31 May 2017Analysis

Bermuda's domicile status praised in new BDA campaign

Senior corporate leaders have praised Bermuda’s world-class talent, innovation, respected regulation, and ease of doing global business from the island in Bermuda’s Business Development Agency’s (BDA) new testimonial campaign video.

The video is part of an ongoing public-relations campaign rolled out by BDA this year to raise the domicile’s profile, particularly among North American business executives.

“We’re proud that leaders from Bermuda’s international business sector have joined us in this campaign to promote the jurisdiction,” said BDA CEO Ross Webber. “Theirs is an important message that will spearhead our wider campaign over the next several months. It represents an opportunity to raise awareness about Bermuda’s unique, elite marketplace and differentiate the island from other finance centres.”

Key executives featured in the video describe what they feel are the Bermuda market’s core strengths and why their companies chose the island as a base from which to conduct global business.

The executives include: AIG CEO and former chief executive and chairman of Hamilton Insurance Group, Brian Duperreault; Stuart Lacey, founder and CEO, Trunomi; Dr Angelos Stergiou, CEO and vice chairman, Sellas Life Sciences Group; Patrick Tannock, CEO, XL Bermuda, insurance; Allison Towlson, senior vice president, distribution & operations, Chubb Bermuda; and Stephen Weinstein, senior vice president & group general counsel RenaissanceRe Holdings.

Among the attributes they cite as Bermuda’s strongest selling points are the quality of the island’s workforce, its efficient regulatory system, its ideal location and the market’s agile, collaborative, innovative spirit.

“The Bermuda marketplace is world-class. It’s world-class in the people. It’s world-class in the capital that it has. It’s world-class in its regulatory environment. And it’s a world-class environment just generally,” says Duperreault. “The way liability is covered in the United States had its genesis here. The way natural catastrophes are covered globally had its genesis here. The way capital gets deployed in our business has been evolving, and that evolution had its genesis here. So that’s innovation.”

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