When asked “In a changing global economic climate, what is the growth potential for organisations in your jurisdiction? Are there any key economic opportunities that enterprises should be aware of?” Edward answered:
Bermuda has a longstanding reputation for being a blue-chip jurisdiction. The island’s continued relevance in an era of global economic change can be attributed to the same underlying principles that have reinforced this decades-long classification. The island is a highly collaborative jurisdiction, which expertly facilitates speed to market, enabling international businesses to secure regulatory approval in a timely manner. Bermuda boasts a strong pro-business culture with an innovative legislative, a gold standard regulatory regime, and a highly qualified pool of professionals working across multiple industries, thereby ensuring that international businesses have a world-renowned, diverse, resilient, and cutting-edge platform for commercial growth and innovation.
Bermuda has a robust Economic Development Strategy and attracting new business to its shores is at its cornerstone. The international business sector is the largest industrial sector in Bermuda’s economy, representing 28.1% of all economic activity on the island. This sector continues to see growth with a five-year average growth rate of 2.4%. There are myriad economic opportunities available in Bermuda. Bermuda is the single most important property and catastrophe market in the world, and is considered the global leader in captive insurance with many of the world’s largest multinational corporations and publicly traded companies choosing to domicile their captives on its shores. 14 of the world’s top 50 reinsurers hold licenses on the island. Bermuda is a world-renowned hub for asset management offering both traditional and alternative investments including private equity, funds, and insurance-linked securities.
The top U.S. and European private equity groups have either domiciled structures in Bermuda or interests in Bermuda funds. Bermuda is the leading domicile for insurance-linked securities. Bermuda is a premier jurisdiction for high-net-worth and ultra-high-net-worth individuals with its comprehensive yet uncomplicated and welcoming approach to the establishment and maintenance of family offices, trusts, and other private client structures. Bermuda is rapidly emerging as a global leader in technology sectors, pioneering a robust regulatory and legislative framework governing fintech, insurtech, and digital assets, and laying the foundation for companies in those fields to be part of a progressive environment in which to test ideas, develop products, and grow their businesses on a global scale.