Toronto, Ontario, Canada – November 18, 2011.  The third annual Bermuda briefing session in downtown Toronto this week could not have been timed more perfectly. Each year, a high-level delegation travels to Toronto in a bid to build on the already strong ties between the two financial jurisdictions to mutual business development benefit. This year, the meeting was sponsored by Business Bermuda and the Bermuda Stock Exchange (BSX), and was hosted by law firm Bennett Jones in their impressive meeting space with panoramic views of the downtown core and Lake Ontario.

Greg Wojciechowski, CEO of the BSX, attracted media attention by announcing that the BSX has been granted Designated Exchange status by the Department of Finance in Ottawa under the Income Tax Act. “This is a major milestone in the development of the BSX as one of the world’s leading offshore exchanges, I am extremely proud that Ottawa has extended us this designation; it is a testament to our team’s relentless determination to be a blue-chip service provider and jurisdiction,” said Wojciechowski.

One significant opportunity resulting from this designation is that securities listed on the BSX will now be eligible for Canadian Registered Retirement Savings Plans as well as Tax Free Savings Accounts. Much of the discussion at the meeting revolved around the new Tax Information and Exchange Agreement (TIEA) between Bermuda and Canada and how this will act as a catalyst for new business.  The TIEA makes Bermuda subsidiaries of Canadian corporations eligible for certain tax benefits that were otherwise available only to foreign affiliates resident in countries with which Canada had a tax treaty. A lot of Canadian business in the past flowed to Barbados directly because of the Canada-Barbados Tax Treaty; the Bermuda TIEA means that Canadian companies now have another offshore location to consider within the same time-zone. 

Captive insurance and reinsurance have long been a major component of Bermuda’s economy. Jason Carne, a Partner with KPMG in Bermuda, was at the Toronto session to explain the implications of Bermuda’s pursuit of Solvency II equivalence from European authorities. Although there are still some areas to be clarified, Carne explained that obtaining Solvency II equivalency status would mean its regulations were accepted as being equivalent to the upcoming Solvency II risk-based capital regulatory system being drafted in Europe. This is yet another way that the Island is demonstrating it is ahead of the regulatory curve and proactive in garnering international business.

Islamic Finance is another area being targeted for future growth and mutual cooperation between Canada and Bermuda. Andy Jobst, Chief Economist at the Bermuda Monetary Authority (BMA), explained how Bermuda is working to develop its appeal for offshore Islamic Finance business; for example, as a domicile for Islamic funds and sukuk. Jobst is a member of the Bermuda Government-sponsored Islamic Finance Task Force and draws on long-standing experience in Islamic Finance during his time with the International Monetary Fund.

Commenting on the briefing session, Sarah Barham, who has been involved in organizing the three annual Bermuda meetings for Business Bermuda, said, “I am truly thrilled to see business continuing to grow between Bermuda and Canada, and proud to play some small part in that process. We welcomed attendees from a broad spectrum of organisations, including asset managers, private investors, investment advisors, stock exchanges as well as service providers, such as hedge fund administrators and law firms.  No one is denying Bermuda is facing some challenging times in the current uncertain global capital markets, but there was a real sense of optimism and opportunity coming from the participants, and of a sincere wish for mutual continued collaboration between the two countries.”

Business Bermuda hosted an exhibition booth at Africa’s largest hedge funds conference and spoke to leading members of South Africa’s growing alternative investment industry, leading hedge fund managers from Africa and abroad, investment banks, prime brokers and institutional investors.  Cheryl Packwood, chief executive officer of Business Bermuda talked with conference attendees about the issues facing African alternative investment and fund industry and discussed the opportunities found in Bermuda including its high standards of regulation, tax neutrality, high levels of transparency and disclosure.

Over 250 delegates from across the world attended the conference where panel sessions discussed the best ways to reduce risk in hedge funds investments, overcome regulation from affecting returns as well as new hedge fund products and allocating hedge portfolios while building relationships with leading global hedge fund players. 

While in Cape Town, Cheryl Packwood also conducted a business development programme, holding a series of one-to-one meetings with the South African business community to discuss Bermuda's offerings and advantages as an international financial centre partner.

Cheryl Packwood, CEO of Business Bermuda commented:

“Many Bermuda based companies have operations in South Africa and this was an important event for Business Bermuda to build strategic ties to decision-makers and influencers in the South African fund industry at the only event of its kind for the strategic issues driving African alternative investment forward.

Africa is well placed to be the next great global growth story and foreign investors and businesses need to recognise that the industry is diversifying from natural resources and more new investment funds are being set up seeking to take advantage of the new opportunities and generate attractive risk-adjusted returns.

