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<br /> 2019-2020 Edition<br /> Published by TIMES Group<br /> conyers.com<br /> BERMUDAÕS most trusted<br /> LEGAL EXPERTS<br /> for over 90 years<br /> <br /> Speak to one of our experts:<br /> Corporate<br /> Graham B.R. Collis<br /> graham.collis@conyers.com<br /> +1 441 299 4965<br /> Litigation<br /> Christian Luthi<br /> christian.luthi@conyers.com<br /> +1 441 298 7814<br /> BERMUDA BVI CAYMAN ISLANDS<br /> Private Client & Trust<br /> Alec R. Anderson<br /> alec.anderson@conyers.com<br /> +1 441 299 4945<br /> Regulatory & Compliance<br /> Julie E. McLean<br /> julie.mclean@conyers.com<br /> +1 441 299 4925<br /> HONG KONG LONDON SINGAPORE<br /> Corporate Services<br /> Tracey Spevack<br /> tracey.spevack@conyers.com<br /> +1 441 299 4942<br /> Trust Services<br /> Peter A.S. Pearman<br /> peter.pearman@conyers.com<br /> +1 441 299 4996<br /> Published by:<br /> Time International Media & Events Services Ltd.<a title="Bermuda Business Review 2019-2020 page 1" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=1"> 2019-2020 Edition </a> <a title="Bermuda Business Review 2019-2020 page 2" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=2"> conyers.com BERMUDAÕS most trusted LEGAL EXPERTS</a> <a title="Bermuda Business Review 2019-2020 page 3" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=3"> Published by: Time International M</a> <a title="Bermuda Business Review 2019-2020 page 4" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=4"> </a> <a title="Bermuda Business Review 2019-2020 page 5" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=5"> ACKNOWLEDGEMENTS </a> <a title="Bermuda Business Review 2019-2020 page 6" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=6"> WINNER OF 122 DIGITAL AND ADVERTISIN</a> <a title="Bermuda Business Review 2019-2020 page 7" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=7"> Contents 11 PREFACE </a> <a title="Bermuda Business Review 2019-2020 page 8" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=8"> </a> <a title="Bermuda Business Review 2019-2020 page 9" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=9"> Contents CAPTIVATING JURISDICT</a> <a title="Bermuda Business Review 2019-2020 page 10" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=10"> Vintage photo courtesy of Christopher Grimes</a> <a title="Bermuda Business Review 2019-2020 page 11" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=11"> ,Q WKH&LW\RI+DPLOWRQâVðUVW&RUSRUDWLRQZDVHOHFWHG)R</a> <a title="Bermuda Business Review 2019-2020 page 12" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=12"> </a> <a title="Bermuda Business Review 2019-2020 page 13" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=13"> PREFACE Preface By John Rankin CMG, Governor </a> <a title="Bermuda Business Review 2019-2020 page 14" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=14"> </a> <a title="Bermuda Business Review 2019-2020 page 15" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=15"> FOREWORD Foreword The Hon. Curtis L. Dickinso</a> <a title="Bermuda Business Review 2019-2020 page 16" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=16"> FOREWORD More than just a jurisdiction known fo</a> <a title="Bermuda Business Review 2019-2020 page 17" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=17"> Jardine Matheson is a diversified Asian-based gro</a> <a title="Bermuda Business Review 2019-2020 page 18" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=18"> A rock amidst the shifting sands Bermuda is buil</a> <a title="Bermuda Business Review 2019-2020 page 19" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=19"> INTRODUCTION Introduction By Roland Andy Burr</a> <a title="Bermuda Business Review 2019-2020 page 20" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=20"> INTRODUCTION (ILS) market. The arrival this yea</a> <a title="Bermuda Business Review 2019-2020 page 21" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=21"> By HelloRF Zcool / © Shutterstock </a> <a title="Bermuda Business Review 2019-2020 page 22" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=22"> </a> <a title="Bermuda Business Review 2019-2020 page 23" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=23"> ECONOMIC VIEW By CZ / © Shutterstock Bermuda</a> <a title="Bermuda Business Review 2019-2020 page 24" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=24"> ECONOMIC VIEW </a> <a title="Bermuda Business Review 2019-2020 page 25" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=25"> An electric vehicle in Bermuda. By Stephen Gostic</a> <a title="Bermuda Business Review 2019-2020 page 26" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=26"> INTERNATIONAL BUSINESS & FINANCE CENTRE Gibbs H</a> <a title="Bermuda Business Review 2019-2020 page 27" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=27"> Bermuda has always been forward-looking and the I</a> <a title="Bermuda Business Review 2019-2020 page 28" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=28"> INTERNATIONAL BUSINESS & FINANCE CENTRE financia</a> <a title="Bermuda Business Review 2019-2020 page 29" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=29"> REGULATION & SUPERVISION BMA: 50 years of robust</a> <a title="Bermuda Business Review 2019-2020 page 30" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=30"> REGULATION & SUPERVISION Courtesy Government of</a> <a title="Bermuda Business Review 2019-2020 page 31" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=31"> The BMA's powers were further extended under the </a> <a title="Bermuda Business Review 2019-2020 page 32" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=32"> A