Bermuda is at a pivotal point, with challenges and risks never greater, the chairman of the Association of Bermuda International Companies told the group’s annual meeting.

Patrick Tannock, CEO of Axa XL Insurance in Bermuda, said the island’s handling of the wide range of challenges it faces today will determine its ability to seize the great opportunities of the post-pandemic world.

The way forward, he said, involved building on traditional strengths, including adaptability, agility, innovation and speed to market, to maintain the island’s leadership as an international business centre.

Mr Tannock said that how we tackle our challenges, including the global minimum tax and many other geopolitical issues, together with Bermuda’s own issues of health insurance, pension and immigration reform, will determine our continued success as a jurisdiction.

He said: “Although the implications of the GMT are profound, we are encouraged by the government’s collaborative and consultative approach.

“We are confident that with the recent convening of the Tax Reform Commission under the leadership of Darren Johnston, the commission will take a holistic look at our tax structure, as it’s critical that the jurisdiction is as internationally cost-competitive as possible.”

The Abic Tax Working Group, comprising chairman Roy Fellowes, Robert Moncrieff, Christian Dunleavy, Allan Pelvang and Abic’s executive director Wayne Smith, has provided input for the government’s corporate income tax initiative.