13 November 2013 Insurance

OBA determined to keep 'mind and management' in Bermuda

The OBA government is committed to strengthening international business and nurturing talent that has been built up on Island over the past 70 years.

That was the statement of intent from Dr Grant Gibbons, Minister of Economic Development, speaking at PwC and Standard and Poor's eight annual re/insurance conference in Hamilton.

Gibbons said that the new OBA government is committed to retaining “mind and management” on the Island, which he described as being key to the Island's continuing success.

He said that the government remains committed to “working hard to make Bermuda a good and welcoming place to do business”. Citing recent changes to immigration policy, Gibbons said the intention is for Bermuda to remain a first-rate jurisdiction, one that enjoys the confidence of international business.

Addressing the newly-formed Bermuda Business Development Agency, Gibbons said that its ongoing role is to “augment, reinvent and reinvigorate our product”. Together with the regulator, the government and existing business he said that there is an opportunity to “incubate and crystallise commercial ideas” such as the increasing role Bermuda is playing in the ILS space.

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