Hamilton, Bermuda, April 29, 2022 — The Bermuda Business Development Agency (BDA) is heading back to the big apple on May 11 for its first executive forum since March 2019.

The BDA’s activities at Convene, One Liberty Plaza, Liberty Street located in the heart of downtown’s financial district, will begin with a series of closed door, business development meetings with NYC prospects focussing on climate resiliency, technology, high net worth services and asset management. Open event proceedings follow in the afternoon, beginning with a keynote fireside chat between Bermuda’s Minister of Economy and Labour, The Hon. Jason Hayward, JP, MP, and the BDA’s CEO, David Hart.

Minister Hayward said, “This complimentary half-day event will inform key senior decision makers about why Bermuda is the best place in the world to bring innovative international business ideas to market. This event builds upon the BDAs climate risk roadshows in NYC which took place late last year. During these roadshows, the Bermuda delegation engaged with leading global capital allocators with combined assets under management of nearly $11 trillion, and these are among the individuals we are seeking to engage with again at this upcoming executive forum.” 

David Hart, BDA CEO said, “We thank our partners in government and the private sector who are coming to New York City ready to share the many attributes of investing in and operating a business from Bermuda. And we are also grateful for the generous sponsorship support from Ocorian and Bittrex Global, which enables us to put together such an important event in New York City.”

To learn more about potential sponsorship opportunities, please visit our website. 

The forum’s first thought leadership panel is entitled, “Why Bermuda? Cross-Sector Solutions” and will be moderated by Suzanne Williams-Charles, Director of Policy and Regulation, Corporate Secretary and Data Privacy Officer at Association of Bermuda Insurers and Reinsurers (ABIR). Panelists include Patrick Tannock, Chair, Association of Bermuda International Companies (ABIC), Elizabeth Denman, Vice President, Alternative Investment Management Association (AIMA), Stafford Lowe, NEXT Bermuda, and Michael Neff, Chair, Bermuda Bankers Association.

The second panel focusses on innovation in Bermuda and will be moderated byLauren Berry, Managing Editor, Deputy NYC bureau chief, Bloomberg News. Panelists include Stephen Weinstein, Chair, BDA; Fiona Beck, BDA board member; Brian Dusek, VP, Head of Americas, Cyber, Mosaic; and Joe Ziolkowski, CEO and co-founder, Relm.

Minister Hayward said, “Bermuda continues to deliver innovative products and services to market quickly yet safely in a sandbox environment. This second panel will show just how far ahead Bermuda is in the areas of climate resiliency and innovative technology.”

After hearing keynote speakers and thought leadership panels, attendees will make new connections over Bermuda signature cocktails at our c-suite Bermuda networking reception.

Click here to confirm your attendance. 

Forum attendees will be entered for a chance to win a weekend getaway for two to Bermuda, staying at the five-star luxury resort, The Loren at Pink Beach.

Hamilton, Bermuda, March 22, 2022 — The Bermuda Business Development Agency (BDA) today released its 2021 End of Year Report describing the agency’s work throughout the year in service to its mission to encourage inward direct investment and economic growth for Bermuda.

David Hart, BDA CEO said, “2021 saw the BDA implement initiatives and events to promote Bermuda as an ideal place to both work and live, bringing in critical investment to strengthen Bermuda’s economy and positioning the jurisdiction as a global leader. I was fortunate to join the BDA as CEO in late 2021 and from the moment I started I saw the tremendous work this agency does. The BDA continues to be a vital asset to Bermuda’s efforts to globally promote its advantages and bring business investment and opportunities to the island.” 

The BDA delivered on its goals for 2021 by protecting and promoting Bermuda’s economic platform; sustaining and expanding existing business sectors; identifying and growing new business lines and sectors; strengthening Bermuda’s economic platform; and maintaining and increasing stakeholder engagement.  

Examples of economic investment opportunities created by the BDA in 2021 included:

The BDA created communications initiatives to promote its work, events, and resources for stakeholders interested in working in Bermuda. This included: 

Although COVID-19 kept the world mostly socially distant all year, the BDA still created opportunities for networking, collaboration, and learning. With its partners, the BDA:

The BDA conducted its work in industries aligned with Bermuda’s value proposition and anticipated future growth potential. As part of Bermuda’s efforts to establish the jurisdiction as a climate risk finance capital, the BDA: 

To continue to support Bermuda’s important captive insurance sector in 2021, the BDA also sponsored and participated in the World Captive Forum and the Bermuda Captive Conference. Additionally, Bermuda beat out Delaware, Guernsey, Hawaii, and Vermont to win best non-Asian domicile at Captive Review’s Asia and Pacific (APAC) Virtual Awards and Summit 2021.

The BDA continued to promote Bermuda’s burgeoning Technology (Tech) sector throughout the year, including:  

To promote Bermuda’s high-net-worth services and asset management industries, the BDA worked closely with the Society of Trust and Estate Practitioners (STEP) Bermuda and the Bermuda Association of Licensed Trustees (BALT) to host 11 virtual webinars throughout the year with an average of 60 participants joining each webinar.  

The BDA continued to promote Bermuda as the perfect domicile for the submarine cable industry at the International Cable Protection Committee (ICPC) Plenary 2021. BDA board member Fiona Beck and CEO of the Bermuda Regulatory Authority, Denton Williams gave a presentation about Bermuda’s submarine protection zone, development best practice, and alternative energy integration. 

The BDA is proud of the impact its work in 2021 had in bringing direct economic investment and stimulation to Bermuda’s economy and looks forward to continuing these efforts in 2022. 

Click here to learn more about the BDA. Click here to view the full End of Year Report. 

Hamilton, Bermuda, February 28, 2022 — Following the European Union’s (EU) Code of Conduct Group including Bermuda on the state of play document (Annex II), the Bermuda Business Development Agency (BDA) and its valued partners, notes that Bermuda is committed to cooperation and compliance in relation to global tax standards. Although inclusion on Annex II has no penalty consequences, nor does it trigger any EU measures unlike Annex I, the BDA looks forward to being removed at the next meeting.

Bermuda has already fulfilled all the commitments related to the required exchanges of information recommended by the Organisation for Economic Cooperation and Development (OECD) Forum for Harmful Tax Practices (FHTP) and looks forward to the OECD FHTP officially removing the relevant recommendation at its upcoming meeting in April. This should result in Bermuda being removed from Annex II at the next EU Economic and Financial Affairs Council (ECOFIN) meeting in October.

