BDA Stakeholders Update – December 2016

Reports — By on December 14, 2016 at 8:28 PM
Ross Webber

Ross Webber

Less than charitable

If this year is remembered beyond Pokemon Go, Klopp’s revival of the Reds, the passing of rock legends, the Queen’s 90th, or Usain Bolt’s “triple, triple,” it may be for the populist politics that helped sway public perception worldwide.

Commentators ascribe Brexit’s bombshell to this 2016 phenomenon, as well as Donald Trump’s ascendancy to the White House. Whether the outcome affects us positively or adversely, these socio-political shifts will have an impact on our country, no matter which side of the respective political fence—or wall—we may find ourselves.

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GOVERNANCE
BDA appoints two DirectorsWe’re pleased to welcome two new directors to our Board this month. Andrea Jackson is Senior Vice President and Trust Relationship Manager of Lombard Odier Trust (Bermuda) Limited, overseeing a portfolio of trusts and companies in multiple jurisdictions. She is an active member of the BDA’s
trust and private-client industry working group. Stephen Weinstein, RenaissanceRe’s chief legal officer, is also a strong supporter of Bermuda and the BDA, particularly in our jurisdictional advocacy work. He is responsible for legal, regulatory, government affairs and compliance matters globally for RenaissanceRe, and also chairs the company’s Risk Sciences Foundation, a research and educative non-profit on industry-related matters.
ADVOCACY
BDA CEO Ross Webber underscored Bermuda’s blue-chip reputation during a panel discussion at this month’s Captive Education Summit at Hamilton Princess. The event, hosted by Bermuda Insurance Management Association (BIMA) and Bermuda Insurance Institute (BII) explored the dual potential impact of Brexit and the incoming Trump administration in the US. Both scenarios are fraught with uncertainty that unnerves investors, panellists agreed, but Webber noted Bermuda’s panacea is a safe, respected and well-regulated jurisdiction that’s open for business.
INDUSTRY SECTORS
We are grateful to our industry colleagues who have supported our work throughout 2016, including this month’s year-end strategy sessions for all sectors. From roadshows to special reports, overseas conferences and webcast productions in our boardroom, our stakeholders have been invaluable—and we’re proud to have been able to assist them. Pictured: our ILS working group sat down in December to plan business-development goals for the coming year.
TechnologyBlockchain and distributed-ledger technology continues to attract interest across industry sectors. BDA facilitated the creation of a fintech think-tank called “Bermuda 4.0” that is positioning the island at the forefront of new financial-related tech developments. Our consultant Stafford Lowe told The Royal Gazette blockchain offers huge opportunities for Bermuda to take a leading role in its development.
Family OfficeBermuda’s family office sector won positive commentary at STEP Bermuda’s 2016 annual conference. Attendees heard local and international experts discuss estate planning, governance, tax, philanthropy and Bermuda’s
offering to wealthy families. Premier Michael Dunkley opened the event and Bermuda’s new Governor John Rankin was guest of honour at the Speakers’ Dinner hosted by Conyers.
Trust & Private ClientBDA CEO Ross Webber travelled to Cernobbio, Italy to attend the recent Legal Week Private Client Forum, whose focus was “Wealth in the Age of Extremism.” Also representing Bermuda at the summit of elite practitioners were Alec Anderson and Peter Pearman (right) of Conyers, Ashley Fife of Appleby, and Randall Krebs of Meritus Trust. Bermuda maintains a reputation as one of the world’s most respected trust and private client jurisdictions, with local trust companies directly providing more than 260 jobs.
Asset ManagementTeam Bermuda, led by our Sean Moran, returned to New York City to promote Bermuda’s asset-management sector. The audience of fund management, legal, accounting, audit and administration professionals learned about the island’s new LLC legislation and heard updates on new companies, the America’s Cup, and the flexibility of Bermuda structures for mutual and hedge funds as well as private equity. In Bermuda, BDA Director Jessel Mendes spoke to media about the sector’s renaissance.
Life SciencesBDA technology consultant John Narraway attended the Boston Bar Association’s first Life Sciences Conference. The event explored the interplay between the life-sciences sector and the legislative arena. Narraway was a guest of global law firm Ropes & Gray in the city, home to big-pharma companies, biotech start-ups, research institutions, venture capital firms and funds.
CaptivesRisk executives packed our Toronto forum on Bermuda captive insurance. We also held business-development meetings during the visit, attracting brokers and potential new business across the Greater Toronto Area. Thanks to our colleagues at Citadel, Liberty Mutual, R&Q Quest Management, KPMG Bermuda, Marsh, ASW, and BMA.
LatAmSeven webcasts featuring Bermuda captive insurance experts and targeting LatAm business are being released on a variety of digital platforms. The BDA videos, in Spanish, feature experts from Aon, ASW Law, Jardine Lloyd Thompson, Marsh, PricewaterhouseCoopers, and the Bermuda Monetary Authority (BMA). They follow seven successful English versions and will be released starting next month to tie in with our trip to the World Captive Forum January 29–30 in Boca Raton, FL, and our March roadshow to Chile and Argentina.
Superyachts & HNWIsFormer premier Sir John Swan accompanied BDA Chair Kiernan Bell and CEO Ross Webber on a networking visit to Miami. Organised by Kevin Richards and Lynesha Lightbourne, the visit allowed BDA and Bermuda Tourism Authority executives to explore high-net-worth, real estate, private banking, investment and superyacht sector opportunities aligned with next year’s America’s Cup. The group joined 140 VIP guests at My Yacht Group’s Art Basel Miami reception. Bermuda was also featured in December’s issue of Boat International.
COMMUNITY
Jingles & JewelsMembers of 100 Women in Hedge Funds (100WHF) Bermuda held a holiday networking event to raise awareness and boost membership for the charity. Guests to “Jingles & Jewels” met fellow female professionals across industry sectors and got a sneak preview of Astwood Dickinson’s winter collections. The local 100WHF was established in 2015, growing to almost 200 members. Funds raised will help support philanthropic causes.
“Exemplary” resilienceBermuda received recent recognition from catastrophe risk-modelling company RMS. In a blog post titled “Shrugging off a Hurricane,” RMS Chief Research Officer Robert Muir Wood marvelled at the island’s “platinum standard of resilience” honed over centuries. In particular, he commended the fact Bermuda’s airport re-opened and residents were back at work the morning after Cat 3 Hurricane Nicole made a direct hit this past October.
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 here smooth and beneficial.
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