Bermuda showcased in Miami

Published Oct 18, 2018 at 7:45 pm (Updated Oct 18, 2018 at 7:45 pm)

Island roadshow: Bermuda's financial services were showcased at a forum in Miami today (Photograph supplied)
Seaside chat: David Burt, the Premier, right, pictured with Francis Suarez, the Mayor of Miami (Photograph supplied)

About 200 people attended a full-day forum in downtown Miami today organised by the Bermuda Business Development Agency.

The event featured thought-leadership discussions ranging from reinsurance, trusts and high-net-worth services to new blockchain start-ups.

Participants included more than 50 industry, regulatory and government experts from both Bermuda and Florida, whose two communities and markets are closely aligned through geographical proximity, tourism, and a range of business interests, as well as the shared coastal challenges of hurricanes and sea-level rise.

The event at the city’s downtown InterContinental hotel kicked off with a “seaside chat” between David Burt, the Premier, and Francis Suarez, the Mayor of Miami, a continuation of a discussion they began during a meeting at Miami City Hall last December.

Both leaders acknowledged strong economic synergies between Bermuda and Miami and pledged to work closely together on a variety of issues, from resiliency efforts against ocean risks to fintech.

“It’s always a pleasure to sit down with Mayor Suarez — he’s dynamic and has had a very impressive first year in office,” the Premier said.

“We look forward to what the relationship can build for us both. There’s a lot of knowledge we can take from Miami and its economic experiences, and I’d really like to welcome the Mayor to Bermuda for a visit sometime.”

Mayor Suarez praised the Premier for his “innovative and forward-thinking” approach. “It’s comforting to know our city and his country are going to continue to grow in terms of their ties, and share knowledge with each other, and that’s a product of the leadership in both regions.”

Bermuda’s role via billions of dollars in reinsurance claims paid to stricken communities after natural disasters was recognised by industry and government representatives alike throughout the day, particularly poignant in the aftermath of Hurricane Michael’s devastation of Florida’s panhandle just a week ago.

“It’s important that Bermuda and Florida work together on resiliency issues, because we’re basically in the same boat — we’re sharing the same ocean and we have so much to learn from one another,” said Kristen Jacobs, a member of Florida’s House of Representatives who participated on a panel discussion of climate-risk mitigation.

“Our ability to be strong is never just about us—it’s about how we work together as neighbours to be able to make change,” she added. “The relationship between Florida and Bermuda is more critical than many people realise.

“Helping elected officials and policymakers here understand reinsurance, the markets, and how pricing works, is going to be very important. This whole effort has begun a conversation that can continue.”

Bacardi International’s managing director Doug Mello delivered a powerful lunchtime keynote, underscoring reasons the spirits giant established headquarters on the island more than a half-century ago after fleeing the Cuban Revolution.

“Our roots are Latin American, our US headquarters is based in Miami, so it’s a perfect fit for us to put our support behind the BDA here,” said Mello, who urged the audience to consider Bermuda as a jurisdictional choice.

“Bermuda is a great place to run a global business from. It has accessibility to the rest of the world and is a great domicile to do business in.”

Bacardi and the Bermuda Tourism Authority (BTA) partnered with the BDA on a networking reception concluding the event.

“Increasingly the BTA and the BDA are finding synergies of what they want to get accomplished,” said Glenn Jones, the BTA’s Director of strategy and corporate communications.

“Today, we’ve been talking to a high-net-worth audience and that is certainly an audience we want to reach, as well, on the visitor level. It also makes sense as far as superyacht and hotel developments. We’ll be doing that a lot more of that forward.”

Next month, the BDA holds another Bermuda Executive Forum in London.

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