David Hart, BDA CEO, said, “Bermuda prides itself on being a blue-chip financial services jurisdiction, particularly around global (re)insurance, and is committed to cooperation and compliance in global tax standards. According to the Bermuda Monetary Authority’s (BMA) 2020 Annual Report, Bermuda’s (re)insurance market was home to over 1,100 (re)insurers writing gross premiums of roughly US$197.5 billion and holding capital and surplus of roughly US$313.5 billion. As a result, Bermuda is an active contributor to the EU, and is a global leader in regulation and technical compliance.” 

According to commercial market claims data collected in June 2021 by the BMA, Bermuda (re)insurers paid out US$29.3 billion to EU policyholders and cedants for property and casualty losses and life insurance claims during the five-year period from 2016 to 2020. In addition, a 2017 survey by the BMA showed that during the 20-year period from 1997 to 2016, Bermuda (re)insurers paid out US$35.9 billion to EU policyholders and cedants. These two surveys, when taken together, show that Bermuda (re)insurers paid out over US$60 billion to EU policyholders and cedants since 1997.

In November 2015, the European Commission declared the BMA’s commercial (re)insurance regulatory regime to be fully equivalent to the EU’s Solvency II framework – one of only two third countries deemed to be fully equivalent across all three areas of Solvency II.  

In addition, in January 2020, Bermuda was confirmed as a global leader in Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) after our regulatory regime was assessed by the Caribbean Financial Action Task Force (CFATF), and the global inter-governmental Financial Action Task Force (FATF). Out of the more than 75 Mutual Evaluation Reviews (MERs) published at that time, Bermuda ranked first against the technical compliance requirements, with 39 of the 40 FATF Recommendations rated as compliant or largely compliant; was in the top six for overall level of effectiveness; and was one of only two jurisdictions with a high level of effectiveness in relation to its risk assessment and domestic coordination mechanisms.

John Huff, CEO of Association of Bermuda Insurers & Reinsurers (ABIR) said, “Bermuda’s leading insurers and reinsurers support the priority of people and processes to fulfill international commitments on governance and transparency and anticipate international recognition of Bermuda’s progress. As the initial Bermuda group encouraging an economic substance regime, ABIR members appreciate Bermuda’s rich tradition of leading on international standards and the benefits to the Bermuda economy of the elimination of less than compliant entities. ABIR members have led the Bermuda economy with $8.5 billion of economic substance contribution in the last decade driven by salaries, services and physical presence on island and look forward to full economic substance implementation to further support the local economy.”

Richard Winchell, Executive Director, Association of Bermuda International Companies (ABIC) said, “We are very disappointed to see that the EU Code of Conduct group has placed Bermuda on Annex II. Bermuda is an internationally preferred domicile, our companies meet and exceed economic substance measures, we are a world leader in AML/ATF scoring and we are committed to transparency. We understand that the OECD FHTP Forum will, during their next meeting in April, review Bermuda’s progress with a view to removing the recommendation pertaining to the exchange of information. It is then anticipated that Bermuda’s commitment to address the recommendation will be removed from Annex II during the next EU Council meeting scheduled for October. “

Martin Laframboise, Executive Director, Bermuda International Long-Term Insurers and Reinsurers (BILTIR), said, “Bermuda’s life sector has experienced healthy growth in recent years, thanks to the island’s strong regulatory environment that protect our cedants and policyholders. Bermuda has been globally recognised as a premier financial jurisdiction, evidenced by its full Solvency II equivalency since 2016, National Association of Insurance Commissioners (NAIC) Qualified Jurisdiction status since 2015, and NAIC Reciprocal Jurisdiction status since 2019. Bermuda has been consistently recognised for its transparency and adherence to global tax reporting, AML/ATF, and economic substance compliance requirements.  BILTIR fully supports the actions of the Bermuda Government in addressing the FHTP recommendations.  We anticipate a positive response from the FHTP, as Bermuda continues to cooperate with the Code of Conduct Group and comply with the EU’s tax governance criteria.”

Hamilton, Bermuda, September 7, 2021— The Bermuda Business Development Agency (BDA) announced today that Mr. David Hart has been appointed as the new Chief Executive Officer (CEO) of the BDA effective 1 October 2021.

Through collaborations with public and private sector partners these efforts contributed to Florida creating one of every 11 jobs in the United States, attracting $1.19 million in capital every hour, and recently becoming ranked as the 15th largest economy in the world.

Mr. Hart said, “I am very excited and honoured to be joining the BDA team. The BDA’s mission of fostering sustainable, equitable prosperity for Bermuda, and encouraging jobs, investment, and innovation to come to the Island, has never been more important.  I am thrilled to join a world-class team and accelerate our efforts to bring investment and jobs to Bermuda.  Bermuda’s track record of leadership on a global scale, access to world markets and talented pool of human capital are significant strengths as we seek to diversify Bermuda’s economy and support our trading partners worldwide.”

Stephen Weinstein, BDA Chair said, “On behalf of the Board of Directors, we welcome Mr. Hart to the BDA and the Bermuda community at this critical time. His leadership, communication skills, and deep experience in economic development and public policy, are perfect fits for our next stage of challenges and growth.”

“We thank Roland Andy Burrows for nearly three years of dedicated service as CEO,” Mr. Weinstein said. “Under his leadership, the BDA helped navigate Bermuda through one of its most trying economic periods and we wish him well in his future endeavours.” 

Mr. Burrows will continue to support the agency as a senior consultant through year-end to support the leadership transition. 

Mr. Burrows said,  “The BDA plays a vital role in promoting Bermuda. I am proud of what the BDA has achieved since December 2018 and will continue to support its mission.”

Mr. Hart’s new appointment highlights the Board’s and the BDA’s continued commitment to international business development. With an aim to increase international investment through innovation, strategic partnerships and targeted marketing of Bermuda’s world-class business platform, the BDA has also created a new Business Development Committee chaired by BDA board member George Thomas. Mrs. Susan Pateras, BDA Deputy Chair has been appointed Interim CEO and will oversee operations until Mr. Hart commences service.  Mr. Hart’s service in Bermuda is subject to Bermuda Immigration approval.

Hamilton, Bermuda, August 9, 2021 — The Bermuda Business Development Agency’s (BDA) first Bermuda Angle Webinar is now available on the BDA’s YouTube channel.

Top takeaways from this virtual event, viewed by over 100 registrants on July 21, included Bermuda’s Minister of Finance, the Hon. Curtis L. Dickinson, JP, MP, and BDA Deputy Chair, Susan Pateras, discussing how Bermuda is set to become the world’s climate risk finance capital.

“Bermuda is known as being the world’s risk capital and we have a large number of insurance and reinsurance companies here who operate out of Bermuda,” Minister Dickinson said. “Many of these companies, especially in the Property & Casualty (P&C) space, provide coverage for catastrophes all over the world. Climate risk is a natural extension.” 

