Home HRCommunication BDA Stakeholders Update – November 2016

BDA Stakeholders Update – November 2016

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BDA CEO Ross Webber

BDA CEO Ross Webber

Growing science

When any legitimate, respectable and progressive company selects Bermuda as its home base, whether start-up, branch operation or relocation, it’s good news. When that company is a technology, biomed or life-sciences enterprise, we are especially gratified. The BDA has been working to attract such companies to the island—not only to create jobs, but also to help diversify our economy.

So we celebrated this month’s news that SELLAS Life Sciences has moved its head office from Zug, Switzerland to the City of Hamilton. Founded four years ago, SELLAS is a late-stage biopharmaceutical firm that develops innovative products to treat a variety of cancers using the body’s own defences. In partnership with New York’s Memorial Sloan-Kettering Cancer Center, the company is progressing research and trials that could have beneficial impact on certain leukemias, as well as ovarian, bone-marrow and more than two-dozen types of cancer.

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STEP Bermuda ConferenceThe island’s role as a centre of excellence for the family office is the theme of this year’s STEP Bermuda Conference. The  forum is scheduled for December 8 at Bermuda Underwater Exploration Institute. Some 150 delegates are expected to attend. Premier Michael Dunkley will open the event and speakers include James Walmsley of Wilberforce Chambers and Patrick Harney of Forsters LLP.
Captive Education SummitBDA CEO Ross Webber will discuss Brexit and its effects on Bermuda during a panel at next month’s Captive Education Summit. Hosted by the Bermuda Insurance Institute (BII) and the Bermuda Insurance Management Association (BIMA), the half-day event will be held Tuesday, December 6 at Hamilton Princess Hotel. Other topics include the impact of regulatory changes, e-filing, and anti-money-laundering initiatives.
The Bermuda Stock Exchange (BSX) was appointed to the Board of Directors of the World Federation of Exchanges (WFE) this month. BSX CEO Greg Wojciechowski will represent the exchange within the global association—alongside peers from around the world, including Nasdaq, Deutsche Boerse and Hong Kong Exchanges and Clearing. The BSX also signed a Memorandum of Understanding with the Channel Islands Securities Exchange (CISE) to explore opportunities. Founded in 1971, the BSX is the world’s largest fully electronic stock exchange with more than 735 listed issuers and a total market capitalisation of $350 billion, including 158 insurance-linked securities structures representing over 70 percent of global issuances. The BSX Mezzanine Market helps attract foreign direct investment, offering e-commerce, high tech and development-stage companies the opportunity to seek global capital. Pictured: BDA CEO Ross Webber, left, with Wojciechowski after a recent BSX presentation to our team.
Asset ManagementThis fall’s Global Fund Forum generated strong coverage of Bermuda’s alternative investment funds sector. Hedge fund news service Asset TV interviewed BDA’s Sean Moran about new funds, jobs and companies in the expanding sector. Local market leaders, including Equilibria Capital Management, Harneys, KPMG, Orbis Investment Management, and Oyster Consulting also took part in the Opalesque round-table, discussing Bermuda’s growing share of the offshore funds industry.
Trust & Private ClientBDA’s Lynesha Lightbourne led a delegation to the STEP Asia conference in Hong Kong, featuring Appleby Bermuda partner and STEP Bermuda Chair Keith Robinson, right, as a panel speaker. He joined more than 40 speakers and 500 delegates from around the world who gathered to discuss the changing landscape of the private wealth industry. Bermuda representatives from Butterfield Trust and Estera also attended.
Family OfficeBDA’s Sean Moran and Bermuda-based family office Chair Barry Shailer flew the flag for the island’s wealth management industry at the annual Campden European Family Office Conference in London. The exclusive event brings together ultra-high-net-worth family members and advisors to discuss issues relevant to wealth owners and their heirs and successors. Pictured, left to right: Campden Wealth’s Peter Newton, Barry Shailer, Moran, and Campden Wealth’s Suzy Mayhew.
Insurance-Linked SecuritiesBDA Director Jessel Mendes joined Premier Michael Dunkley and ILS Bermuda’s Greg Wojciechowski to deliver an opening welcome to Convergence 2016. A record-breaking 340 delegates from 13 countries attended the annual networking event for the alternative reinsurance, ILS and collateralised re sector. Of those, some 55 percent came from overseas. ILS generated some 400 jobs in Bermuda by the end of 2015, including 209 people employed by 15 funds.
Captive InsuranceBDA has launched a new series of webcasts to promote the benefits of Bermuda for captive insurance. Seven videos featuring industry experts will explain what captives are and how corporations can use self-insurance vehicles to cut costs and better manage risks, including cyber and healthcare. Webcasts released to date feature Grainne Richmond of Bermuda Insurance Management Association (BIMA), David Gibbons, Chair of Bermuda Captive Conference, and Melissa Morton of Bermuda Monetary Authority (BMA).
CanadaThe Association of Bermuda Insurers & Reinsurers (ABIR) hosted a Canada Forum to explore industry issues of mutual interest. Canada’s increasing need for reinsurance and ILS to cope with frequent and severe natural catastrophes was a key topic of discussion. Bermuda reinsurers paid 25 percent of claimsfrom Canada’s worst disaster, this year’s Ft McMurray, AB wildfire. Pictured, from left: analytics expert Joel Baker of MDA Research, ABIR President Brad Kading, and Insurance Bureau of Canada CEO Don Forgeron.
ShippingBermuda shipping industry female executives joined more than 228 peer delegates from around the world at the 2016 WISTA Conference. Hosted by the USA branch of the Women’s International Shipping & Trading Association, the conference took place on a Florida–Bahamas cruise aboard Holland America’s MS Koningsdam. BDA’s Kevin Richards also led an industry trip to a Marine Money conference in New York this month and highlighted the sector’s growth in an interview with Shipping Podcast.
TechnologyBDA tech consultant Stafford Lowe shared his expertise on a panel discussing “Innovation and Disruption in Asset Management” at this month’s EY Global Hedge Fund Symposium. The event was part of a series hosted by EY in 19 financial centres worldwide. Lowe also joined global blockchain technology consortium R3 to present at ILS Bermuda’s Convergence 2016 event. Attendees saw a real-time demonstration of how distributed ledger technology could help Bermuda financial services companies.
Student ambassadorsBDA’s Business Development Managers Sean Moran and Kevin Richards joined Communications Manager Rosemary Jones in a presentation to students at Bermuda College. The team talked about BDA’s work attracting new companies and investors to the island to create jobs and raise GDP. The one-semester course, taught by Dr Barbara O’Shaughnessy, introduces full- and part-time students to international business studies, providing credit towards an associate degree.
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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