There are many synergies between Bermuda and South Africa, both of whom can boast of a long and strong tradition of financial services and trading sophistication as well as an  impressive and fast-growing hedge fund industry with strong ties to the UK.  Bermuda has a real opportunity to work well within this market, Bermuda based firms such as Conyers Dill & Pearman, who sponsored the event last year, as well as Orbis and Allan Gray who are already increasingly active in the African fund industry and whose operations in Africa help build Bermuda’s existing reputation as a world class financial centre.”

Canada and Bermuda are active trading partners with a long, mutually beneficial history of economic investment in each other’s economies.  Canadian investment in Bermuda has grown from $5.6 billion in 1998 to $13.8 billion in 2010.  According to the Bermuda Monetary Authority, there are just over 2000 companies registered in Bermuda that are owned by Canadians.  Bermuda investment in Canada averages about $2 billion a year and in 2004, this figure passed $3 billion.  In addition, Canada is a major academic choice for Bermuda’s post-secondary population and there are approximately 50,000 visits between Bermuda and Canada’s population for tourism and business purposes.

At a time of continuing financial market chaos, it is in both country’s best interests to continue to build this alliance and Bermuda is confident that, indeed, this will be strengthened by the July 1, 2011 signing of the Bermuda/Canada Tax Information and Exchange Agreement. This TIEA makes Bermuda subsidiaries of Canadian corporations eligible for certain tax benefits that were otherwise available only to foreign affiliates resident in countries with which Canada had a tax treaty.  Since Bermuda does not levy any corporate income tax, capital gains tax or withholding tax, Canadian corporations could realize substantial tax savings by using a Bermuda-based subsidiary as part of their global structure.  Indeed, under this agreement, this makes Bermuda a more attractive jurisdiction than certain of Canada’s tax treaty structures such as Barbados, Ireland and Cyprus where tax rates, though favourable, are not as low as Bermuda. 

Bermuda is committed to and excited to support this relationship.  To enhance development, a number of exciting visits and informational events are planned by senior representatives of Bermuda’s business community. 

“Canada/Bermuda Week” will be launched with two events spearheaded by the Bermuda Insurance Development Council.  A Bermuda team, comprising Beverley Todd, JLT Insurance Management (Bermuda) Ltd, Susan Lane, Aon Insurance Managers (Bermuda) Ltd, Shelby Weldon, Director – Insurance, Bermuda Monetary Authority, Jason Carne, Partner, Insurance, KMG and Nicolas P. Warren, Marsh IAS Management Services (Bermuda) will represent the Island at breakfasts on November 15^th, in Toronto and the 16^th, in Montreal.  Attendees are expected to be corporate risk managers, CFOs, brokers and others interested in exploring strategic applications of a captive insurance company. e of the risk management tool in Bermuda.   Attendance at these breakfasts also affords participants free registration at the 2011 Bermuda Captive Conference.   For more information on either event, go to www.bermudacaptive.bm or to register, in Toronto or Montreal, e-mail Rochelle.simons@logic.bm. 

These breakfasts will be capped by the 3^rd Annual Bermuda Briefing on Thursday, November 17^th  in  Toronto beginning with registration at 2 p.m. 

The programme will consist of two panel briefings; the first briefing provide attendees with detailed information on financial services cross-jurisdictional opportunities and the impact of the TIEA.  The second panel will assess the mutual opportunities for Canada and Bermuda in the areas of asset management, captive insurance and Islamic Finance.  Participants include Gregory Wojciechowski, CEO of the Bermuda Stock Exchange, Pamela Burrows, Assistant Financial Secretary (International Business), Bermuda Government, Andy Jobst, Chief Economist of the Bermuda Monetary Authority, Brendan Caldwell, President and CEO of Caldwell Investment Management and Steve Woodward, Partner, Enterprise for KPMG as well as other participants from the professional community, both in Canada and Bermuda. 

Commenting on the conference, Ms. Cheryl Packwood, CEO of Business Bermuda said, “We are excited to return to Toronto and build on the strong business relationships and partnerships between Bermuda and Canada.  We have a powerful line-up of panelists who will provide a wealth of information on the regulatory excellence, economic strength and intellectual capital in Bermuda.  We are confident that it will show that Bermuda stands apart as a premiere international business jurisdiction of choice for Canadian investors.”

Mr. Wojciechowski added, “I am very pleased to be in Canada this year, in particular as the Bermuda Stock Exchange celebrates its 40^th anniversary.  It is most fitting to be sharing a milestone in the BSX’s history with our friends in the Canadian marketplace following the great news of the TIEA coming into force between our countries.  The current climate in the global capital markets is without question challenging yet, despite this, one simple fact remains, stock exchanges are the places where the world’s savers and users of capital meet in a secure and regulated fashion to provide the fuel to drive entrepreneurial development and economic growth. 