For example, it was recently announced that Bermuda (re)insurers may end up incurring as much as 20% of the industry losses from Winter Storm Uri, which wreaked havoc in the southern region of the US, particularly Texas, in February 2021.

In relation to a proposed global minimum corporate tax, the Minister said, “We have seen recently, developments at the Organisation for Economic Co-operation and Development (OECD) with respect to global tax. That, of course, is in a fairly early stage and what the final product of that exercise will be, is yet to be determined. We will continue our advocacy with respect to how we think this should be done in a way that makes sense, without creating any undue harm.”

The next edition of the Bermuda Angle Webinar Series, discussing climate risk finance, will air in September 2021. The moderator will be BDA Chair, Stephen Weinstein and will feature panellists from the Association of Bermuda Insurers and Reinsurers (ABIR), Alternative Investment Management Association Limited (AIMA) Bermuda and the Bermuda Monetary Authority (BMA). Click here to register.

Hamilton, Bermuda, July 20, 2021 – The Bermuda Business Development Agency (BDA) is proud to announce the launch of our unique virtual conference centre, BDA Live.

Giving a true on-Island feel, upon entering ‘BDALive.bm’ attendees come face to face with a contemporary, multi-storey Bermuda office building. Conference attendees can either meet with clients in pre-arranged private meeting spaces or pass under a traditional moon-gate to access our water-side lounge where they can learn more about what Bermuda has to offer. Upon entering the building’s main lobby, visitors can access live thought-leadership sessions to hear about the latest industry hot topics or attend networking sessions. 
 
Roland Andy Burrows, BDA CEO said, “While the BDA has already begun to go back out on the road to promote Bermuda, we also recognise that many people are still unable to travel. As a result, we decided to take a hybrid approach, and have constructed a virtual conference platform to stay connected and engaged with our network of global clients and key stakeholders. Please contact us if you wish to discuss hosting your future virtual events on BDA Live.”  
 
The first event to utilise BDA Live will be our inaugural Bermuda Angle Webinar entitled: ‘The Bermuda Story:  Our Unique Advantages’ featuring the Minister of Finance, the Hon. Curtis L Dickinson, JP. MP, along with accomplished insurance professional and BDA Deputy Chair Susan Pateras. Click here to register for this free event and hear important updates about why Bermuda remains a best-in-class financial services centre. 
 
Credit for images of Bermuda shorts goes to TABS – The Authentic Bermuda Shorts. 

Hamilton, Bermuda, July 16, 2021 — The Bermuda Business Development Agency (BDA) is pleased to launch its Bermuda Angle Webinar Series. The Series will focus on providing thought leadership and insights from key business leaders in Bermuda and other markets.
 
The BDA’s first Bermuda Angle Webinar is entitled: ‘The Bermuda Story:  Our Unique Advantages’ and features the Minister of Finance, the Hon. Curtis L Dickinson, JP. MP, along with accomplished insurance professional and BDA Deputy Chair Susan Pateras.
 
Roland Andy Burrows, BDA CEO said, “We invite the public to attend our inaugural Bermuda Angle webinar on July 21 at 12.30 p.m. ADT. We are extremely fortunate to have the BDA’s Deputy Chair, Susan Pateras asking the Minister about the island’s economic recovery amidst the COVID-19 pandemic, and why Bermuda remains a highly respected, world-class financial services centre.”
 
Susan Pateras said, “I am excited to participate in this very timely webinar as we talk economic recovery, discuss various initiatives and explore what’s next for our jurisdiction as we continue to contribute in innovative ways to Bermuda’s economy.”
 
Mr. Burrows continued, “In future months, the Bermuda Angle Webinars will cover Bermuda market offerings such as climate risk finance, the Government’s economic investment certificate/work from Bermuda initiatives, ESG-investment, and cyber-risk,”
 
The Bermuda Business Development Agency continues to connect the world with Bermuda’s premier financial services platform.
 
Click here to register for ‘The Bermuda Story:  Our Unique Advantages’ and engage with global thought leaders.

Hamilton, Bermuda, June 2, 2021 — After over a year of staying connected virtually, the Bermuda Business Development Agency (BDA) is back on the road for direct engagements in Miami, Florida this week.

Meetings will be held with senior representatives from the Florida Chamber of Commerce, Enterprise Florida, Miami-Dade Chamber of Commerce, and Greater Miami Chamber of Commerce, as well as other business leaders to build upon the current important economic relationship between Bermuda and the United States, particularly Florida, as well as future opportunities.

In addition, talks to discuss areas of mutual collaboration and potential challenges, will also be held between members of the Bermuda delegation and Florida state officials, including the Mayor of Miami, Francis Suarez. 

Bermuda’s delegation will include the Premier of Bermuda, the Hon. E. David Burt, JP, MP. The Bermuda Business Development Agency (BDA) is represented by Roland Andy Burrows, CEO; Stephen Weinstein, BDA Chair; and Lynesha Lightbourne, Business Development Manager for Asset Management and High Net Worth Services.  The BDA has organised an official dinner and luncheon for invited guests, on June 1 and 2, respectively. John Huff, President & CEO of the Association of Bermuda Insurers and Reinsurers (ABIR) will also be in attendance, reinforcing the significant economic ties created between Florida and Bermuda after Bermuda (re)insurers enabled Floridians to purchase property insurance post-Hurricane Andrew.

Building on our three decades of experience helping the world’s largest and riskiest markets, such as Florida and its $1.0 trillion economy, close the insurance protection gap, we are focused now on also helping our partners address the climate risk protection gap. Bermuda’s commitments to collaboration, cooperation and innovation will help Floridians to export their climate-related risk to Bermuda and continue to weather whatever storms may lie ahead in the decades to come.”

 ABIR is energised by the tremendous support and commitment from Florida business, community and government leaders to work together to strengthen this reliable partnership between the Bermuda market and Florida to keep insurance and reinsurance affordable and accessible for Florida homeowners and businesses.” 

Hamilton, Bermuda, May 21, 2021 — Bermuda was featured in Newsweek’s latest country report as part of the outlet’s ‘live and work’ series. The report covers Bermuda’s efforts to relaunch its tourism sector and build a future-proof economy through the convergence of innovative technologies and financial services. The report will be published in the international version of Newsweek in over 55 countries and will be live on Newsweek.com. The report features commentary from government and business leaders, including Bermuda’s Premier the Hon. E. David Burt, JP, MP; Finance Minister, The Hon. Curtis L. Dickinson, JP, MP; Bermuda Business Development Agency (BDA) CEO Roland Andy Burrows; BDA Chairman Stephen Weinstein; Bermuda Monetary Authority (BMA) Deputy CEO Craig Swan; and AXIS Capital CEO Albert Benchimol.

