23 April 2013Accounting & tax analysis

Bermuda business organisations complete merger

All legal processes for the merger of Business Bermuda and the Insurance Development Council into the Bermuda Business Development Corporation (BBDC) were completed on Friday. The new BBDC is focused on growing Bermuda’s economy, supporting international business and creating jobs.

The recently appointed BBDC board elected Caroline Foulger and David Cash as Chair and Deputy Chair of the Board, respectively. The board has received support from industry, and has been working with focus groups to develop renewed strategies for the respective industries, relying on them to provide guidance, recommendations and actions as the BBDC defines its strategy and interim tactical plan. The BBDC is already supporting new programs in the asset management, insurance linked securities and trusts sectors.

Foulger commented on the merger, saying: “change is never easy. We recognize that the past months have been challenging as we have created a new organisation to transform the way Bermuda’s international businesses work together and with Government to grow the economy. This is a true public-private sector partnership that will chart a new more strategic, targeted and effective course for Bermuda to seize the opportunities and respond to the challenges we now face.”

She concluded: “the BBDC is an action-oriented organisation and the Board, Government and staff are taking real steps to ensure it is a powerful new force that will expand international business in Bermuda. We have a good team in place and are making significant progress in appointing a CEO who will lead this organisation forward.”