 As Bermuda’s financial services and international business sectors have grown so, too, has the BSX.  Since its inception in 1971, the BSX has grown to become the world’s largest offshore, fully electronic securities exchange, offering a wide range of listing and trading opportunities for both international and domestic customers.  Today, in keeping abreast of an ever changing market, the BSX supports a client list which includes sophisticated institutional investors many of whom are involved in investment activity in sophisticated investment vehicles, such as insurance linked securities, which the BSX has seen impressive growth.”

The conference has again been organized in Toronto by Sarah Barham, CEO and Founder of ISI Publications.  For more information, including the full schedule visit the web at www.hfhto.com and to register for the conference, which is free of charge, email jkeefe@knowledgesuites.com or call Janet Keefe in Toronto at 416-849-1925. 

About Business Bermuda:

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client.  The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.  For more information visit www.businessbermuda.org

About The Bermuda Stock Exchange:

Established in 1971 the Bermuda Stock Exchange (BSX) is now the world’s leading fully electronic offshore securities market, with a current market capitalisation (excluding mutual funds) in excess of US$300 billion. There are over 800 securities listed on the BSX of which over 350 are offshore funds and alternative investment structures.  Trading occurs daily and settlement on a rolling T+3 basis using BEST,  the BSX’s Central Limit Order Book trading mechanism which is tightly integrated with the Exchange’s clearing, settlement and depository platforms.

The success of the BSX lies in its innovative approach to new products and markets and its ability to offer a ‘commercially sensible’ regulatory environment.  The Exchange specializes in listing and trading of capital market instruments such as equities, debt issues, funds (including Hedge Fund structures), derivative warrant programmes and Insurance Linked Securities, such as Catastrophe Bonds.

The BSX, recognised by the US SEC as a Designated Offshore Securities Market, is a full member of the World Federation of Exchanges (WFE) and is located in an O.E.C.D. member nation. In recent developments, the BSX was granted Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules, Designated Investment Exchange status by the UK’s Financial Services Authority and in December of 2007 was granted Recognised Stock Exchange by the UK HM Revenue and Customs.  In February2008 the BSX was admitted to membership of America’s Central Securities Depository Association.

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The Commonwealth Secretariat and International Financial Centres Forum roundtable event at Marlborough House, London, allowed representatives of Business Bermuda to analyse the challenges facing international financial centres in the current economy and argue that Bermuda provides a significant competitive advantage to the firms based on the island and helps sustain growth and jobs in larger economies.

Arguing against the misinformation and common stereotypes often met by centres like Bermuda, the presentation highlighted the recent Economic Impact Survey which showed that Bermuda was the most important international provider of insurance services to the United States and that its trade and investment relationship with the United States sustained 301,000 jobs in 2010.

The panel discussed the importance of the Organisation for Economic Co-operation and Development and its peer review as creating a level playing field amongst the smaller centres in which Bermuda, as the first country to ascend to the top of the list and as Vice-Chair of the Global Steering Committee, has played a key role.

Neil Horner, head of the corporate at Attride-Stirling & Woloniecki, who attended the event said:

“The conference was very constructive. A key take-away was the need for small centres to share perspectives and work together to meet the challenges that we all face.  When we work together we are very strong.

“It emerged clearly from the meeting that small centres improve capital markets efficiency, liquidity, investment and job creation in major economies with which they maintain trading relationships.

“In addition, the small international financial centres have been a key part of developing greater transparency and information exchange, permitting a move towards a level playing field. Bermuda has played a major role in this process, being the first country to ascend to the top list and is Vice-President of the Global Forum on Transparency and Exchange of Information for Tax Purposes.”

About Business Bermuda

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.

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The conference featured a keynote speech during lunch by The Honorable Paula Cox, JP, MP, Premier and Minister of Finance of Bermuda. Premier Cox was introduced by Sir Richard Gozney, the Governor of Bermuda.  The Honorable Patrice Minors, JP, MP, Minister of Business Development and Tourism participated in a panel discussion on hotel development and tourism with Malcolm Butterfield, Chairman of the Bermuda Tourism Board and partner at KPMG and Brian Duperreault, a leading business executive and hotel developer.   Among the highlights this year, the conference started with two concurrent panel sessions at 8:30 AM on insurance and reinsurance and asset management, both under the theme, “Open for Business.”  

The sessions had sizeable crowds of more than 200 people in total and they heard and participated in discussions that focused on new product and service developments as well as the regulatory, legal and financial environment for both insurance / reinsurance and asset management.

