Bermuda’s Premier working to expand Bermuda-based Insurance Sector

HAMILTON, Bermuda – Bermuda’s Premier Dr. Ewart F. Brown arrived in Buenos Aires, Argentina Monday, November 17 where he is promoting Bermuda as an international business jurisdiction to Latin American companies.

The Premier began his two-day visit with an address to the Congress of the Latin American Risk and Insurance Managers Association (ALARYS).

“As more and more Latin American companies look toward creating their own risk management solutions we want them to be thinking of Bermuda as the preferred option,” Premier Brown said. “We have a strong international business sector in Bermuda, but it is a mistake to be complacent. We must continuously look toward new opportunities.”

Premier Brown with ALARYS President Jorge Luzzi as they take questions from the audience during the ALARYS Congress on Monday.

As part of the strategy to build bridges with Latin America and ALARYS, the Premier, who is also Minister of Tourism and Transport, is in talks to bring the ALARYS Congress to Bermuda next year. ALARYS was last in Bermuda in 2004.

While in Buenos Aires, the Premier is also meeting Argentine federal officials with oversight in finance and insurance.

Premier Brown said: “We need to re-emphasize Bermuda’s pristine regulatory environment to the Latin American leaders in the public and private sectors. When we explain our commitment to tax information exchange and transparency those leaders are increasingly more comfortable doing business in Bermuda. We think the same mutual benefit realized between Bermuda and the United States can be realized between Bermuda and Latin American nations.”

Eduardo Fox of Appleby is based in Bermuda and does extensive business with Latin America. He is in also an executive member of ALARYS.

Mr. Fox said today from Buenos Aires: “It is invaluable to have the Premier with the private sector of Bermuda working as a team to assure we reach the Latin American market. By speaking with Government and quasi-Government officials we are reinforcing the image of Bermuda as a transparent off-shore jurisdiction.

“Today in fact the Superintendent of Insurance (Miguel Baelo) specifically named Bermuda as a domicile of choice among Argentine companies. I think we will see an increase of Argentine companies opening new subsidiaries in Bermuda, primarily in the insurance and re-insurance sector.”

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