The report includes 21 interviews that highlight the strength of Bermuda’s business industry and economy and details the strategies the country has employed to direct the economy in a post-pandemic society.
 

Mr. Burrows said, “In this special report, readers will learn how Bermuda is a safe and stable jurisdiction with a pro-business environment that embraces innovation. Through initiatives such as the Economic Investment Certificate (EIC) and the Bermuda tech summit, Bermuda has crafted various options for business leaders around the world to experience the Bermuda difference and to do business here. The BDA remains committed to supporting business development in Bermuda and advocating internationally on Bermuda’s behalf, positioning it as the jurisdiction of choice to do business, especially climate risk finance.”

Newsweek’s live and work series examines the world’s most successful citizen by investment programmes and explores the global talent migration phenomenon. Through its EIC and Work from Bermuda Certificate initiatives, Bermuda has attracted professionals and high net worth individuals to relocate to and work from Bermuda. The jurisdiction’s thriving business sector, innovative and sophisticated culture, and beautiful natural setting make for an ideal living and working environment, further cementing Bermuda as a top business destination.

The Hon. Curtis L. Dickinson, JP, MP, Bermuda’s Minister of Finance said, “For those who are looking to start a business here, whether it’s in the insurance/reinsurance industry, or any other industry, they can hit the ground running fairly easily. Bermuda is not only a safe place to work from, we are a jurisdiction that has built our reputation for being a place that does good business with good people.”

“The government, the regulator and industry have a fantastic and long-standing relationship of collaborating. These three stakeholders are all located within one mile of each other; enabling people to get together to get things done. For me, there is no better place in the world to have a successful career and raise a family.”
Erica Smith, Executive Director, Bermuda Economic Development Corporation (BEDC) said, “Bermuda’s proximity to the United States makes our Island a perfect jurisdiction to conduct business or to vacation.  We have a preeminent banking and insurance industry and an infrastructure that lends itself to easy access to imported goods. Bermuda can be considered one of the most beautiful places in the world, which creates an attractive environment for visitors and those considering relocating here for work.”

Arthur Wightman, Territory Leader, PWC Bermuda, said “This is a very innovative and dynamic place, and at the same time, well-regulated. That gives investors the confidence to raise billions of dollars of capital in Bermuda. This symbiosis between the commercial and regulatory landscapes allows agility, speed to market and customer responsiveness and at the same time global regulatory excellence. This fosters a solution-oriented approach to some of the world’s largest protection gap challenges all under the regulatory incubation setting championed by the Bermuda Monetary Authority.”

To view the Bermuda Newsweek country report, click here.

Hamilton, Bermuda, May 3, 2021 — Effective May 3, Bermuda’s Business Development Agency (BDA) has appointed a new Director of Communications & PR. 

Mr. Burrows said, “For the last decade, Stuart has supported the BMA’s supervisory departments, assisting them to communicate about their unique brand of regulation and supervision of Bermuda’s globally-important financial services sector, especially insurance/reinsurance.”

“Not only does Stuart bring valuable experience communicating about Bermuda’s best-in-class financial services regulatory environment but he has also worked in the marketing & communications department of Butterfield Bank, and is a former journalist, having worked at The Royal Gazette,” he said.

Prior to returning home to Bermuda, Stuart received two degrees from the University of St. Andrews in Scotland, UK.

Hamilton, Bermuda, March 30, 2021— The annual International Business (IB) Week commenced yesterday with a new digital campaign, “International Business is Everyone’s Business”. The campaign will promote scholarships and career opportunities in IB available to young people as well as highlight how the island’s global corporations supported the economy and wider community throughout the challenges of the COVID-19 pandemic.

The campaign, which includes portrait photography by award-winning Bermudian Meredith Andrews, will run on social channels throughout the year. The success stories of four young and talented Bermudians who work in the sector – Kimika Jackson, Jevon Swan, Amon Wedderburn and Kaisha Wilson – are highlighted on the website with Maha Clarke, Chen Foley, Cara Johnston and Teree Tucker also featuring in the campaign, all of whom are successful ABIC scholars.

A virtual quiz will also be held for the island’s middle schools, in place of hosting school visits to comply with current safety measures, and provides an engaging way to build on ABIC’s ongoing work with teachers to create international business curricula geared to this age group.

Patrick Tannock, Chairman of the Association of Bermuda International Companies (ABIC) and CEO of AXA XL’s Bermuda Insurance Operations, said: “IB Week is not just about putting the spotlight on the sector, which is something ABIC has been doing for the past 50 years. It is also about connecting with all stakeholders in the community to build a better understanding of what IB entails and why it is so important to Bermuda’s economic recovery, stability and advancement as a leading business jurisdiction. After all, we are all in this together – International Business is as critical to Bermuda as Bermuda is to International Business. At ABIC, we have long recognised the importance of developing our local talent pool and ensuring the participation of Bermudians in the International Business sector. We are proud to have supported more than 700 Bermuda students with college scholarships, many of whom now hold leadership positions.

“In the last 10 years alone, our members have invested more than $5.5 million in the education of Bermuda’s young people and we plan to continue to do so well into the future.”

This year IB Week runs from March 29 and is led by ABIC in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR), Bermuda International Long Term Insurers and Reinsurers (BILTIR) and the Bermuda Business Development Agency (BDA).

John Huff, President and CEO of ABIR, said: “During the first six months of 2020, our member companies contributed $3.1 million of support for Bermuda charities and Bermudians represent over 72% percent of ABIR’s member workforce. While ABIR member companies serve a global community they remain committed to supporting and investing in the island’s economy and her people. We are here today, and we will be here tomorrow – driving economic growth with the support of our strong Bermuda workforce.”

Shelby Weldon, Executive Director of BILTIR, said: “I’m incredibly proud to say that BILTIR and its member companies contributed over $4m in donations to a range of deserving projects across the community in 2020. The life reinsurance sector also supported more than 50 initiatives, including volunteering, fund-raising, sponsorships, scholarships, mentoring and donations to local causes and schools. Bermuda life insurers play a critical role in the global industry and it is a sector that continues to grow with new companies establishing themselves on island, underscoring the opportunity in this space.”

Roland Andy Burrows, CEO of the BDA, said: “2020 presented enormous challenges for everyone, and while challenges still remain, the international business sector demonstrated its resilience, stability and continued commitment to Bermuda. The sector is not only the island’s key economic driver, it is absolutely vital to our economic recovery and future growth. The global corporations, industry associations and individuals involved have given generously, financially and otherwise. And importantly they continue to give our young people real opportunities to succeed and realise their aspirations in a number of industries where Bermuda sets the global standard.”

To find out more about IB Week, visit www.bda.bm/ib.

