BDA Releases 2021 End of Year Report

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BDA Releases 2021 End of Year Report
Agency’s Success in Promoting Bermuda’s Economic Platform Detailed

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:

  • 47 Economic Investment Certificate (EIC) leads generated
  • 13 EIC applications approved for a total investment of $236 million
  • 1,464 new contacts engaged through BDA outreach
  • 357 new leads created

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

  • 31 press releases
  • Six strategic media partnerships with outlets such as Forbes, Country Reports & Newsweek, and Captive Review. 
  • Daily social media posts on Facebook, Twitter, LinkedIn, and Instagram
  • Eight Bermuda Angle newsletters to 17,000+ subscribers
  • Six Bermuda Angle/Central videos 

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:

  • Held 36 conferences and events (27 virtual and nine in-person)
  • Sponsored six virtual conferences 
  • Produced or partnered with other organisations for 21 virtual conferences
  • Totaled 3,039 virtual conference registrations
  • Brought together participants from over 70 countries 
  • Enlisted 187 speakers

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: 

  • Led three climate risk finance roadshows to NYC 
  • Produced a Ber­muda Angle Webinar featuring experts from the Bermuda Monetary Authority (BMA), the Bermuda branch of the Alternative Investment Management Associ­ation (AIMA) and the Association of Bermuda Insurers and Reinsurers (ABIR) with a focus on focusing on climate risk finance 
  • Attended COP26, which included a targeted BDA luncheon, several meetings, and media interviews 
  • Travelled to Lon­don after COP26 to host a reception and breakfast for key climate risk professionals 
  • Created a new climate risk fi­nance webpage and climate central video 

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:  

  • Led a delegation to Miami with Bermuda’s Premier David Burt, President & CEO of ABIR John Huff, and BDA Chair Stephen Weinstein to host several targeted dinners and lunches and hold multiple business development meetings specifically targeting technology and climate risk finance 
  • Hosted the third annual Bermuda Virtual Tech Summit which welcomed nearly 800 delegates from 500 companies across 52 countries

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. 

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