'Conservative victory in Canada a boost for Bermuda'

This from Premier Paula Cox, who is attending the Risk  & Insurance Management Society’s annual conference in Vancouver, British Columbia.

She said: “The results came through with a strong conservative majority but that also helps us from an economic and industry point of view because the Canadian TIEA (Tax Information Exchange Agreement) can now formerly be ratified.”

She added that agreement would help Canadian companies who may be interested in doing business with Bermuda to move forward on those plans.

The Premier said: “Clients and Canadian companies… were contemplating moving their jurisdiction to Bermuda.”

She added their interest was peeked “by the TIEA being in full effect as opposed to having just been executed, they are now can reap the (tax) benefits of that.

“That was an issue they were very pleased about.”

The Premier added that with around 10,000 participants at this year’s RIMS conference “there is still considerable interest in the Bermuda model”.

She said at a panel discussion on Tuesday she and the Bermuda Monetary Authority’s Shelby Weldon had the chance to “tell the Bermuda story in a different way”.

The Premier said that instead of giving a speech, without any audience participation other than listening, they got to take an interactive role by asking questions.

“It brought up different nuances and strengths of the Bermuda model. Even when persons may have had a different perspective, it was done in a constructive way to highlight the different aspects of what makes Bermuda attractive.”

The Premier said this year’s RIMS conference is reported to have about 10,000 participants.

She said one of the marketing items the island has done this year is make the Bermuda bag cherry red to tie in with Canada’s national colour.

The Premier said more than 1,000 bags were handed out on Monday and there was steady interest in them on Tuesday.