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Who Do You Believe? Doomsday Bob or International Business Execs?

We understand that the Shadow Minister of Finance doesn’t believe that there is a global economic crisis raging and that it is severely impacting Bermuda. But, it’s reality. And, the fact that we saw big gains in new registrations in spite of this global economic crisis is welcome news.

But, don’t take our word for it. Peter Willitts of the Bermuda Captive Conference called the registration number “nothing short of fantastic.” Tom McMahon of the Bermuda Insurance Management Association, said that “these are indeed great numbers for Bermuda” and that it was “a great vote of confidence by the international market” in our island. And, Tim Faries of Appleby said that our 2011 performance “bodes well for the future.”

Bob Richards may attempt to feebly spin his way out of this good news by comparing numbers we produced in the midst of a global financial crisis to the numbers produced during global financial boom times. But, that’s disingenuous and the non-political IB executives know it. That’s why they are lauding the numbers and Bob Richards isn’t. Bob Richards has a political stake in talking down Bermuda. But, the non-political IB executives don’t. They are telling it like it is, and, the truth of the matter is that in the middle of a global financial crisis, the registration news is indeed encouraging.

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