About ABIC
ABIC is the voice of international business in Bermuda, representing more than 100 international companies incorporated in Bermuda. ABIC’s membership represents all sectors of international business and its support services including, insurance and reinsurance, managers and brokers, investment managers, banks, accounting, audit firms, pharmaceuticals and shipping. For more information, please visit: www.abic.bm

About ABIR
The Association of Bermuda Insurers and Reinsurers (ABIR) represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries. Bermuda is an internationally recognised center of global expertise on underwriting for catastrophe, climate risk and cyber-risk transfer products along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.

About BILTIR
BILTIR is committed to supporting the long-term insurance and reinsurance industry’s growth and success in Bermuda and globally. Visit www.biltir.bm.

About BDA
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial. Visit www.bda.bm and follow us at @investbermuda.

Hamilton, Bermuda, February 10, 2021—The Bermuda Business Development Agency (BDA) has released its 2020 End-of-Year report, providing an overview of its key achievements during a challenging yet transformative calendar year.

Despite a complex and fast-changing environment, the BDA delivered on its mandate and, as the review highlights, assisted in the incorporation of 20 new entrants to the market through its designated business concierge service – including three class 3A commercial insurers, a high-net-worth family office, an investment fund, a digital asset business and a technology incubator.

Roland Andy Burrows, CEO of the Bermuda Business Development Agency, said: “2020 has been an incredibly challenging year and I am immensely proud of our achievements, all of which were possible thanks to the hard-work and dedication of the entire team. I also want to thank our partners and stakeholders for their continued support and collaboration.”

With the onset of the global pandemic in March, the BDA seamlessly adapted to a remote working model and focused on driving digital initiatives to continue to communicate with clients and markets worldwide. In addition to promoting Bermuda’s business continuity and operational resilience, the BDA produced 15 webinars with globally recognised partners, including RIMS, the risk management society, and customised an online platform to host the first virtual Bermuda Tech Summit. These online events attracted more than 3200 registrants from 59 countries.

Throughout the year the BDA worked closely with public and private sector stakeholders on critical legislative reform. 11 pieces of policy and legislation were progressed to underpin and advance growth of existing and new sectors in the economy. This included modernising certain provisions to support growth opportunities in Asia with the Bermuda Bar Amendment Act 2020.

The purpose of this legislation is to provide a clear legal framework for law firms in Bermuda to use registered associates working overseas as resources to attract and service overseas clients on matters governed by Bermuda law. Bermuda-based law firms have taken up the opportunity to expand their teams accordingly.

Notably, 2020 also saw the introduction of the new Work from Bermuda One-Year Residential Certificate on 1 August, offering non-residents the opportunity to reside in Bermuda to work or study remotely for a full year. The BDA continues to work with the Government and the Bermuda Tourism Authority to promote the Work From Bermuda initiative. With its social media campaign, the BDA has generated 2.7 million social media impressions to date, more than 5,800 clicks to the website and has assisted more than 160 direct application enquiries.

To ensure Bermuda remained front of mind for global decision makers during this time, the BDA launched a new creative campaign for the jurisdiction, “Bermuda Central”. The campaign highlights how Bermuda sets the standard for many global industries under a clear, unifying theme. It has generated 1.2 million social media impressions to date and international visitors to the BDA’s website, which was also updated and revised this year with new content, have increased by 27%.

Roland Andy Burrows added: “In light of COVID-19, our focus on supporting the Bermuda-based businesses and investors who are already contributing to our economy was heightened, all the while continuing to advocate for the jurisdiction internationally. Although it was a year like no other, Bermuda’s international business sector has once again proven its resilience and there is reason for optimism in 2021. While it is inevitable there will be challenges this year, and external factors will need to be navigated, we look forward to driving a post-COVID economic recovery.”

The 2020 End-of-Year Review can be found at https://www.bda.bm/annual-report-2020/

Contact:

Nicola Stevens – nstevens@bda.bm

Hamilton, Bermuda, February 4, 2020 —The Bermuda Business Development Agency (BDA) has elected a new Deputy Chair, Susan Pateras, effective immediately, and reappointed Fiona Beck as Treasurer. Board members have also been assigned to the BDA’s standing committes focused on audit, compensation, and governance and nominations.

Stephen Weinstein, Chair of the BDA, said: “I congratulate Susan Pateras and Fiona Beck on their election to these important roles and have every confidence they will provide rigorous oversight to advance the BDA’s mission. At a time like no other, the BDA board remains focused on delivering long-term, sustainable value to all stakeholders. Our strategy, and key priorities, continue to be informed by the risks and opportunities presented to Bermuda’s international business sector – particularly in light of COVID-19 and other external factors, including international trade discussions, evolving regulatory requirements and the pressing need for climate action. The entire BDA board is excited for Bermuda’s future and the central role the BDA can play in enhancing and championing our world-class jurisdiction.”

Susan Pateras joined the BDA board in 2020 bringing more than two decades of insurance industry experience across London, New York, and the Bermuda marketplace. Previously, Susan was COO of Liberty Specialty Markets (Bermuda) and has worked as a Senior Vice President at Integro Bermuda Ltd. and Willis Bermuda Ltd., and was Vice President for Marsh New York’s Global Broking Healthcare Unit. She holds a BBA from Temple University, with a dual major in Risk Management Insurance and Business Law, and serves on the board of The Association of Bermuda International Companies (ABIC) and Bermuda Overseas Missions, a non-profit providing Bermuda’s youth with an opportunity to make a positive impact both locally and globally.

Fiona Beck has been a member of the BDA board since 2016. Fiona is an experienced non-executive director, currently serving on the boards of several infrastructure and technology companies and on the audit committees of publicly listed companies. Fiona was Chair for the telecommunications group of the America’s Cup Bermuda Ltd.- delivering key telecommunication requirements for the 2017 America’s Cup. She served as past president and CEO of Southern Cross Cable Network, a multi-national telecommunication company, and is also past president of Sub Optic, the industry body for the global submarine cable sector.

For more information about the Bermuda Business Development Agency, visit www.bda.bm.

ENDS

CONTACT:

Nicola Stevens

nstevens@bda.bm

Hamilton, Bermuda, December 21, 2020—The Bermuda Business Development Agency (BDA) has elected a new Chair, Stephen Weinstein, and two new members, Michael Hanson and George Thomas, to the company’s board of directors effective immediately. 

Stephen Weinstein previously served as BDA Deputy Chair and will depart RenaissanceRe as Executive Vice President, Group General Counsel, Corporate Secretary and Chief Compliance Officer on December 31, 2020 to serve as an advisor. He succeeds Paul Scope, Chairman of Willis Towers Watson Bermuda, who is stepping down from the BDA board after seven years of service  – the last three as Chair – having been a member since its inception in 2013. Additionally, Kiernan Bell, a former BDA Chair and likewise a founding member of the board, is also retiring from her position. 

