Finance Minister Paula Cox told an insurance industry audience that Government and the private sector had to work together to achieve a fulfilling relationship for the Bermuda insurance market to continue to thrive.

Speaking at a fundraising reception hosted by the Insurance Development Council (IDC) and the Finance Ministry on Wednesday evening, Ms Cox praised the work of the Bermuda market which she said enhanced the value of the Island as an international financial centre.

Ms Cox was introduced by Allison Towlson, senior vice-president, regional executive at Ace Bermuda Ltd., who is the new chairman of the IDC, an organisation backed by both public and private sectors which provides generic marketing support for the Bermuda insurance industry.

"The Government of Bermuda provides a grant of $720,000 to the Insurance Development Council," Ms Cox said. "We support many of their activities — the annual attendance at RIMS, support and participation at conferences like the Bermuda Captive conference, and attendance at receptions like this.

"We are a key strategic partner with the IDC. However we are just one element of the partnership. You, as the industry trendsetters and thought leaders, represent the other key partner in this dynamic relationship.

"Together, let me state that we have the opportunity to forge a satisfying and fulfilling relationship with each making a positive contribution — even if not a match made in heaven. Nothing is perfect."

She told the assembled representatives of insurers, reinsurers and insurance brokers that their efforts had helped to establish Bermuda's reputation as "the world's risk capital".

"The fact that the Bermuda insurance sector continues to thrive even during these challenging economic times is as much a testament not just to your business model, but also to good judgment and a clear appreciation of the need to practise what you preach in terms of constructing a proper risk matrix," Ms Cox said. "This is to Bermuda's benefit as a premier international financial centre."

She continued: "The IDC adds value to our on-island insurance and reinsurance product. However your Insurance Development Council continues to value your support — both your contribution of time and finances. Let's continue to work together — Government, private sector and the IDC — to continue to enhance the Bermuda model and market."