In the past, whenever a large event created a boom in the formation of insurance companies, the logical jurisdiction was always Bermuda. Always.
No longer. Speaking at an industry event, according to an investor involved in many of Bermuda’s successful insurance startups, 2 out of 3 current startups are going elsewhere.
“It has to do with cost and the availability of talent and the availability to recruit talent.”
“There are only so many visas available, apparently. It comes down to how comfortable investors like us feel.”
“Other potential regulatory environments are newer and therefore look more consistent.”
OUCH! This Government has been happy to slurp down the cash from the international sector while using it as a populist punching bag. Meanwhile, the recent years of neglect are showing. These real world comments mirror perfectly the risks identified for Bermuda by the UK National Audit Office.
A spokesman for the Bermuda Government discounted the news saying that the attendees had clearly been drinking at the event. And didn’t they get the memo about “no negative news during the election”?
Economy At Risk // Nov 23, 2007 at 12:04 pm
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