Paul Scope said: “I congratulate Steve, Mike and George on their appointments and have every confidence in their abilities to advance the BDA’s mission. They are stepping up at an incredibly significant moment for Bermuda’s international business sector and I remain bullish about its future. I pay tribute to all my fellow board members, past and present, who volunteer their time and efforts because they care deeply about Bermuda’s economic welfare and want to do their part. For me personally, it has been a great honour and a privilege to serve Bermuda in this capacity and I will continue to champion the jurisdiction in every way possible.”

Stephen Weinstein said: “I extend my sincere thanks and appreciation to Paul and Kiernan, both of whom have played an integral role not only in contributing to the BDA’s development but to the jurisdiction as a whole. 

“I am pleased to welcome Mike and George, internationally-recognised advisors in their fields of expertise, and look forward to working with them. I have no doubt they will bring valuable knowledge and insights as we work together to identify and pursue opportunities for growth. Bermuda’s unrivalled experience in matching risk and capital, combined with its internationally respected regulatory standards and innovative track record, means it is well-positioned to play a meaningful, global role across a range of industry verticals , ranging from our traditional strengths in risk solutions to the emergent, pressing needs of climate risk finance.  Our entire Board is committed to supporting the BDA executive team and our partners in advancing this mission and supporting sustainable, equitable prosperity in Bermuda.”

Michael Hanson is the managing partner of Carey Olsen Bermuda and sits on the executive board of the Carey Olsen Group, one of the largest offshore law firms (with offices in Singapore, Jersey, Guernsey, Hong Kong, Cape town, BVI, Cayman Islands and London). Michael established the Bermuda office just over three years ago and has overseen its rapid growth. 

Prior to establishing Carey Olsen Bermuda in 2017, Michael was partner and head of the employment and immigration team at another offshore law firm in Bermuda after practicing law in the UK for almost 10 years. He has significant expertise in multijurisdictional crisis management, corporate, employment and regulatory investigations, complex executive disputes and executive benefit and incentive programs.

George Thomas brings over 30 years of experience in investment banking, institutional capital market structure, asset management, financial technology, commercial banking, and internal audit at a broad range of financial services firms in Bermuda, North America, Asia and Europe. Currently, George is the Chief Operating Officer of XB Market Ventures, a global fintech firm, headquartered in Bermuda, that develops digital asset market infrastructure and provides strategic advisory services. 

Since 2007, he has served on alternative asset management boards for Omni Partners, a global multi-strategy investment management firm based in London. He also serves as Vice Chairman for Waterstart Ltd, a Bermuda Registered Charity focused on professional development for Bermudians and promoting environmental awareness, and is a board member for FlexPaths, a certified women-owned business that has been driving workplace mobility, diversity and innovation since 2005. George is a guest lecturer at Harvard Law School on cybersecurity disclosure considerations for public companies.

For more information about the Bermuda Business Development Agency, visit www.bda.bm. 

ENDS

 FOR IMMEDIATE RELEASE 

Hamilton, Bermuda, July 24, 2020—The Bermuda Business Development Agency (BDA) has launched “Bermuda Central” – a creative campaign for digital and print media designed to highlight how Bermuda sets the standard for many global industries under a clear, unifying theme. 

Featuring striking photography of both the island and the world, “Bermuda Central” aims to ensure the jurisdiction remains front of mind for international executives, investors, advisors and decision-makers across key overseas markets. 

Playing on the island’s geographic location, together with the strengths of the jurisdiction, the campaign positions Bermuda as “The Middle of Everywhere”. It is led off by the story of “Continuity Central”, a theme which makes the point that Bermuda is open for business and has been supporting global clients throughout the pandemic. The campaign then moves on to focus on three further jurisdictional stories: “World Central” (emphasising the island’s superb global business ecosystem), “Transparency Central” (highlighting Bermuda’s gold-standard regulatory and compliance regime) and “Talent Central” (underlining the depth and the quality of available human capital). The campaign also promotes three relevant industry themes: “Risk Central”, “Tech Central” and “Family Central”. 

“It is critical that we continue to actively engage with the clients and markets we serve around the world. This is a creative and targeted way of doing so to complement other efforts. The simplicity and flexibility of this campaign’s message allows us to put the spotlight on many different aspects of Bermuda and can be expanded across other areas where the jurisdiction is a major global player, for example “Capital Central”, “Trust Central” and “Shipping Central”, to name but a few,” said Roland Andy Burrows, CEO of the BDA.

“Bermuda’s international business community has adapted to the current environment and the BDA is no exception. One area of focus has been on ensuring we continue to inform the important conversations and facilitate connections to put Bermuda in the best possible position through and beyond the pandemic. As we are seeing an increased consumption and appreciation of digital content, this campaign will primarily use social media and online channels to continue to get Bermuda’s message out to our international audience.” 

Since April the BDA has hosted a number of industry webinars, partnering with RIMS for a five-week series which attracted 900 registrants and involved 21 local stakeholders in addition to the Bermuda Healthcare Forum, Captive Review and the Alternative Investment Managers Association (AIMA) Bermuda. 

On Wednesday this week the Minister of Finance, the Bermuda Monetary Authority and industry experts joined Bermuda Re+ILS and Intelligent Insurer to discuss Bermuda’s response to Covid-19 and the new normal during an informative webinar to more than 200 participants from 14 countries. 

Representatives from the U.S. House Select Committee on the Climate Crisis and the National Wildlife Federation also joined the BDA this week for a virtual and timely discussion on climate risk mitigation and resilience strategies. Bermuda’s global role in the deployment of capital and risk transfer capacity was highlighted in addition to the technical leadership it can provide with data and research from the Bermuda Institute of Ocean Sciences (BIOS) and other institutions. 

With a refreshed website and dedicated webpage for Covid-19 resources, enabling businesses to easily access information such as industry updates from the Bermuda Monetary Authority and the Bermuda Registrar of Companies, in May the BDA also produced a Bermuda: Business Continues film. 

Featuring user-generated content from both the private and public sector, in just five days the film clocked up more than 23,000 views with engagement from key target markets including London, Toronto, New York and Bermuda. 

Participants included the Association of Bermuda International Companies (ABIC), the Association of Bermuda Insurers and Reinsurers (ABIR), Argo Group, Bermuda International Long Term Reinsurers and Insurers (BILTIR), Butterfield Group, Carey Olsen, HSBC Bermuda, KPMG, Liberty Global Group, Marsh, The Government of Bermuda London and Brussels office and Walkers Bermuda. 

