The outcome of Monday night’s historic election has reverberated throughout the Island’s international business community.While offering thanks to the outgoing Progressive Labour Party, re/insurance leaders, including ABIR and ABIC, seem optimistic about their relationship with the new One Bermuda Alliance government.“The OBA made significant efforts in the run up to the election to communicate with the international business sector and those efforts were well received and encouraging,” David Cash, CEO and president of Endurance Specialty told The Royal Gazette.The Association of Bermuda Insurers & Reinsurers (ABIR) congratulated the OBA and new Premier Craig Cannonier saying that the party had won a hard fought election and takes office at an economically challenging time in Bermuda, adding that international business can be part of the solution.“We believe international re/insurers can play an important role in Bermuda’s ongoing economic recovery,” said Brad Kading, president and executive director of ABIR. “ABIR members contribute just about $1 billion annually to the Bermuda economy and we employ 1,700 people here.”The Association represents 20 Class 4 property and casualty re/insurers with principal underwriting operations based in Bermuda. Mr Kading stated that his group will be looking to connect with the new government to begin shoring up areas that will benefit both international business activity on the Island as well as the local economy.“We believe that the more senior executives we have located in Bermuda the more jobs there can be for Bermudians,” he said. “We will make our case to the new government on the benefits we bring to the economy and the opportunities we provide Bermudians. We hope we can work on reforms that will contribute to local employment.”The Association of Bermuda International Companies (ABIC) praised Bermuda’s democratic process and stated it will continue to work diligently with the new government to develop an environment that will retain jobs and attract new business to the Island.“ABIC members highlight cost of doing business, immigration policy and a business friendly environment as key considerations for success in the international sector,” said George Hutchings, chairman of ABIC. “Any economic recovery will depend on growing jobs in both the international and domestic sectors.”The OBA’s election platform states that their new government intends on giving a two-year payroll tax exemption for companies that create jobs for Bermudians, creating a concierge service for potential new international firms setting up on the Island as well as fast-tracking work permit approvals for high-level staff at new start-up companies.Perhaps the biggest campaign promise, however, is the suspension of the current term-limit policy for two years while instituting reasonable guidelines that protect Bermudian jobs while encouraging new job creation.Mr Kading also issued a call for the new government to work to bolster Bermuda’s global reputation and to support the Bermuda Monetary Authority (BMA) in their work.“It’s important that Bermuda continue to demonstrate its leadership in meeting international standards to set itself apart as a unique international financial centre that is important to major trading partners in the US and the EU,” he said. “We hope to work with the OBA in building upon the progress the PLP had made in this area.“The Bermuda Monetary Authority is a respected leader in international insurance regulatory circles. The BMA is doing a lot of things right and ABIR supports the path the BMA is taking. It is imperative that the BMA as an independent regulator continue to be supported by the government in the proper ways.”ABIR also had some kind words for the former Premier Paula Cox, who gave her resignation yesterday, saying she laid the groundwork for the handover to the next government.“We offer our thanks to outgoing Premier Paula Cox on her public service,” said Mr Kading. “She always had an open door and she understood well the benefits international re/insurers brought to Bermuda. She had a commitment to improving Bermuda’s international reputation in the EU, the US and the OECD. That has laid a good foundation on which future governments can build.”Mr Cash of Endurance also noted his company’s positive relationship with the PLP and says he feels confident that those positive relations will continue under the OBA.“Endurance has made its home in Bermuda for the last 11 years and we look forward to working with the new government to make Bermuda an even better place for our staff to live and for international companies to do business,” he said.Business Bermuda, one of the Island’s main international business promotional groups, is optimistic about the change of government.“The election results last night are clearly an indication that the people of Bermuda are laser-focused on the economy and that international business has to be the driving force in powering the return of prosperity and opportunity for all Bermudians,” said Cheryl Packwood, CEO of Business Bermuda.“As we market Bermuda around the world, we constantly talk about the importance of stability in government and the peaceful transition of power and our democracy in Bermuda are great examples of that.“We thank the PLP for their efforts and we welcome the OBA into government. Our challenges and opportunities are significant, but we are confident that the OBA has the depth of experience, understanding of the international business sector and the right leadership to transform Bermuda and ensure that our future is strong.”