Among the participants in the insurance and reinsurance panel sessions were: David Cash, CEO of Endurance and Chairman of Business Bermuda; Susan Patschak, CEO of Canopius and Jonathan Kim, Senior Vice President and General Counsel of Montpelier Re among several others. The asset management panel session had, for the first time, both service providers and fund managers including: Andrew Baron of Butterfield Bank; Sally-Anne Baron of Timber Capital; and Craig Bodenstab of Orbis Funds.  Jeremy Cox, CEO of the Bermuda Monetary Authority and Gregory Wojciechowski, CEO of the Bermuda Stock Exchange were active participants in the panel session on offshore business and Bermuda, which was moderated by Pamela Burrows, Assistant Financial Secretary of Bermuda’s Ministry of Finance.  The session included the release of a study on the economic relationship between Bermuda and the United States that was conducted by Dr. Charles Ludolph, a senior economist and the former Deputy Assistant Secretary of Commerce for the United States. Ms. Cheryl Packwood, CEO of Business Bermuda, also participated on the panel.

Commenting on the conference, Ms. Cheryl Packwood, CEO of Business Bermuda said: “This was a great day for Bermuda and we made tremendous progress in delivering the message that Bermuda is ‘open for business.’ We are pleased to have so much support from the government, regulators and from our business community, but also excited about the interest from the New York financial services community.

We are confident that there are meaningful business opportunities that have resulted from this event.” The conference includes additional panel sessions following lunch that are being held throughout the afternoon on a range of topics including: trusts, the convergence of hedge funds and reinsurance, private wealth, infrastructure, aircraft and shipping registry, hotel development and tourism, the capital markets and the legal and licensing requirements for doing business in Bermuda. Follow-up information, including copies of the presentation and video footage of the sessions will be available at www.businessbermuda.org <http://www.businessbermuda.org>  in the coming days.

About Business Bermuda Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business. 
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The conference will feature a keynote speech during lunch by The Honorable Paula Cox, JP, MP, Premier and Minister of Finance of Bermuda, who will be introduced by Sir Richard Gozney, the Governor of Bermuda.

The conference will highlight Bermuda’s numerous financial services offerings through panel sessions featuring high-level government officials, regulators and business executives including: The Honorable Patrice Minors, JP, MP, Minister of Business Development and Tourism; Jeremy Cox, CEO of the Bermuda Monetary Authority; and, Gregory Wojciechowski, CEO of the Bermuda Stock Exchange.  

Among the highlights this year, the conference will commence with two concurrent panel sessions at 8:30 AM on insurance and reinsurance and asset management, both under the theme, “Open for Business.”  Among the participants in the insurance and reinsurance panel sessions are: David Cash, CEO of Endurance and Chairman of Business Bermuda; Susan Patschak, CEO of Canopius and Jonathan Kim, Senior Vice President and General Counsel of Montpelier Re among several others. The asset management panel session will have, for the first time, both service providers and fund managers including: Andrew Baron of Butterfield Bank; Sally-Anne Baron of Timber Capital; and Craig Bodenstab of Orbis Funds.

The morning will conclude with a plenary session on the topic of offshore business and Bermuda, which will include the release of a study on the economic relationship between Bermuda and the United States that was conducted by Dr. Charles Ludolph, a senior economist and the former Deputy Assistant Secretary of Commerce for the United States.

Commenting on the conference, Ms. Cheryl Packwood, CEO of Business Bermuda said: “We are excited to return to New York and build on the strong business relationships and partnerships between Bermuda and the United States. We have a powerful line-up of speakers who will provide a wealth of information on the regulatory excellence, economic strength and intellectual capital in Bermuda that we are confident will demonstrate that our country stands apart as the premiere international business jurisdiction of choice.”

The conference will feature additional panel sessions following lunch and throughout the afternoon on a range of topics including: trusts, the convergence of hedge funds and reinsurance, private wealth, infrastructure, aircraft and shipping registry, hotel development and tourism, the capital markets and the legal and licensing requirements for doing business in Bermuda.

For more information, including the full schedule of panel sessions, and to register for the conference, which is free of charge, you can visit the following website:  

http://www.businessbermuda.org/events/events/bermuda-financial-services-conference-new-york

About Business Bermuda

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business. For more information visit, www.businessbermuda.org

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The event included an introduction from Cheryl Packwood, Chief Executive Officer of Business Bermuda followed by a panel discussion by all attendees including: Travis Gilbert, legislative assistant for the Ministry of Business Development and Tourism; Kieran Loughran, Director of Conyers Dill & Pearman; Alex Erskine, Partner at Appleby; Richard Hay, Stikeman Elliot partner / IFC Forum counsel; Peter Hughes, Group Managing Director at Apex Fund Services and Cheryl Packwood, CEO of Business Bermuda.
 