“I would like to take this opportunity to thank all of our stakeholders for continuing to support and participate in the BDA’s initiatives on behalf of the jurisdiction, including local business partners Burnt House, Cosmic and DesignLAB. The BDA team remains fully operational and highly-engaged with both government and industry to further promote and enhance Bermuda’s offering for businesses operating globally.” said Roland Andy Burrows, CEO of the BDA. 

For more information, visit bda.bm. 

CONTACT: 

Nicola Stevens 

nstevens@bda.bm 

+1 441 292 7774 

CONNECTING BUSINESS 

The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial. 

The CFI.co judges have conferred Bermuda Business Development Agency (BDA) the 2020 award for Best Direct Investment Partner North America 2020

Highlights of the judging panel’s findings include:  

The judging panel’s full report:

Bermuda Business Development Agency (BDA): Best Direct Investment Partner North America 2020

Bermuda is rightly famous for having pink sand beaches and more golf courses than you can shake a putter at, but it’s just as highly regarded as an international financial centre. The Bermuda archipelago covers just 32 square kilometres and can be reached by direct flights from New York, London and Toronto — easy access for international businesses. Over the past seven years, Bermuda Business Development Agency (BDA) has promoted and encouraged inward direct investments that have strengthened the economy as well as the island’s business-friendly reputation and gold-standard regulatory framework. The agency serves as a facilitator and first point of contact for those interested in setting-up, re-domiciling or expanding business operations. The BDA stresses the ease of doing business in Bermuda, with a favourable tax system and a collaborative relationship between government and industry. Bermuda boasts one of the world’s highest GDPs per capita, with international business and tourism serving as the key drivers of the economy. Island residents enjoy world-class infrastructure, including excellent transport and telecommunications. The island’s location in the North Atlantic makes it an ideal time zone for serving global markets. Bermuda BDA engages with the global community — and blue-chip companies in particular — to promote the island’s advantages. It understands what industries need and liaises with the government and independent financial services to advocate mutually beneficial solutions. In 2019, the BDA assisted 31 new corporate arrivals and collaborated on the advancement of seven legislative acts to support a broad range of existing industries and open avenues for future diversification. The CFI.co judging panel presents Bermuda Business Development Agency with the 2020 award for Best Direct Investment Partner (North America).

Roland Andy Burrows, CEO of the BDA, said: “This award is testament to the hard-work and commitment of the entire team at the BDA, including our board members who volunteer their time and efforts to advocate for Bermuda as a world-leading financial jurisdiction. Together, with our stakeholders, we work to encourage inward direct investment to benefit the island’s economy and ensure Bermuda’s legislative and regulatory framework remains the gold standard. We are delighted to have been acknowledged by Capital Finance International. The announcement of the award is positive news for everyone and comes at a time when the BDA is indefatigable in its efforts to deliver for our partners, not only in North America but domestically and internationally, during these challenging times.”

For further information, please contact:

Editorial Team

Tel +44 (0)203 137 3679

Email: editorial@cfi.co

About Bermuda Business Development Agency (BDA)

The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. www.bda.bm

About CFI.co 

CFI.co is a print journal and online resource reporting on business, economics, and finance. The journal recognises that the traditional distinction between emerging and developed markets is now far less meaningful as world economies converge. Headquartered in London, the world’s most multicultural city, CFI.co covers and analyses the drivers behind that change. Combining the views of leading multilateral and national organisations with thought leadership from some of the world’s top minds – CFI.co’s dedicated editorial team ensures that readers better understand the forces influencing and reshaping the global economy.

About the CFI.co Awards Programme

Each year, CFI.co seeks out individuals and organisations that contribute significantly to the convergence of economies and truly add value for all stakeholders. Reporting from frontlines of economies on the move, CFI.co realises that best practice is to be found throughout the world. The Awards Programme aims to identify and reward excellence wherever it is found. The programme aims to inspire others to further improve their own performance.

Contacts

Hamilton, Bermuda, May 06, 2020— Jamari Douglas, Marketing Director at the Bermuda Business Development Agency, has been accepted into Forbes Communications Council, an invitation-only community for executives in communications, marketing, and public relations.

“We are honoured to welcome Jamari into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes Forbes Communications Council. “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.”

Finally, Jamari will benefit from exclusive access to vetted business service partners, membership-branded marketing collateral, and the high-touch support of the Forbes Councils member concierge team.

Commenting on his recent acceptance, Jamari Douglas, said, “I am delighted to join the distinguished Forbes Communications Council. Having the opportunity to work with international leaders in the marketing industry will help to build important and valuable relationships that will benefit my continued professional development and the work of the Bermuda Business Development Agency. I look forward to learning more with access to information on the latest market trends and developments while also contributing thoughts and insights from a Bermuda perspective.” 

About Forbes Councils

Forbes Councils is a collective of invitation-only communities created in partnership with Forbes and the expert community builders who founded Young Entrepreneur Council (YEC). In Forbes Councils, exceptional business owners and leaders come together with the people and resources that can help them thrive.

For more information about Forbes Communications Council, visit forbescommcouncil.com. To learn more about Forbes Councils, visit forbescouncils.com.

About the Bermuda Business Development Agency

The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.

For more information, visit bda.bm.

CONTACT:

Nicola Stevens

nstevens@bda.bm

+1 441 292 7774

CONNECTING BUSINESS

The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.

Hamilton, Bermuda, February 18, 2020— Bermuda has returned to the European Union’s (EU) ‘White List’ of fully cooperative tax jurisdictions.

The decision was made by EU Finance Ministers at the meeting of the Economic and Financial Affairs Council (ECOFIN) in Brussels this morning. Bermuda’s global industry groups have welcomed the news and applauded the efforts of Bermuda’s government in securing a successful result.

The private sector worked collaboratively with government officials, along with the active involvement of the Bermuda Monetary Authority, to implement reforms specifically relating to collective investment vehicles (CIVs). Bermuda’s Economic Substance Amendment (No. 2) Act 2019 came into effect at the start of 2020 to address EU requirements.

Roland Andy Burrows, CEO of the Bermuda Business Development Agency (BDA), Bermuda’s independent economic development public-private partnership, said: “This outcome is testament to Bermuda’s commitment to meet and exceed the highest international standards of regulatory compliance and economic substance. Combined with our world-leading achievements in the Financial Action Task Force assessment, together with Bermuda’s EU Solvency II equivalence and status as a NAIC Reciprocal Jurisidiction in the U.S., Bermuda’s blue-chip transparency and outstanding offering to global business is second to none. I thank Bermuda’s government, regulator and all our industry stakeholders for continuing to ensure Bermuda maintains its world-class regime.”

