisors to physically locate in Bermuda; fact-finding on the feasibility of making Bermuda a top international arbitration centre; and analysis of business opportunities and foreign direct investment emanating from China. The Bermuda Insurance Management Association [BIMA] also has a study underway on the contribution of our all-important captive sector.
9. Outreach
Our market participants took their mission to physical and digital audiences everywhere this year. Whether it was via events, webcasts, webinars, podcasts, tweets, speeches, or written news, interviews or opinion, Bermuda government and industry professionals focused national, and sometimes global, attention on the work and value of our jurisdiction. Team BDA, along with our colleagues crossed geographic and demographic borders to engage new stakeholders and take our island’s story to the world, including visits to local schools and Bermuda College.
10. Collaboration
Bermuda’s market is known for innovation, speed-to-market, and, most of all, uncommon collaboration. Teamwork, between BDA, industry, government and regulator, has never been stronger than in 2016; Solvency II became a reality, efforts progressed towards similar recognition in the funds sector, milestone corporate legislation was passed, and everyone wore a jurisdictional hat to fly our flag.Our own stakeholders have been invaluable to our agency’s strategic efforts here and abroad.
Thank you!
