Bermuda Stock Exchange chief Greg Wojciechowsi has highlighted Bermuda success in attracting insurance-linked securities (ILS) to Bermuda in a prestige European magazine aimed at business leaders.
And Mr Wojciechowski said that the Island’s track record in pulling in ILS business was a blueprint for attracting a variety of business to its shores.
Mr Wojciechowski said: “ILS is a great success story which illustrates Bermuda’s innovation and the Island wants to see more of that kind of evolution in other financial sectors.
“Therefore, to remain attractive and to compete with other domiciles, Bermuda ensures that its regulatory standards are fit for purpose.”
Mr Wojciechowski was writing in the latest edition of European CEO.
He added: “Bermuda has a highly-respected regulatory framework, a sophisticated legal system based on English law, developed infrastructure and global companies with physical presence.
“The Island has worked hard to create reputation as a quality jurisdiction that has continuously shown this ability to respond to changes in market conditions.”
Mr Wojciechowski told European business leaders that nearly 50 per cent of worldwide ILS issues are in Bermuda and that the total value of ILS listed on the Bermuda Stock Exchange hit $12 billion for the first time this year.
And he said that the Island — the first offshore jurisdiction to be added to the Organisation for Economic Development and Cooperation (OECD) “white list” — had worked hard to meet worldwide standards, including the EU’s Solvency II requirements.
Mr Wojciechowski added: “The Island is one of several nations seeking to meet the equivalency standard for commercial entities under the solvency directive, which states that any non-EU company operating in the union should come from a domicile whose rules are recognised by EU members as equivalent to those in Solvency II.”
And he said the Bermuda Development Agency (BDA) was ready to help businesses set up on the Island, while the diverse range of industries and supporting financial services offered their own back-up.
Mr Wojciechowski added: “Bermuda’s decades of experience give it a unique perspective and skill set that allows it to anticipate changes in the market and also the needs of clients.
“As investment in ILS grows, and competition accelerates, the market can rest assured that Bermuda will continue to leverage its deep experience to support the changes in the industry and to further innovate and support our clients’ requirements as they develop within this niche.”
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Source: The Royal Gazette