Bermuda's Global Business Reacts to Brexit

HAMILTON, Bermuda, June 24, 2016 (GLOBE NEWSWIRE) -- Bermuda's international business groups and stakeholders today made the following statements on the United Kingdom's vote to withdraw from the European Union:

Ross Webber, CEO, Bermuda Business Development Agency (BDA):
"The United Kingdom has voted to leave the European Union, and the question now becomes how the actual process of that exit will be carried out. There is naturally much speculation and uncertainty over the vote's political implications, as well as its socio-economic impact, and industry around the world will be closely monitoring how this affects the markets and business landscapes of the EU, Britain and their respective trade partners.

"In a global economy, Bermuda is affected, like other nations, by such major events. We stand ready to deal with myriad eventualities. No matter how the exit unfolds, we remind our business partners in the UK that Bermuda continues to offer the same stable, attractive, effective and proven blue-chip international business domicile as it has for the past 70-plus years.

"Today, in fact, Bermuda is better placed than ever to cater to the contemporary needs of international business. Attributes such as our stand-alone Solvency II equivalence with the EU and our progressive path towards Alternative Investment Fund Managers Directive (AIFMD) passport rights in Europe may now appear even more attractive than they were a day ago. These are examples of regulatory votes of confidence given to Bermuda as a robust jurisdiction in its own right, and not contingent on our relationship with Britain.

"Our island enjoys a strong relationship with Brussels nurtured over decades of collaborative efforts by our government, industry and regulator.

"At the BDA we remain focused on helping foster job creation and economic growth in this unique, elite jurisdiction, and we are happy to work with anyone seeking more information about how Bermuda can provide solutions for their business requirements amid an ever-evolving international environment."

International business bodies in Bermuda also reacted to the referendum vote:

Bradley Kading, President and Executive Director, Association of Bermuda Insurers & Reinsurers (ABIR):
"Bermuda's Solvency 2 equivalence finding by the European Union will serve us well as the UK negotiates its multi-year transition out of the EU. The Bermuda equivalency is unaffected by the UK vote. ABIR has excellent relationships with both UK and EU policymakers and regulators. ABIR members provide vital insurance capacity that makes UK and EU insurance markets more competitive. ABIR members will be reviewing corporate structures to determine what changes in their regulatory footprints may be necessary in order to conform with expected changes in European regulatory governance.