BDA Holds NYC Climate Risk Finance Roadshow

October 12, 2021 | 0 Comments

The Bermuda Business Development Agency recently held a climate risk finance roadshow in New York City, with the BDA delegation holding 16 meetings with some of “New York’s leading law firms, advisers, and asset managers.”

A spokesperson said, “The Bermuda Business Development Agency [BDA] conducted an extraordinarily successful climate risk finance roadshow in New York City [NYC].

“Across four days, from September 27-30, the BDA delegation – led by Bermuda’s Minister of Finance, the Hon. Curtis Dickinson, JP, MP – held 16 meetings with some of New York’s leading law firms, advisers, and asset managers. These firms represent revenues of $3.28 billion and maintain offices in 54 cities worldwide.”

Minister Dickinson said, “The purpose of the roadshow was to highlight Bermuda’s core competitive advantages as a capital for climate risk finance and a hub for climate tech innovation.

“We believe it is important to share directly with leading players, Government’s recent climate and ESG commitments. Bermuda’s unique Island location, coupled with our innovative spirit, have inspired us to embrace sustainability and risk mitigation practices for 400 years.

“There are numerous reasons why Bermuda is the ideal location in which to domicile and operate global business-to-business financial services firms. In addition to those which I have already noted, our commitment to transparency and quality business remains unwavering. Over time, we are confident that this new sector will emerge as a pillar of Bermuda’s world class market, fostering additional investment, employment and on-island career prospects for Bermudians.”

BDA Chair, Stephen Weinstein, said, “Having started my career as a Wall Street lawyer before working in Bermuda for the last two decades, it was particularly gratifying for me to help highlight Bermuda’s expertise and inform some of the most significant players in the global financial markets about our aspirations to become the world’s climate risk finance capital. Bermuda’s proven track-record in climate-driven catastrophe [re]insurance is proof of concept for climate risk finance, and the reception we received reinforces our conviction that Bermuda’s climate forward and ESG values reinforce some of the most exciting innovations in the market.”

Bermuda Stock Exchange [BSX] CEO and BDA Board Member, Greg Wojciechowski said, “Bermuda’s stellar reputation as a quality financial services centre, particularly in the areas of [re]insurance and Insurance Linked Securities [ILS], remains intact. The NYC firms we met with fully support Bermuda, understand our contribution, and want more meetings and connections. They are building out their ESG teams – investors are being very specific about where they invest moving forward – so climate change and ESG was a key theme across all of the meetings.”

Completing the BDA delegation was Jache Adams, JP, MP, advisor to the Minister of Finance; Michael Neff, Managing Director of Bermuda and International Wealth, Butterfield, representing the Bermuda Bankers Association; BDA Board Member and Business Development Committee Chair, George Thomas; and Jamari Douglas, Director of Marketing, BDA.

Mr. Weinstein continued, “On behalf of the BDA, I want to thank everyone who took the time to meet with us. For many firms, our delegation was their first in-person meeting in two years and they were excited to see us. I also thank the BDA delegation for committing their time. Future roadshows are already being planned, the next in NYC from October 26-28, as well as at COP26 in Glasgow, UK in November. Please reach out to the BDA via the contacts below for further information about these initiatives, to schedule an engagement in respect of these matters, or for any other enquiry relating to Bermuda.”

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