Richard Hay, Stikeman Elliott Partner and Counsel to International Financial Centres Forum said: “The world's small international financial centers play a key role in efficient financial intermediation and trade, contributing to economic growth and jobs in the major industrialized countries. Bermuda has impressive financial infrastructure, world class professionals and leading compliance with international standards, positioning it as a mature and sophisticated contributor to this dynamic.”
 
After the discussion, the reception provided an opportunity for networking and promoting business between the two countries.
 
Cheryl Packwood, Chief Executive Officer of Business Bermuda, said: “Business Bermuda continues actively and aggressively to market Bermuda as a financial centre for international business. Given Bermuda's status as one of the most compliant and well regulated jurisdictions worldwide, we strongly believe we have a great deal to offer the European fund management industry and the event was an additional step in establishing and promoting Bermuda’s offering.”

Travis Gilbert, Legislative Assistant for the Ministry of Business Development and Tourism, commented: “The dinner hosted by Business Bermuda was an excellent opportunity to build awareness of Bermuda as an international finance centre and ensure that influencers in Europe are aware of the options open to them in Bermuda.”

The event kicked off at 4 p.m. with an exhibition of 35 booths representing a wide variety of the career opportunities available in Bermuda. Professionals in government, accounting, law, finance, banking, insurance, the medical field, education, engineering, social services, IT, hospitality, and many more came out and not only provided career advice and a variety of goodies, but the unique experience for students to network with some of the movers and shakers of our community.

Ms. Cheryl Packwood, CEO of Business Bermuda said, “Too often much of the attention surrounding Bermuda’s youth is overwhelmingly negative. It was such a delight to be surrounded by over 250 of Bermuda’s brilliant future workforce. Many of the business professionals were pleasantly surprised to find that such a pool of high quality students are not only here in Bermuda but are seeking to make a positive contribution to their island home.”

She continued, “This type of interaction is exactly why Business Bermuda makes the effort to host this event every year. Not only do we want the students to have a launching pad for success but we want the professional community to know and understand what Bermuda’s future has to offer. The CSNE was even more successful than I originally imagined, and I can’t wait to see what next year has to offer.”

The exhibition was followed by two career seminars. The first, Targeting the Top: Winning Ways for College and Career, presented by Ms. Kim Fish of Ivy Consulting, provided students with valuable information on how to leverage their education for future success. The second, Workplace Success is no Accident: Those at the Top Didn’t Fall There, presented by Ms. Shirley Nosakhere-Fountain, provided the students with instruction on how to succeed in the workplace once hired.

In providing advice for the students based on her personal experience, Ms. Nosakhere-Fountain said, “The only option I was given was that failure is not an option.” This is a testament to what the students can achieve if they refuse to accept anything less than excellence.

“I really liked the event and thought it was a good thing because I don't know of many other events like the CSNE for me to go to. I learned that when you want to do something, sometimes you just have to do it, or make it happen for yourself, even if it's not necessarily there for you to do,” remarked student networker, Ms. Rehana Packwood.

Following the career seminars came a very exciting round of speed networking. Each student was given the opportunity to speak one on one with 10 business professionals. His Excellency Sir Richard Gozney, KCMG, CVO, KStJ and Premier The Honorable Paula Cox, JP, MP were just two of the notable participants that students had the opportunity to network with. From CEOs to junior lever associates, the spectrum of Bermuda’s business community was represented at this year’s event.

One speed networker said that she was not expecting to meet the high caliber of students that she met and was overwhelmingly impressed, so much so that she gave out all of her business cards.

Ms. Lauren Mahoney of HSBC said, “It is the best event of the year. We have been involved for several years, and it just gets better and better.  The students are more prepared and enthusiastic, and the scope just gets more polished.”

“The speed networking was actually fun.  I was very impressed by the drive and the polish of the students I spoke with,” said Mr. William Maycock of Winchester Global Trust Ltd.

Mr. Bill Madeiros of  Freisenbruch-Meyer Group had this to say, “We were happy to be included in this event.  The quality of the students was mind-blowing. I am very happy I have reached the stage of my career that I won’t have to be competing for jobs with this stellar group of students!”

Volunteer, Ms. Schinel Outerbridge, expressed her thoughts about the event, “I am very glad that I had the opportunity to volunteer at the event this year. I think it was a very positive experience for the students as they had the opportunity to meet potential employers and make new business connections. The students are highly competitive, and it is obvious that many of them will go very far in life. I’m looking forward to next year already.”

The competition for prizes was fierce, and Business Bermuda will be announcing the winners in the first week of August, following the Cup Match holiday. Business Bermuda again is very thankful for the many companies, organizations, and individuals that sponsored the event, exhibited, and participated as speed networkers. A special congratulation is also in order for all the students that attended and made this year’s event a huge success. All the students were highly commendable and, if possible, next year’s event has the potential to be even bigger and better.

