Bermuda has to defend itself against other jurisdictions muscling in on its business territory, says Premier Craig Cannonier.

Mr Cannonier, speaking from a major insurance industry conference in the US, added: “In any business sector, it’s about customer retention as well as attracting new business.

“With the world becoming a smaller place, other countries want to to encroach on this — we need to maintain what we have and grow the market as well.”

Mr Cannonier said last night’s Bermuda reception at the RIMS conference in Denver, Colorado, for insurance industry chiefs, was expected to attract hundreds of guests.

He added: “Bermuda has been a leader in this market for years and years and we continue to lead in the captives and reinsurance markets.

“Part of being a leader is being at RIMS and we know it’s paying off.”

He added: “It’s not signing deals necessarily, but to go out and create interest in Bermuda as a place for captives and the reinsurance market.”

And he has been asked to do interviews with foreign media, which he said was important to spread the message that the Island was open for business.

“The important thing for us is Bermuda having a major presence at what is probably one of the largest conferences of its kind in the world.”

Mr Cannonier said the Island had last year seen the largest number of new businesses opening up in Bermuda for years.

He added: “We have to support the main industry in Bermuda — we want to ensure they feel the love, as they say and that we’re backing the main contributor to our economy.

“We also need to show our prowess in the market — all things being equal, we must lead in this industry and we have to show that Government leads in this industry to show that we are ahead of the game. Now is not the time to be complacent.”

Mr Cannonier said: “This is all about relationship-building. One of the key factors that been missing in the past is that we have to strengthen the relationships we have.”

He added: “It’s going very well — we have a lot of people from the Bermuda industry here. It’s very important for us to show not only the Bermuda companies which are represented here but the investors and market in particular that in Bermuda, insurance is a partnership between the public sector and the private sector.

“We work together to provide stability, safety and innovation. There is a reason why these innovations crop up in Bermuda — it’s because we let the market know we are here as a crucible for these new products.”

Economic Development Minister Grant Gibbons said Bermuda attendance was supported by the private sector and the new Business Development Authority.

He added said that places like Cayman, Hawaii, Vermont, Barbados and the British Virgin Islands all had representation at RIMS.

Dr Gibbons said: “It partially about retention, but also about making sure Bermuda is visible and very much in the game.

“We have got to be in the front of people’s minds — have Government here, be well-represented and tell people that Bermuda is very much a player.

“It’s a marketing effort on Bermuda’s behalf because other people would very much like to take our business away from us.

“There are a lot of people working in Bermuda’s insurance industry here and it’s important to show Bermuda’s Government is behind them.”