Minister of Economy, Trade and Industry Patrice Minors. *File photo
Minister of Economy, Trade and Industry Patrice Minors. *File photo

TUESDAY, OCT. 2: Economy Minister welcomes news of another reinsurer’s plans to expand its presence in Bermuda

Today, the Minister of Economy, Trade and Industry, the Hon. Patrice Minors, JP, MP, welcomed the recent announcement that Bermuda-based MS Frontier is moving its sister company Mitsui Sumitomo Reinsurance Limited (MSRe) from Dublin to Bermuda.

And according to the Minister, with the influx of new business, it is anticipated that there will be the creation of new jobs.

This latest announcement follows last month’s news that QBE, an Australian based global insurance and reinsurance company has made the decision to move its wholly owned captive re-insurer, Equator Reinsurances Ltd. from Dublin to Bermuda.

Minister Minors said today, “This past week, we have had some significant economic developments. We saw the Green Family and LINK Bermuda announce major investments in Bermuda. They wouldn't be making investments if they didn't have confidence in our economic future.

“That’s not all. Last month, Equator Reinsurances Ltd announced that it was setting up a physical presence in Bermuda as a result of their decision to relocate its Dublin based operations. They announced jobs for Bermudians and new guest workers coming to our Island to invest in our businesses and our people.

“We also saw a 6.2% bump in retail sales in July. We saw four new small, Bermudian-owned businesses open in St. George’s, and, now we’re pleased to welcome the new jobs and an expanded office of MS Frontier.

“While we recognise that there’s still some significant work to be done regarding continuous economic growth, we see these announcements and developments as clear indicators that there is light at the end of the tunnel – and in that regard Bermudians should feel optimistic about Bermuda’s economic future.”