Bermuda's financial services and insurance industry could be set to forge stronger links with the South African market if a businessman and youth organisation have their way.

John Field, chief executive officer of Fed Group Holdings, a financial services company which deals in finance, bonds, insurance and property management, joined forces with the Global Youth Initiative Foundation and Global Arts Entertainment to hold a business breakfast with US Consul General Gregory Slayton and some of the Island's top executives at the Royal Bermuda Yacht Club on Monday to discuss opportunities to get into the South African and African business environment in general.

The meeting came about following a visit by Maki Mandela, daughter of Nelson Mandela, to Bermuda for the United Nations (UN) International Global Warming Conference, hosted by Youth News.com in partnership with XL Capital, in March.

The conference saw the official launch of the Youth News team's 'global rainwater system'. Inspired by Bermuda's unique roof catchment system, its model could bring life to thousands of people across Africa.

The National Water Catch Exhibit — sponsored by Max Capital — was built at CedarBridge Academy and features a water catchment area and a viewing hall over the tank the water pours into.

The project was born from a youth delegation to the UN International School-United Nations Conference on 'Global Warming — Confronting the Crisis', with the students teaming up with the Global Arts Foundation to take the concept further.

"When Maki came to see us and was looking for companies to work with firms in Bermuda in financial services, we were also looking for suitable groups in the financial services and re/insurance industry," said Mr. Field.

"We were also looking to be the local contact to provide a foothold for companies into South Africa with the idea of them then moving into Africa more in the short to medium-term."

Mr. Field said it was a two-way relationship with Bermuda-based businesses being able to take advantage of local knowledge, contacts, distribution and licences in South Africa and his company, which has a head office in Johannesburg and regional offices across the country, having the chance to tap into the expertise of some of the Island's leading international firms.

"We have been working for 16 to 17 years in these areas and we have now looked at the current economic climate throughout the world and this has given a unique opening in Southern Africa for international companies to get a foothold," he said. And he reckons it is a golden chance for Bermuda's firms to expand their business in the wake of a number of top financial institutions being brought to their knees as a result of the economic turmoil.

"It is unique because of the way the economy has gone in the rest of the world and to be able to grow exponentially in that area.

"We are also looking to grow our own partnerships with international companies — that would be the trade off for us that we would tie up with international groups.

"We are expecting a number of people to come out to South Africa, which will be established by ourselves to give them an in depth view of our operations and explore further developments in a mutually beneficial basis in the next couple of years."

Andrew Phillips, CEO of Global Arts Entertainment, said Dr. Mandela had led the way with building bridges between Bermuda and South Africa, and Fed Group Holdings was the first link between the business communities in each country.

"This is the next level of a progressive link with the Bermuda community and South Africa," he said.

"This comes from Bermuda's Global Youth relationships, going to the UN and making presentations about Bermuda and offering solutions for global situations."