Finance Minister promotes BDA at RIMS conference

Island ‘premier destination’ for insurance industry: Cox
Those who manage risk in the insurance industry go far beyond professionals who have the word 'risk' in their title.

That's one of the ideas that Finance Minister Paula Cox shared with the several thousand attendees of Annual RIMS (Risk Insurance Management Society) Conference, taking place in San Diego this week.

"Bermuda has long had a reputation as one of the world's premier international financial centers, and our regulation, business practices, and legal framework, have positioned us as a credible and sound business jurisdiction with a strong reputation," she told delegates at the conference yesterday.

"Consequently, the Bermuda model continues to attract blue-chip clients, and interest from premier prospective clients like yourselves who choose Bermuda as their preferred domicile."

Minister Cox, who is leading the government delegation for the first time, pointed out that such an event where Bermuda is featured so prominently serves as excellent exposure for the Mid-Atlantic financial business destination.

"Risk is clearly the focus," she said yesterday.

"Risk management is said to be gaining visibility and risk management and managers are not limited to those who have jobs with that name in their title, but extends far beyond that to lawyers, finance officers among others," Ms Cox added.

"As such, our respective jobs in many areas require the proper appreciation of risk.

"The aim seems to be to generate a renewed sense of energy and commitment to the industry, to formulate a new way of talking about risk and to provide an expanded opportunity for networking and information sharing," she said.

Over the years, Bermuda has been a prominent feature at RIMS, with the government and other organizations such as the Bank of Bermuda, the ABIR, ABIC, Bermuda Insurance Institute and Bermuda Monetary Authority sending delegations, according to a government press statement.

The island is represented at the conference each year by a Bermuda booth, a huge colourful structure, which serves as a one-stop shop where industry leaders can find out more about what it takes to conduct business here.

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Finance Minister promotes BDA at RIMS conference