BDA Stakeholders Update – October 2016

Anatomy of events

Why does the BDA bring industry conferences to Bermuda? No, it’s not a trick question. Over the past two years—and the past two months, in particular—we’ve been involved in an unprecedented number of them. Not only have members of our team been flying our jurisdiction’s flag at overseas conventions and meetings, but we’ve also played a critical role getting industry gatherings to the island, then ensuring their success. When you look at an Outlook calendar around here, white space is at a premium.

INDUSTRY SECTORS

Bermuda’s economy has recorded its first real growth in six years, according to statistics released this fall. Gross domestic product, the overall indicator of national economic health, was $5.9 billion last year, up four percent compared to 2014. Adjusted for inflation, the increase was 0.6 percent—the first real GDP rise since a 1.1-percent increase in 2008 before recessionary years. International business drove the uptick, with salaries, benefits and investment compensation, representing 28 percent of total GDP.

Asset ManagementPremier Michael Dunkley opened two recent asset management conferences: the inaugural World Alternative Investment Summit (WAIS) Bermuda and the Global Fund Forum. Both events drew fund managers and investors and featured celebrity speakers such as NBA legend Earl Munroe, CNBC contributor Lawrence McDonald, former Reagan aide James Rosebush, and mountain climber Ed Viesturs.

Re/insuranceBDA CEO Ross Webber addressed this year’s Bermuda Insurance Market Conference, hosted by the Bermuda Insurance Institute at Chubb headquarters. He highlighted BDA work in the risk sector, including conferences, roadshows, industry research projects, RIMS support, and new digital marketing initiatives to highlight the strength of the “World’s Risk Capital” including a new series of webcasts to debut next month.

ShippingThe Women’s International Shipping & Trading Association (WISTA) has welcomed Bermuda as its newest member. Seventeen female leaders of the island’s shipping industry gathered for a reception at Bacardi to mark the launch of WISTA Bermuda. The global organisation promotes networking and career development for executives in the maritime transport business and related trades. President Angelique Burgess and Vice President Marilyn Feldman will attend next month’s WISTA annual conference.

AviationThe new Bermuda Civil Aviation Authority (BCAA) made its official debut at this month’s successful Aeropodium Offshore Aircraft Registry Summit. The semi-autonomous unit transitioned from a government department to oversee our jurisdiction’s highly respected aircraft registry. Pictured: Transport Minister Senator Michael Fahy (second from left) with BCAA Board Chairman Jack Durner, BCAA head Thomas Dunstan and Board member Clive Langley, and BDA’s Kevin Richards.

Latin AmericaThe third ALARYS Congress to be held in Bermuda saw more than 160 attendees, from throughout Central and South America, together with Bermuda risk-industry colleagues. Ex-US Air Force counter-intelligence expert Elman Myers, of Hiscox, was keynote at the three-day biennial event, opened by Premier Michael Dunkley. Hot topics focused on emerging risks, such as cyber and kidnap & ransom. Bermuda is home to almost 250 companies from Latin America.

Trust & Private ClientBDA’s Sean Moran underscored Bermuda’s record on top-tier regulation, compliance and transparency when he addressed a Private Client Dining Club event in Zurich. Bermuda market industry attendees included Alison Dyer-Fagundo and Phil Anderson of Estera Services (Bermuda). The event drew about 60 attendees, including private bankers, family office directors, insurance executives, lawyers and other advisers to high-net-worth individuals.

EVENTS

Convergence 2016Industry expert Vincent Dowling and futurist/hacker Pablos Holman are the two keynote speakers at this year’s Convergence, hosted by ILS Bermuda at Hamilton Princess. Investors and industry participants are invited to the November 9–10 networking conference that explores the alternative reinsurance, convergence and insurance-linked securities marketplace.
Register

Bermuda ReinsuranceThe 11th Annual Bermuda Reinsurance Conference sponsored by PwC and S&P Global Ratings will focus on transformative issues facing the industry. Topics up for debate among C-suite speakers include the impact of Brexit, soft-market conditions, retaining talent, mortgage reinsurance and how ILS and alternative capital are shaping the industry.
Register

New risk conferenceA new conference aimed at showcasing Bermuda’s growing healthcare insurance market will be held next spring. The Bermuda Healthcare Market Forum runs March 15–16 at Rosewood Tucker’s Point. Offering free registration to overseas delegates, the event will focus on risk financing, complex claims and emerging trends.
Register

Funds NYC roadshowsTeam Bermuda returns to New York City November 30 for another presentation on the island’s growing asset-management sector. Economic Development Minister Dr Grant Gibbons led a team of Bermuda market experts this fall for a networking event that attracted a full house of US funds industry members.

ADVOCACY

PublicationsRecent publications have highlighted Bermuda’s global economic contribution and robust record on transparency, compliance and cooperation. Bermuda Finance 2016 interviewed BDA CEO Ross Webber about BDA advocacy on reputational issues post-Brexit. Best’s Reviewreported on Bermuda’s example-setting resilience amid deadly storms.

CanadaBDA leads a captive insurance delegation to Toronto in November to build on a growing Canadian market for the industry. Team Bermuda also attended RIMS Canada in Calgary for the first time this year and will make it an annual visit. The contribution of Bermuda’s re/insurance companies to Canada was also explained in a recent Globe & Mail feature

COMMUNITY

Marketing to millennialsOur team enjoyed a visit from Bacardi’s Bermuda-based Global Millennials Manager Nim De Swardt who talked about keeping corporations future-friendly as workplace demographics morph dramatically over the next decade. Bacardi’s headquarters is located in Pembroke and the 154-year-old liquor giant has 6,000 employees worldwide and 200 brands.

NBA connectionsWe were proud to help arrange Earl “The Pearl” Monroe’s visit to CedarBridge Academy this month, during the NBA legend’s trip as a special guest of the World Alternative Investment Summit (WAIS). Monroe met with the high-school basketball team and Head Coach Rickey Watts while he was here for the inaugural asset-management event.

Tourism synergyOur CEO Ross Webber (left) met with Bermuda Tourism Authority colleagues, including fellow CEO Bill Hanbury, at BTA’s annual think-tank at Fairmont Southampton. Our agencies explored topics of mutual interest, from events both on-island and off-, to concierge services, Bermuda investment, airlift and jurisdictional advocacy.

100WHF BermudaBDA attended the latest 100 Women in Hedge Funds Bermuda events, this one sponsored by CFA Society Bermuda. The CFA Institute’s Wendy Pirie spoke to the gathering on the topic of “Winning Women to Asset Management.” Pictured, from left: 100WHF’s Kelly Corday Ferris, Pirie, and CFA Society’s Nathalie Rushe.

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