Gibraltar pitches for financial business in Bermuda

By added on 05/06/2014

Finance Minister Albert Isola is leading a financial services delegation from Gibraltar at the Bermuda Captive Insurance Conference this week, reports the Gibraltar Chronicle.

The delegation comprises insurance specialists and service providers from Gibraltar as well as Finance Centre Director James Tipping and the senior executive for insurance from Gibraltar Finance, Mike Ashton.

 Mr Tipping and Mr Ashton arrived early in Bermuda to prepare for the opening of the conference.

Gibraltar’s insurance regulator, Michael Oliver is also in attendance.

This is the first time that Gibraltar will be represented at what is Bermuda’s most important gathering of insurance companies and professionals and the visit has been coordinated with the Government of Bermuda and conference officials.

“Gibraltar is offering Bermudian based businesses that wish to operate in Europe our unique proposition, amongst the British Overseas Territories and Crown Dependencies, of access to the European Union single market via a Gibraltar insurance license,” Mr Isola said.

“We are therefore looking to work in close partnership with the Bermudian Government and the private sector on the island.”

The Gibraltar delegation will also be further exploring the area of Insurance Linked Securities with Bermudian industry professionals that specialise in this sector.

The Government of Gibraltar said it wanted to make Gibraltar the European hub for this growing area of business.

In addition to the conference, Mr Isola will meet with individual insurance companies and banks, as well as the Bermudian regulator, business development agency and stock exchange.

There will also be significant contact with the Bermudian Government and an official call on the Bermudian Premier is scheduled for this Thursday.

Mr Isola will also host a Gibraltar Day lunch to be attended by the Bermudian Government, senior officials and a large number of private sector participants from the island, together with the Gibraltar delegation.