About Business Bermuda

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.

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About Business Bermuda

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.

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“Every year, Business Bermuda is honored at the opportunity to support these talented young people who are striving for excellence,” stated Cheryl Packwood, CEO of Business Bermuda. “ Stefanny and Israel represent the talent that is needed to ensure the future economic success of our country, and I am looking forward to seeing their future achievements.”

Recipients received a $1,500 contribution to further their education. Business Bermuda’s Marketing and Sales Executive, Yelena Packwood, presented the awards at their respective graduation ceremonies on June 29th and 30th. This was the second time Business Bermuda has honored Israel Sanchez this year as he received honorable mention in the Business Bermuda Annual Breakfast Essay Competition this past February. Business Bermuda continues to promote and support excellence amongst young Bermudians, and is looking forward to their future success.

About Business Bermuda

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.

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The number of exhibitors who have signed up for the event has exceed expectations, with 32 companies and professional organisations signing up, covering the vast majority of sectors. Represented will be individual networkers and booths from insurance & reinsurance, law, hospitality, accountancy, consulting, infrastructure, telecommunications, banking, counseling, financial services, small businesses, architecture, interior design, real estate, marketing, and more.

Cheryl Packwood, CEO of Business Bermuda commented, “We are always delighted with the response from companies, and each year, more new companies want to get involved. This year has been no exception! We aim to have representatives from as many sectors as possible so that students can network with individuals and find out their options. Too often, students think they know what they want to do, but they aren’t aware of every avenue that is available – that is what the networking event is designed for.”

Event sponsors have also shown their generosity and support for the students with a prize list that includes a MacBook from Butterfield; three iPads from North Rock Communications, PricewaterhouseCoopers, and Ernst & Young; three internships at HSBC, Deloitte, and North Rock Communications; a $500 deposit account with Bermuda Commercial Bank; a $250 deposit account from Capital G; travel vouchers from Conyers Dill & Pearman and Endurance worth a total of $1,000; a $500 P-Tech voucher from Appleby; a $200 restaurant voucher from Island Employment Partners; Amazon Kindles from BELCO and Bermuda Hospitals Board; an Apple TV from North Rock Communications; iPods from Allied World Assurance Companies, Aardvark Communications, and North Rock Communications; a digital camera from KPMG; a Summer gift package from Everest Re; and even a parasailing voucher from KRyS Global.

Cheryl Packwood added, “We were genuinely not expecting to outdo the prizes we had on offer last year, but once again Bermuda’s companies have stepped up to show their support for our students. There are many chances for students to win, but they should come prepared! Students should be professionally dressed and carry copies of their résumé with them. They should practice the art of networking with as many professionals as possible and should make an impression to obtain business cards. We are telling the professionals that they should not hand out their business card unless it is deserved. They should also attend the career seminars and ask questions for the chance to win an iPad.”

Prize categories include Top Speed Networker, Most Impressive Professional Look, Best Networker (collect business cards and hand them in at the end of the event), Best First Impression of Résumé, Most Participative & Enthusiastic Attendee at each of the Career Seminars, internships for Most Impressive Students, and an overall prize for the student who stands out across all categories, who will win the MacBook provided by Butterfield.

The event will consist of an exhibition hall, designed for students to network with as many professionals as possible. There will be two career seminars and the ever-popular speed networking session where students spend 4 minutes talking with 10 professionals. There are prizes available at every stage, and students should check www.csne.bm or www.facebook.com/BusinessBermudaEvent for more information.

About Business Bermuda

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.

With critical decision makers from some of the most influential investment institutions in Europe and from around the world in attendance, the conference offers a unique opportunity to establish and continue to develop the key partnerships that have allowed Bermuda to grow and develop its financial services industry. This year Bermuda’s delegation focused on the opportunities to attract and domicile hedge fund managers, administer hedge funds and to register funds in a jurisdiction that is highly regarded for its legal and regulatory approach as well as the expertise of its service providers.

The delegation at GAIM International included: Peter Hughes of Apex Fund Services; Susan Stirling, Director of Marketing for the Business Bermuda; Greg Wojciechowski of the Bermuda Stock Exchange; and, Stephen Castree from Equinoxe Alternative Investment Services.

Fund Forum was attended by Ms. Stirling; David Shastri, co-founder of Comada, a provider of managed assets technology to the hedge fund industry; and Thalius Hecksher from Apex Fund Services.

Commenting on the Bermuda delegation’s participation at the conferences overall Mr. Wojciechowski said, “It’s absolutely essential that Bermuda continue to be visible and aggressive in marketing our jurisdiction, particularly given our focus on attracting and domiciling hedge fund managers in Bermuda. We have a unique opportunity right now to deliver a compelling message that will differentiate us from other offshore jurisdictions in the face of changes in Europe and with the strength of our regulatory environment and the expertise of our international business community.”

