24 April 2013 Insurance

Bermuda’s business bodies complete merger

The Bermuda Business Development Corporation (BBDC), Business Bermuda and the Insurance Development Council have competed the legal process allowing them to merge.

The deal means all the organisations are now united in the newly formed BBDC. The newly formed board of directors appointed Caroline Foulger and David Cash as chair and deputy chair of the board.

“The merger of Business Bermuda and the Insurance Development Council into the Bermuda Business Development Corporation brings together the efforts of government and the business community under one roof to grow the Bermuda economy, provide additional support  for  international  business  and  create new  jobs in Bermuda which are vital to the success of our country,” said Cash.

“We appreciate the increased financial support  of  the  Government  of  Bermuda and we  thank  the  Government, the  members  of Business  Bermuda  and  the  IDC  as  well  as  our  interim  Board  and  the newly-appointed permanent Board members for their commitment of time, talent and energy to this effort.”

Foulger added: “Change is never easy. We recognise that the past months have been  challenging  as  we have  created a  new  organisation  to  transform  the  way  Bermuda’s international businesses work together and with Government to grow the economy. This is a true  public-private  sector  partnership  that  will  chart  a  new  more  strategic,  targeted  and effective course for  Bermuda to  seize  the  opportunities  and  respond  to  the  challenges  we now face.”

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