Finance Minister Paula Cox said yesterday that she was confident that Bermuda would remain an attractive "domicile of choice" after Flagstone Re announced its intention to redomesticate to Luxembourg.

Ms Cox said: "While today's events in the business community are cause for close monitoring, it should be clearly articulated that the changes of a company's operations has always been a cyclical trend.

"Many jurisdictions with similar qualities to Bermuda are vying for existing and new business in these unprecedented times. And each region will experience growth as well as losses."

She added that the signing of a string of tax information exchange agreements, plus a Mutual Legal Assistance Treaty with the US would add to Bermuda's attraction.

"We are very cognisant of the challenges that lie ahead, and we remain committed to our multi-pronged strategy of economic diplomacy, strengthening strategic alliances and enacting legislative reform to ensure that Bermuda maintains its position among leading business domiciles."

Ms Cox pointed out that the Ministry will continue to aggressively market and promote Bermuda as a pinnacle destination in which to conduct business.

She added: "It still remains a fact that global companies continue to view Bermuda as a premier hub of operations. We are a proven, quality jurisdiction, with the assets of speed of execution, effective regulation coupled with a well known reputation for operational efficiency.

"Such depth and diversity provides for endurance and stability. And we expect that Bermuda will continue to be an inviting place as a premier domicile of choice."