Bermuda To Host Latin American Insurance Conference

by Amanda Banks, Tax-News.com, London

25 August 2003

Bermudian Finance Minister Eugene Cox announced last week that the main risk and insurance body from Latin America will be staging its conference in the jurisdiction, in a move that could generate millions of dollars in business.

"It is a pleasure to announce a significant development in Bermuda Latin American relations," commented Mr Cox on the Asociacion Latinoamericana de Administradores de Reisgos y Seguros' (ALARYS) decision to stage its sixth biennial conference in Bermuda next year. This will be the first time that the meeting has been held outside of Latin America.

The event will see hundreds of risk managers arriving in Bermuda from countries such as Panama, Costa Rica, Brazil and Argentina, as well as from Spain and Portugal.

"It will be a boost for the tourism industry and a boost for the economy," observed Neletha Butterfield, acting Minister of Tourism, adding that: "The delegates will also be coming with their families and friends – and they are welcome. We thank them for choosing Bermuda."

In addition, according to the Royal Gazette, the island's authorities are also negotiating with the International Federation of Risk and Insurance Management Associations (IFRIMA), in a bid to persuade the organisation to hold its conference in Bermuda. If an agreement is reached, it could mean up to 1,000 additional insurance representatives arriving in the jurisdiction during the same week.

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