BDA stakeholder update – June 2016: Brand value of America’s Cup

Reports, Sailing, Sports — By on June 29, 2016 at 5:23 PM
BDA CEO Ross Webber

BDA CEO Ross Webber

Brand value of America’s Cup

Brexit may be focusing attention on the eastern side of the Atlantic, but I’d like to reflect a bit on our recent trip to the American Midwest.

Earlier this month, I joined Economic Development Minister Dr Grant Gibbons on a visit to Chicago’s Deputy Mayor Steve Koch. Overlooking the dynamic downtown “Loop” from his fifth-floor City Hall office, we had a wide-ranging discussion on matters of mutual interest. One might not think there are meaningful parallels between tiny Bermuda and Chicago, the third-largest US city with three-million residents, or 10-million if you count the larger “Chicagoland” metro area. Yet, trade, tourism, technology, financial services—and Bermuda’s hosting of the 35th America’s Cup next year—are all topics of great mutual interest.

“I’m angry, ” joked the Deputy Mayor as we sat down, referring to his city’s lost bid to stage the lucrative televised event.

 
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INDUSTRY SECTORS
Business leaders continue to weigh the fallout from the UK’s controversial “Brexit” vote to leave the European Union (EU). The short- and long-term effects on Bermuda and other financial centres remain unclear, despite post-Brexit market dips. BDA CEO Ross Webber stressed Bermuda’s stable, blue-chip advantages remain unchanged, while Bermuda Stock Exchange (BSX) CEO Greg Wojciechowski offered collaborative support to overseas colleagues to help drive the global insurance-linked securities market. Association of Bermuda Insurers and Reinsurers (ABIR) President Brad Kading said Bermuda’s Solvency II equivalency with Europe remains unchanged by the UK vote.
ShippingBDA led a team of government and industry representatives to Posidonia 2016, a major shipping conference in Athens. The biennial event is the world’s largest shipping conference, attracting some 20, 000 attendees, including ship owners, brokers, bankers and investors. Business Development Manager Kevin Richards also attended the 29th annual Marine Money Week in New York City, with local industry representatives. BDA worked with Bermuda-based companies to produce a new booklet on our registry and top-tier expertise.
Captive InsuranceThis month’s Bermuda Captive Conferencebroke attendance records, thanks to 809 delegates, half from overseas. The three-day event at the Fairmont Southampton marked its 12th year, attracting a packed house of attendees from Bermuda, the US, UK, Canada and Latin America, including 147 captive owners. Next year will see the conference shift to the fall to avoid a clash with the America’s Cup, and is scheduled for September 11–13, 2017. Check out photos and AM BestTV videosfeaturing key industry figures at BCC 2016.
LegislatureBermuda’s Supreme Court celebrated its 400th anniversary this month, with a special sitting attended by several legal luminaries. Among the overseas guests were: Donald Lemons, Chief Justice of the Supreme Court of Virginia; Sir Dennis Byron, president of the Caribbean Court of Justice; the UK’s Lord David Pannick; and Sir Scott Baker, president of the Court of Appeal. Governor George Fergusson hosted a dinner for invited guests who received a commemorativebooklet marking the occasion.
Trust & Private ClientA delegation from Bermuda travelled to Geneva in mid-June to promote our jurisdiction’s strengths in the private wealth and family office sectors. A team of seven attended the Private Client Transcontinental Trusts Forum, which attracted industry experts from across Europe. ASW Law’s Nathaniel Turner, Conyers’ Peter Pearman, and BDA’s Sean Moran (above) were speakers. The team also co-hosted a Private Client Dining Club networking event at the city’s Hotel de la Paix.
Insurance-Linked SecuritiesBDA, ILS Bermuda and other industry representatives attended this month’s Trading Risk Conference in London. The BDA held a networking lunch prior to the event, which brought together both international and local partners to discuss business trends and opportunities. Our delegation also joined some 300 attendees at the Trading Risk Awards 2016, at which Bermuda’s presence was noted, underscoring the island’s dominance of the worldwide convergence sector.
Asset ManagementBDA collaborated with local fund industry professionals to produce HFMWeek’s report, Bermuda 2016. The annual booklet gives a jurisdictional overview of Bermuda’s asset management industry and features an in-depth roundtable discussion moderated by BDA Business Development Manager Sean Moran, and panellists KPMG Bermuda’s Craig Bridgewater, Appleby’s Tonesan Amissah, Henry Komansky of Oyster Consulting, and Ken Mahadeo of Apex Fund Services.
ADVOCACY
Bermuda was front and centre at the New York Stock Exchange (NYSE) this month when catastrophe reinsurer RenaissanceRe celebrated its 20th anniversary by ringing the closing bell. The ceremony capped a one-day Recovery & Resilience Leadership Forum staged by the company at NYSE to herald the start of hurricane season. Key agencies, industry, US and New York government, and environmental experts took part. Premier Michael Dunkley delivered an opening speech highlighting Bermuda’s resilience against storms, its global economic contributions, and the island’s close historic links with the US. Click here to see photos.
EVENTS
Countdown to ALARYSLatAm interest in Bermuda is starting to build as this fall’s ALARYS Congress 2016 approaches. The biennial event, sponsored by the BDA, runs September 25–27 at the Hamilton Princess & Beach Club. It will be the third time the Latin American Congress on Risk Management and Insurance has been held in Bermuda, and is expected to draw hundreds of delegates from Bermuda, the US and across Central and South America. Keep current on conference details: follow ALARYS Bermuda 2016 on Facebook and@ALARYSBermuda on Twitter, and join the ALARYS Bermuda group on LinkedIn.
Register today
WAIS BermudaAnother key event this fall is the first annual World Alternative Investment Summit Bermuda (WAIS Bermuda), slated for the Fairmont Southampton Resort September 28–30. Hosted by Toronto-based Financial Education (Radius) and sponsored by the BDA, the conference is expected to attract about 250 asset managers, fund administrators, institutional and high-net-worth investors, plus representatives for hedge funds, family offices, banks, law and accounting firms.
Register today
COMMUNITY
Up-and-comersThis summer’s team of interns from Bermuda Foundation for Insurance Studies (BFIS) paid us a visit as they kicked off a three-week tour of the industry. The programme, which allows students to complete work stints in different companies, is open to undergraduates heading to careers in the insurance sector. A total of 129 students have taken part in the programme—and 99 percent who have graduated now work in the industry.
Truth & tipsMiddle-schoolers from Dellwood got some insider career advice from our team during an end-of-year Career Day stopover in the BDA boardroom. Top BDA tips included “pursue your passions, ” “be adaptable, ” and “network, network, network.” Mixing fun with facts, our team played Two Truths and a Lie with students and wrapped the informative session with a much-appreciated box of donuts.
Connecting Business
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