On behalf of the Association of Bermuda Insurers and Reinsurers, Brad Kading offers these comments:

“Bermuda proudly hosts the oldest operating assembly of elected officials in the Western Hemisphere. Bermuda is a thriving, vibrant democracy as evidenced by the high voter turnout and spirited political debate. We congratulate the PLP members on their election win. ABIR is a non-partisan organization and we have worked with both the PLP and the OBA on issues of critical importance to international insurance in Bermuda.

“The substantive issues which Bermuda must continue to address, and on which we look forward to a dialogue with the new government, include: financial stability, education, employment, immigration, and tax. We will work towards continued bi-partisan support for compliance with international insurance regulatory standards, critical anti-money laundering and anti-terrorism financing legislation and OECD tax transparency and cooperation measures which are essential to continued growth in Bermuda’s economy. This involves compliance with bi-lateral agreements with our largest trading partners in the EU and the US as well as the all-important international tax transparency and cooperation agreements which commit Bermuda to information sharing with more than 100 jurisdictions in our interconnected economy. Succeeding with these ongoing critical work streams will also be a priority for the new government since they will contribute to financial growth and stability.

“The insurance sector provides 60% of the international business jobs in Bermuda and ABIR members provide 1,600 jobs here. International insurance contributes the largest share of Bermuda’s GDP.”

Bradley L. Kading
President and Executive Director