Stephen Weinstein, Deputy Chair of the BDA, added: “ECONFIN’s decision is a positive step that will benefit consumers and communities worldwide, reinforcing their efficient, level playing field access to the Bermuda’s unrivaled risk management expertise and substantial financial capacity. We appreciate the efforts of Bermuda government officials, from the Cabinet to the professional staff of its world class agencies, who have engaged to educate global stakeholders regarding Bermuda’s regulatory standards and market practices.”

Bermuda’s global industry associations, representing sectors ranging from re/insurance, captive insurance, trusts and family offices to asset management, all echoed those comments and welcomed the EU decision:

John Huff, President and CEO, Association of Bermuda Insurers and Reinsurers (ABIR)

“The Bermuda Monetary Authority, Bermuda Finance Minister, Bermuda government and Bermuda business community once again demonstrate internationally-recognised regulatory enforcement. From EU Solvency II equivalence, U.S. Reciprocal Jurisdiction status, Financial Action Task Force compliant anti-money laundering regime and now EU Economic Finance ‘white list’ designation recognising Bermuda’s solid work on EU tax good governance and our economic substance framework, Bermuda’s robust regulatory environment is world-class.”

Patrick Tannock, Chairman, Association of Bermuda International Business (ABIC)

“A key component of our value proposition as a jurisdiction is our commitment to transparency and compliance and the collaborative mindset of key stakeholders to ensure that Bermuda remains an international business domicile of choice. The Government, industry and regulators have worked collaboratively over the past two years to build on Bermuda’s proven record to meet the EU requirements for economic substance. Today’s announcement is further confirmation that Bermuda is a high-quality international business jurisdiction, recognised as meeting and exceeding international standards in compliance, regulation and transparency.”

Ronnie Klein, Executive Director, Bermuda International Long Term Insurers and Reinsurers (BILTIR)

“BILTIR is very pleased with the announcement today that Bermuda is officially off of the EU’s Economic and Financial Affairs Council (ECOFIN) ‘grey list’.  We applaud the Council’s reasonable approach of using facts to make its decision.  Along with recent affirmations of being NAIC qualified, Solvency II equivalent and a leader in the fight against anti-money laundering, Bermuda continues to shine as a beacon for the growing life insurance and reinsurance sector.”

Sarah Demerling, Chair, Bermuda’s Alternative Investment Management Association (AIMA)

“AIMA Bermuda has been working with the BMA and the Registrar of Companies in recent months to ensure that Bermuda’s funds regime complied with EU standards. This morning’s news, recognising Bermuda as fully compliant, was very welcome for the jurisdiction and is testament to the hard work of the Committee and also reflects the importance that the jurisdiction places on its commitment to tax transparency and EU tax good governance principles worldwide. It also follows the recent “excellent” endorsement from the Caribbean Financial Action Task Force in the global fight against money laundering and terrorist financing. We are very proud of these successes.”

Leah Scott, President, Bermuda Association of Licensed Trustees (BALT)

“BALT is pleased to learn that Bermuda has now been removed from Annex II (‘grey list’) and added to the ‘white list’. It is impressive that, as a jurisdiction, we have honored our commitment to fair taxation by implementing, ahead of the agreed deadline, all the necessary reforms to comply with EU tax good governance principles. Congratulations to the Minister of Finance, and all those who have provided the necessary expertise, skill and support to get Bermuda back to her place of prestige.”

Hamilton, Bermuda, February 07, 2020— The Bermuda Business Development Agency (BDA) has appointed four new members to the company’s board of directors.

Joining the board are Susan Pateras, COO of Liberty Specialty Markets; Barclay Simmons, Chairman and CEO at Rose Investment Limited and Chairman of the Public Funds Investment Committee;  Marc Telemaque, Secretary to the Cabinet for the Government of Bermuda; and, as an ex-officio member, Leon Thomas, Head of the Business Development Unit for the Government of Bermuda.

Paul Scope, Chairman of the BDA Board, said: “We are very pleased to welcome Susan, Barclay, Marc and Leon to the board. Each new member brings with them a wealth of knowledge and experience that complements the skillset of our current board members and we look forward to their contribution. We are confident they will provide valuable insights, fresh perspectives and vigorous oversight supporting the BDA’s mission to advocate for Bermuda’s economic development domestically and worldwide, encourage inward direct investment to benefit Bermuda’s economy and work with our stakeholders to ensure Bermuda’s legislative and regulatory framework remains the gold standard.”

“We bid a fond farewell to Jessel Mendes, David Cash and Lydia Dickens, all of whom have chosen to retire from the board, and I extend my sincere thanks for the stellar service they have provided. They have been, and continue to be, huge supporters of Bermuda, and the BDA, and we appreciate all of their hard-work and commitment.”

Susan Pateras is an insurance industry expert with more than two decades of experience across London, New York and the Bermuda marketplace. She was appointed COO of Liberty Specialty Markets (Bermuda) in 2018 and is responsible for driving business support and development, strategic initiatives and operational change across the organisation. Mrs. Pateras previously worked as a Senior Vice President at Integro Bermuda Ltd and Willis Bermuda Ltd, and was Vice President for Marsh New York’s Global Broking Healthcare Unit. She holds a BBA from Temple University, with a dual major in Risk Management Insurance and Business Law and serves on the board of The Association of Bermuda International Companies (ABIC) and Ironshore Insurance Ltd.

Barclay Simmons was formerly an investment banker with Goldman Sachs in New York and returned to Bermuda in 2006 as Managing Partner of a leading Bermuda law firm. Previously Chairman at Butterfield Bank, he is currently Chairman of the Public Funds Investment Committee with responsibility for advising on the investment of Bermuda’s pension funds, and Chairman and CEO at Rose Investment Limited, an advisory firm. Mr. Simmons is a graduate of Harvard Business School (MBA), the Inns of Court School of Law and the University of Kent at Canterbury (LLB (Hons).

Marc Telemaque was sworn in as Secretary to the Cabinet in 2018, a position he served previously from 2006-2010. He has been a member of the Civil Service Executive for more than seventeen years. During that time, Mr. Telemaque has served as Secretary for National Security and Permanent Secretary with the Ministries of Tourism & Transport, Public Safety & Housing and Health. He joined the Public Service as Aide-de-Camp to the Governor in 2000 and was awarded the LVO [Lieutenant of the Royal Victorian Order] in 2009.

Leon Thomas has spent over 20 years advising governments and international businesses on policy, regulation and corporate strategy. As Head of the Business Development Unit for the Government of Bermuda, he is responsible for policy and legislative programmes to support and grow the country’s international business sector. Prior to joining Government, Mr. Thomas gained significant experience in North America and the Caribbean working for a multinational professional services firm. He holds an MPA from Columbia University and is a Fellow at the Chartered Management Institute.