Tannock: ‘Pivotal Point In Economic History’

December 4, 2023 | 8 Comments

Patrick Tannock ABIC Bermuda December 3 2023

Bermuda is at a “pivotal point in its economic history with its ability to seize the great opportunities of the post-pandemic world dependent on the island’s handling of the wide range of challenges it faces today,” said Patrick Tannock, Chairman of the Association of Bermuda International Companies [ABIC] and CEO of AXA XL Insurance in Bermuda.

Speaking to attendees at ABIC’s annual general meeting, Mr. Tannock said Bermuda needed to build on its traditional strengths, including adaptability, agility, innovation and speed to market, to maintain its leadership as an International Business [IB] centre.

He said the world was grappling with geopolitical issues, climate change, social fragmentation, technological disruption, increasing complexity, unprecedented change, and an accelerated rate of innovation.

“Although Bermuda has consistently demonstrated its relevance, resilience, and adaptability to change with its track record as a dynamic, solution-oriented, and entrepreneurial IB domicile that has developed a culture premised on innovation and calculated risk, the challenges and opportunities have never been greater,” Mr. Tannock said.

“Embracing both a mindset and an ecosystem of continuous transformation is essential to ensure that we can successfully navigate uncertainty, embrace and demonstrate our agility, and learn and execute faster and more effectively than ever before.

“With the global pandemic behind us and a myriad of significant global and local issues confronting us, including the implementation of a Global Minimum Tax [GMT], health insurance, pension and immigration reform, Bermuda is at a pivotal point on the path to economic renewal and future prosperity. How we collectively view and tackle these issues will determine our continued success as a jurisdiction.

“Although the implications of the GMT are profound, we are encouraged by the Government’s collaborative and consultative approach. We are confident that with the recent convening of the Tax Reform Commission under the leadership of Darren Johnston that the Commission will take a holistic look at our tax structure, as it’s critical that the jurisdiction is as internationally cost competitive as possible.”

Mr. Tannock reiterated that Bermuda is a place where capital is put to work. He said Bermuda’s ability to match capital with innovation to address market needs is unique, especially in terms of the speed at which this is done.

“The willingness of the Government, the industry, and financial regulator, the Bermuda Monetary Authority, to work together to strengthen the business environment remains a key differentiator for Bermuda,” Mr. Tannock said.

Customer behaviours have entered a digitalised, experience-driven era and Bermuda must continue to adapt, he added. “As a jurisdiction we must quickly evolve to be more data centric, embrace data & analytics and AI [artificial intelligence] as a competitive enabler to anticipate customer needs, enhance customer engagement and increase customer solution options.”

Mr. Tannock emphasised to members that on the premise that political, social, and economic stability are critical to Bermuda’s sustainability as an International Business jurisdiction, the island’s future sustainability is interconnected.

He said: “This underscores that we all have a role to play to improve our economy and ensure Bermuda’s future success.”

A spokesperson said, “ABIC, which has more than 130-member companies, has supported the island’s IB sector for more than 50 years, advocating for a sound business environment and balanced government policies to maintain Bermuda as a highly regarded jurisdiction, while respecting the culture and values of the people of Bermuda.

“The ABIC Tax Working Group, comprising Chairman Roy Fellowes, Robert Moncrieff, Christian Dunleavy, Allan Pelvang and Wayne Smith, ABIC’s Executive Director, has provided input to the Government as it developed plans for a Corporate Income Tax, while keeping ABIC members up to date on the implications. Mr. Tannock praised the group for their hard work on a complex issue, prompting applause from AGM attendees.

“Also, this year, ABIC’s Diversity Equity and Inclusion [DEI] Committee introduced a robust programme to support ABIC members building strategies to advance DEI. The results of a DEI survey of IB employers were presented to members of ABIC, as well as members of the Association of Bermuda Insurers and Reinsurers [ABIR] and Bermuda Long Term Insurers and Reinsurers [BILTIR].

“ABIC also continued its active support of the Association for Corporate Racial Equity [ACRE], a group of Black professionals committed to advancing racial equity in the IB sector, held a workshop for members on neurodiversity and strengthened its partnership with the LGBTQ+ community.”

Mr. Tannock urged a higher proportion of ABIC members to complete the next DEI survey, scheduled for distribution in 2024.

“We are optimistic that the next survey results will show continued progress with an increase in the number of persons from historically underrepresented groups in leadership roles within our member companies,” Mr. Tannock said.

“It is interesting and the ultimate paradox that in IB, where we pride ourselves on data and analytics — generally, when it comes to data pertaining to industry demographics by race and gender, we are lacking. We can and must do better.

“Additionally, notwithstanding the importance of harnessing as much data as we can to predict outcomes/scenarios, we must also embrace and get comfortable dealing with ambiguity and continue to ratchet up the case for diversity and diverse thinkers who can deal creatively with variation and rapid change.”

The spokesperson added, “The ABIC Education Awards, now in its 46th year, attracted a record number of 89 applicants in 2023 and raised $649,000 to support 22 students and presented three memorial awards.

“ABIC’s other work this year included increasing awareness of the value proposition of IB to change the dialogue from “IB gets everything it wants” to “IB gets what it needs to be internationally competitive”. ABIC has increased its use of social media to get its messages across, guided by a new Marketing Committee. And, in conjunction with ABIR, BILTIR and Bermuda Business Development Agency, delivered a successful International Business Week in September.

“Mr. Tannock also announced the retirement of George Hutchings, a long-serving ABIC board member and past Chairman. He will be replaced on the ABIC Board by Robert Foskey, Senior Vice President and COO of Everen.

“Looking ahead, the ABIC board is about to start a strategic planning process, which will include exploring how ABIC can support the Government’s ambition for Bermuda to become the world’s climate risk finance leader.”

Mr. Tannock added: “Our strategic action plan will be launched in the new year, with the goal of continuing to drive value for ABIC members and the wider community.”

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Comments (8)

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  1. Joe Bloggs says:

    “Bermuda is at a “pivotal point in its economic history with its ability to seize the great opportunities of the post-pandemic world dependent on the island’s handling of the wide range of challenges it faces today,” said Patrick Tannock”

    I agree wholeheartedly.

  2. Hilarious! says:

    I love the word “robust.” It brings to mind TV commercials where “zesty” is used to describe a product. Robust is always used in presentations at software conferences to describe products without providing details on functionality.

    Interestingly, in the US and EU, companies are quietly dropping Diversity Equity and Inclusion [DEI] executives and programs. China never even considered a DEI program. I would postulate a “no” for DEI programs in Middle Eastern countries.

  3. Currently, there are BORN BERMUDIANS who have been laid off. The VICIOUS PLAN is still in place, unnecessarily
    so by YOU KNOW WHO. We must amalgamate to create FAIRNESS for BORN BERMUDIANS. NOW!!
    If not, YOU KNOW WHO, will take over.

    • Terry says:

      How to say lots without actually saying anything at all. Stand up Patrick Tannock.

    • Tucker says:

      Quiet, bigot.

      Keep your racist trash to yourself, and the other inpatients.

    • Joe Bloggs says:

      Yes, unfortunately the PLP Government keeps allowing Bermuda to be sold to foreigners. If this keeps up, there will be nothing left for born Bermudians.

    • trufth says:

      did that comment make sense in your head?

  4. Ben W says:

    12 months to process a PRC application suggests Mr Tannock might like to rethink his willing Government comment.

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