International Business vs. The OBA/UBP
International businessmen say that Bermuda is a great place to do business. The OBA/UBP says it's terrible and the sky is falling. Who do you believe?
We all remember what Ed Noonan of Validus said:
Bermuda's combination of strong regulatory oversight, receptivity to new companies and pre-eminence as the knowledge centre for global catastrophe risk has been critical to our success as a company and our ability to continue to grow and attract new investment capital to our business. Validus is proud of its excellent Bermudian employee base, and continues to see a bright future for International Business on the Island.
Now, this is what MS Frontier Re's Gary Devery had to say:
Our parent company recognises the strategic importance of what we’re doing and the Bermuda market as a leading in the reinsurance industry as a whole. That fits in with their long-term philosophy for us to be a growth engine for the group... We were the first tenant in this building (141 Front Street), which shows our commitment to expand our business in Bermuda.
The truth is, international business has grown considerably under the PLP. Our balanced policies ensure that international business thrives while also ensuring that Bermudians benefit. The OBA/UBP would give away everything to businesses and guest workers even at the expense of Bermudians.