better outlook With a network of o ces spanni</a> <a title="Bermuda Business Review 2019-2020 page 33" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=33"> LEGAL SYSTEM, TAX & ACCOUNTANCY SERVICES Bermuda</a> <a title="Bermuda Business Review 2019-2020 page 34" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=34"> LEGAL SYSTEM, TAX & ACCOUNTANCY SERVICES Profes</a> <a title="Bermuda Business Review 2019-2020 page 35" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=35"> LEGAL SYSTEM, TAX & ACCOUNTANCY SERVICES Meeting</a> <a title="Bermuda Business Review 2019-2020 page 36" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=36"> LEGAL SYSTEM, TAX & ACCOUNTANCY SERVICES Member</a> <a title="Bermuda Business Review 2019-2020 page 37" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=37"> BERMUDA'S GLOBAL OUTLOOK US and Bermuda connecti</a> <a title="Bermuda Business Review 2019-2020 page 38" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=38"> BERMUDA'S GLOBAL OUTLOOK Canada and Bermuda: </a> <a title="Bermuda Business Review 2019-2020 page 39" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=39"> BERMUDA'S GLOBAL OUTLOOK </a> <a title="Bermuda Business Review 2019-2020 page 40" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=40"> BERMUDA'S GLOBAL OUTLOOK London. By Sven Hansc</a> <a title="Bermuda Business Review 2019-2020 page 41" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=41"> BERMUDA'S GLOBAL OUTLOOK Bermuda's links with L</a> <a title="Bermuda Business Review 2019-2020 page 42" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=42"> BERMUDA'S GLOBAL OUTLOOK the initial months of </a> <a title="Bermuda Business Review 2019-2020 page 43" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=43"> DIGITAL HUB By Yevhenii Strebkov / © Shutterstock</a> <a title="Bermuda Business Review 2019-2020 page 44" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=44"> DIGITAL HUB in recent years to ensuring that Be</a> <a title="Bermuda Business Review 2019-2020 page 45" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=45"> With these goals in mind, this public/private par</a> <a title="Bermuda Business Review 2019-2020 page 46" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=46"> FINTECH By kanchana tipmontian / © Shutterstoc</a> <a title="Bermuda Business Review 2019-2020 page 47" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=47"> concierge service that guides customers through i</a> <a title="Bermuda Business Review 2019-2020 page 48" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=48"> FINTECH The benefits offered by the free flowing </a> <a title="Bermuda Business Review 2019-2020 page 49" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=49"> It is therefore encouraging that the fintech indus</a> <a title="Bermuda Business Review 2019-2020 page 50" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=50"> Let's talk IT Managed Services. </a> <a title="Bermuda Business Review 2019-2020 page 51" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=51"> INFORMATION & COMMUNICATION TECHNOLOGIES (ICT) </a> <a title="Bermuda Business Review 2019-2020 page 52" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=52"> INFORMATION & COMMUNICATION TECHNOLOGIES (ICT) </a> <a title="Bermuda Business Review 2019-2020 page 53" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=53"> By metamorworks / © Shutterstock </a> <a title="Bermuda Business Review 2019-2020 page 54" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=54"> REINSURANCE HUB </a> <a title="Bermuda Business Review 2019-2020 page 55" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=55"> Bermuda's emergence as a major global (re)insuran</a> <a title="Bermuda Business Review 2019-2020 page 56" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=56"> REINSURANCE HUB Likewise, Bermuda has long help</a> <a title="Bermuda Business Review 2019-2020 page 57" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=57"> CAPTIVATING JURISDICTION </a> <a title="Bermuda Business Review 2019-2020 page 58" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=58"> CAPTIVATING JURISDICTION I</a> <a title="Bermuda Business Review 2019-2020 page 59" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=59"> INSURANCE-LINKED SECURITIES (ILS) Bermuda's dedi</a> <a title="Bermuda Business Review 2019-2020 page 60" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=60"> INSURANCE-LINKED SECURITIES (ILS) Our industry </a> <a title="Bermuda Business Review 2019-2020 page 61" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=61"> In 2010, the total value of ILS listed on the Ber</a> <a title="Bermuda Business Review 2019-2020 page 62" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=62"> INSURANCE-LINKED SECURITIES (ILS) By Kristi Blo</a> <a title="Bermuda Business Review 2019-2020 page 63" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=63"> Three considerations are paramount for sponsors: </a> <a title="Bermuda Business Review 2019-2020 page 64" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=64"> ©2019 Chubb. Coverages underwritten by one or mor</a> <a title="Bermuda Business Review 2019-2020 page 65" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=65"> BERMUDA & RIMS </a> <a title="Bermuda Business Review 2019-2020 page 66" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=66"> BERMUDA & RIMS teams for enterprise-wide intell</a> <a title="Bermuda Business Review 2019-2020 page 67" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=67"> BANKING ON BERMUDA </a> <a title="Bermuda Business Review 2019-2020 page 68" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=68"> BANKING ON