Added Ms. Stirling, “Bermuda is open for business and events such as these drive home the importance of that message. More and more competing jurisdictions are out waving their flags and those missing are the subject of speculation and rumor. The ability of our international business community to communicate the ease of doing business by sharing real world examples and case studies in direct conversations with potential business prospects is absolutely key to our ability to grow international business in Bermuda.”

About Business Bermuda

Business Bermuda is a business organization of Bermuda resident service providers that provide quality banking, legal, accounting, re/insurance, financial, trust, management and e-commerce services and products to the international client. The organization works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.

About Business Bermuda
Business Bermuda is a business organization of Bermuda resident service providers and international businesses which provide quality banking, insurance, reinsurance, legal, accounting, financial, trust, management, e-commerce, and energy products. Business Bermuda works with the private sector and Government to develop and promote the Island as one of the world’s foremost centers for international business.

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“In response to feedback from professionals and students who attended last year’s event, we have changed the format slightly this year by taking out the keynote speaker in order to allow professionals and students more time to network in the exhibitor area and to maximize the quality of the two career seminars. When we started the event 13 years ago, it was much smaller and a keynote speaker was an important part of the event, but it has grown in size and scope and networking is now the most important element of the event. There will again only be one speed networking session, giving 90 students (and 90 professionals) more of what they love most about the CSNE,” added Ms. Packwood.

Professional organisations can exhibit for free, and there is a nominal fee for companies taking exhibition space in the Harbourview Ballroom of $100 to Business Bermuda members and $500 to non-members. Alternatively, non-members can apply for a year long Associate Membership with Business Bermuda and exhibit for only $575.
 
Business Bermuda is inviting all students, business professionals, and educators to take part in the event. Companies can also participate as an event sponsor by offering prizes. In previous years, students have won seasonal internships, laptops, travel vouchers, iPods, and even an iPad.

For the 2011 event, North Rock Communications is already confirmed as a sponsor, offering an iPad and an internship. Conyers Dill & Pearman is sponsoring the event with a $500 travel voucher for another lucky winner. Aardvark Communications is also sponsoring the event by offering an iPod. There are only 15 sponsor spaces available, so companies need to be quick to sign up to sponsor the event. All companies are also invited to include gifts in the student goody bags, which are provided by PureNERGY Renewables.

More information can be found on the event website, and professionals and students can sign up online at www.csne.bm or by calling the Business Bermuda offices on 292-0632, or emailing csne@businessbermuda.org

About Business Bermuda
Business Bermuda is a business organization of Bermuda resident service providers and international businesses which provide quality banking, insurance, reinsurance, legal, accounting, financial, trust, management, e-commerce, and energy products. Business Bermuda works with the private sector and Government to develop and promote the Island as one of the world’s foremost centers for international business.

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About Business Bermuda
Business Bermuda is a business organization of Bermuda resident service providers and international businesses which provide quality banking, insurance, reinsurance, legal, accounting, financial, trust, management and e-commerce, and energy services and products. Business Bermuda works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.

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Randall Krebs, Chairman of STEP Bermuda and Executive Vice President and General Counsel of Meritus, introduced Cheryl Packwood, CEO of Business Bermuda, at the opening day luncheon to the international and local guest: “Ms. Packwood is no stranger to our organization and Business Bermuda is a key organization in promoting Bermuda and our interests around the globe.  We are pleased at the organization’s support and encourage all Bermuda based companies to become members of Business Bermuda.”

In her remarks to the delegates at the luncheon, Ms. Packwood stated: “Business Bermuda was honoured to be asked to be the presenting sponsor of the prestigious STEP Caribbean Conference and we were honoured to accept the invitation.  There was never a question of our participation and support and we are delighted to welcome some of the world’s leading trust and estate professionals to Bermuda. This is an exciting opportunity for Bermuda to showcase its world-class hotel and conference facilities and to demonstrate our own expertise in the development of leading edge trust and estate business practices. Indeed, this is a challenging and important time for international financial centres as they redefine and clarify their role in the global economy.

“At a time when the world is in turmoil, Bermuda stands out a safe jurisdiction.  We are at the forefront of meeting global standards of regulation and transparency. This is an ideal time for our jurisdiction to be the host of this conference.”

The STEP Caribbean Conference brings the latest information in professional development and learning while creating an opportunity for discussion, dialogue, and networking for the trust practitioner. The STEP Caribbean Conference attracts numerous world-class speakers who provide leading edge information and indicators of the latest in industry trends. Delegates have come to Bermuda to attend the conference from the Caribbean as well as Latin America, Asia, Canada, Europe, and the US.  This year the conference focused on International Financial Centres and their role in global economic growth. The conference entitled “IFCs, KEY PARTNERS IN ECONOMIC GROWTH” considered the notion of International Finance Centres as contributors to the global economy. The conference also explored OECD developments, the increasing mobility of the high net worth individual, family office complexities, the increasing trend to regional co-operation, and the region’s close ties to Latin and South America.

Hong Kong, 19 April 2011 – Business Bermuda concluded its marketing tour of Asia to promote Bermuda’s financial services sector with the successful completion of its Annual Bermuda Financial Services Conference in Hong Kong. The event was attended by over 100 leading lawyers, accountants, and financial services executives all eager for information on doing business in Bermuda.

The conference in Hong Kong comes on the heels of Business Bermuda’s Annual Bermuda Financial Services Conferences in London on Thursday, April 7th and in Singapore on Monday, April 11th and attendance at the Shorex Wealth Management Forum in Singapore from April 12th-13th, 2011.

Bermuda has established international business relationships in Hong Kong with more than five decades of history. In Hong Kong, 400 of the listed companies on the main board of the Hong Kong Stock Exchange are Bermuda companies. In Singapore, more than 110 Bermuda-based companies are listed on the Singapore Stock Exchange. With both Hong Kong and Singapore serving as gateways to capital and business in China and across Asia, Business Bermuda’s efforts are further cementing the international business opportunities for Bermuda in the region. Indeed, for China, Bermuda is perceived as the jurisdiction of choice due to its blue chip reputation.

The conference in Hong Kong provided a comprehensive overview of the sectors represented in Bermuda’s international business industry, insight into Bermuda’s high quality of services, and the benefits of basing a business in Bermuda.

In addition to hosting Business Bermuda’s own financial services conference in Hong Kong, Cheryl Packwood, CEO of Business Bermuda, met with the Hong Kong Trade and Development Council (HKTDC) and the Hong Kong Stock Exchange. A first time meeting was held between Ms. Packwood and the representative of the China Council for Promotion of International Trade (CCPIT), the organization constituting the first step in accessing companies and investments in the mainland looking for outward investment. In Singapore, a delegation of Bermuda executives and business leaders met with the Singapore Stock Exchange, the Singapore Mercantile Exchange, and other leading sources of business.

Ms. Packwood noted, “Every year we see increased interest, from the highest levels of Hong Kong’s financial and insurance communities, in Bermuda’s services. This year was no exception. This stands as a firm testament to Bermuda’s enduring standards of quality that are recognized the world over. Bermuda is open for and ready to do business. We are well-positioned as a leader in offshore financial services.”

Greg Wojciechowski, CEO of the Bermuda Stock Exchange, joined forces with Cheryl Packwood and other prominent members of Bermuda’s business community to present on topics including: Capital Markets and the Bermuda Stock Exchange; Hedge Funds, Private Equity, and Investments; Insurance and Reinsurance; and Shipping and Aircraft.

James Watlington, Principal of Alexanders, Barristers & Attorneys, presented on Bermuda’s shipping and aircraft industries in both Hong Kong and Singapore. Mr. Watlington said, “Bermuda operates a highly efficient and well-respected registration system for both shipping and aircraft. Bermuda’s reputation for providing high quality services continues to extend around the world, and Bermuda’s shipping and aircraft industry is looking forward to continued growth and expansion.”

“Business Bermuda has worked tirelessly to promote Bermuda as the top jurisdiction for offshore business throughout Asia,” said Greg Wojciechowski, CEO of the Bermuda Stock Exchange. He continued, “Competition between offshore jurisdictions like the Cayman Islands, British Virgin Islands, and Bermuda is notably fierce. Bermuda’s unique market is extremely attractive to the Hong Kong and Singapore business communities, and I expect that business will be brought to Bermuda as a direct result of the Bermuda Financial Services Conferences in Asia. It is vital that we maintain momentum by travelling to these markets to distinguish Bermuda as a first-class jurisdiction.”

Cheryl Packwood added: “Bermuda is one of the world's leading offshore financial centers and is already recognized by international bodies as being amongst the best regulated and most compliant jurisdictions worldwide. Singapore is the undisputed center of wealth management excellence in Asia and a key partner for Bermuda.”

Greg Wojciechowski, CEO of the Bermuda Stock Exchange, said: “Bermuda’s reputation and track record for upholding international standards in investment fund regulation, and its vigilance against money laundering are an example for all offshore jurisdictions. It continues to provide a regulatory framework in which business can continue to grow and prosper whilst maintaining a secure environment.”

Business Bermuda hosted a Business Bermuda Financial Services Reception in Singapore on 11 April 2011 as part of the effort to further develop the relationship between Bermuda and Singapore. 

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