BERMUDA availability of outsourced a</a> <a title="Bermuda Business Review 2019-2020 page 69" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=69"> Bermuda $50 banknotes. By ppart / © Shutterstock </a> <a title="Bermuda Business Review 2019-2020 page 70" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=70"> Scalable, Global Administration Solutions Kane LP</a> <a title="Bermuda Business Review 2019-2020 page 71" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=71"> PRIVATE BANKING & WEALTH MANAGEMENT By mnimage </a> <a title="Bermuda Business Review 2019-2020 page 72" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=72"> PRIVATE BANKING & WEALTH MANAGEMENT </a> <a title="Bermuda Business Review 2019-2020 page 73" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=73"> Bermuda, to create products and services that ali</a> <a title="Bermuda Business Review 2019-2020 page 74" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=74"> TRUST & PRIVATE CLIENT SERVICES By kkamjang / </a> <a title="Bermuda Business Review 2019-2020 page 75" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=75"> </a> <a title="Bermuda Business Review 2019-2020 page 76" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=76"> TRUST & PRIVATE CLIENT SERVICES </a> <a title="Bermuda Business Review 2019-2020 page 77" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=77"> developed from Re Hastings Bass which in the Unit</a> <a title="Bermuda Business Review 2019-2020 page 78" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=78"> TRUST & PRIVATE CLIENT SERVICES Admirals Cave</a> <a title="Bermuda Business Review 2019-2020 page 79" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=79"> FUNDS & ASSET MANAGEMENT By Sergey Nivens / © S</a> <a title="Bermuda Business Review 2019-2020 page 80" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=80"> FUNDS & ASSET MANAGEMENT and asset management i</a> <a title="Bermuda Business Review 2019-2020 page 81" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=81"> CORPORATE SERVICES The value of a corporate serv</a> <a title="Bermuda Business Review 2019-2020 page 82" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=82"> CORPORATE SERVICES Business Act 2012. The numbe</a> <a title="Bermuda Business Review 2019-2020 page 83" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=83"> INFRASTRUCTURE & COMMERCE A barge transporting</a> <a title="Bermuda Business Review 2019-2020 page 84" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=84"> INFRASTRUCTURE & COMMERCE Backed by Government </a> <a title="Bermuda Business Review 2019-2020 page 85" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=85"> Aaron Adderley, President of Skyport, said: “We a</a> <a title="Bermuda Business Review 2019-2020 page 86" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=86"> INFRASTRUCTURE & COMMERCE </a> <a title="Bermuda Business Review 2019-2020 page 87" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=87"> MARITIME SERVICES The USS Essex and her prizes </a> <a title="Bermuda Business Review 2019-2020 page 88" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=88"> MARITIME SERVICES Superyacht in Hamilton, Bermu</a> <a title="Bermuda Business Review 2019-2020 page 89" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=89"> Softbank Team Japan leaving harbour to race in th</a> <a title="Bermuda Business Review 2019-2020 page 90" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=90"> BCM BCM McALPINE LTD McALPINE </a> <a title="Bermuda Business Review 2019-2020 page 91" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=91"> TOURISM DEVELOPMENT Bermuda broadens its appeal </a> <a title="Bermuda Business Review 2019-2020 page 92" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=92"> TOURISM DEVELOPMENT St. Peter's Church in St G</a> <a title="Bermuda Business Review 2019-2020 page 93" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=93"> One of Bermuda's many beautiful secluded coves. B</a> <a title="Bermuda Business Review 2019-2020 page 94" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=94"> TOURISM DEVELOPMENT St. Georges, Bermuda (18th</a> <a title="Bermuda Business Review 2019-2020 page 95" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=95"> Bermuda is seen as a year round destination. By B</a> <a title="Bermuda Business Review 2019-2020 page 96" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=96"> BERMUDA EXPERTISE Bermuda engraved in cedar wo</a> <a title="Bermuda Business Review 2019-2020 page 97" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=97"> Front Street, Hamilton, Bermuda. By Dariusz Grycz</a> <a title="Bermuda Business Review 2019-2020 page 98" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=98"> BERMUDA EXPERTISE partnership model will progre</a> <a title="Bermuda Business Review 2019-2020 page 99" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=99"> By GaudiLab / © Shutterstock </a> <a title="Bermuda Business Review 2019-2020 page 100" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=100"> TRAINING & EDUCATION </a> <a title="Bermuda Business Review 2019-2020 page 101" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=101"> vehicles to the development and growth of Insuran</a> <a title="Bermuda Business Review 2019-2020 page 102" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=102"> TRAINING & EDUCATION The </a> <a title="Bermuda Business Review 2019-2020 page 103" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=103"> P.O. Box SN 201 Southampton SN BX Bermuda. Tele</a> <a title="Bermuda Business Review 2019-2020 page 104" href="https://secure.viewer.zmags.com/publication/220ea1ac?page=104"> </a>