I'm an American who came to the Island a number of years ago to participate in building the insurance and reinsurance sector as we know it today. I have been graciously welcomed by nearly all members of the community.

I don't know if I can ever adequately express my gratitude, but I certainly want to try.

Social responsibility has always been a hallmark of the companies I have been associated with and I have tried to do my part, most recently with regard to the Bermuda First initiative.

But when I accepted the chairmanship of the National Dance Foundation five years ago, I had no idea what was in store for me or how it might change my opinion about the role of the arts in developing not only healthy young people but also a vibrant, competitive community.

After all, I'm anything but graceful and my knowledge of dance came from old Fred Astaire and Ginger Rogers movies together with Latin dancing from my teenage years.

But, now, with five years' hindsight, my journey has turned into a deeply emotional experience. I face each day with a true passion for the arts, in general, and for the mission of the National Dance Foundation in particular.

The Foundation's mission is to raise the standard of dance excellence in Bermuda by providing world-class training programs to the Island's talented dancers.

We provide free master classes throughout the year, run a world-class international summer intensive with American Ballet Theatre, and manage a robust scholarship programme, granting over $400,000 in scholarships in the last five years. During classes, rehearsals and performances, I've watched young men and women push themselves harder than they ever thought they could. I've marvelled at their support for each other, their respect for their instructors, and their pride in the mastery of their art.

I've celebrated their acceptance to world-class colleges, universities, and dance institutions, full of pride that the National Dance Foundation contributed to their success.

As they return to Bermuda and take their place as contributing members of the community, they become role models, not only for the next generation of dancers but also for young people in general. Dance gives them the focus, the determination, and the ability to succeed. They apply those traits whether they continue to dance or are employed in more traditional jobs.

In these difficult economic times, the arts can sometimes be seen as a "nice to have" rather than a "need to have" area of focus.

When markets contract and profits fall, organisations and individuals who make funding decisions tend to gravitate to charities that deal with issues like crime and drugs – problems that are a direct threat to society's immediate well-being.

While anti-social behaviour must be addressed, I believe that it's in tough times that the performing and visual arts must also be nurtured and supported. A community's ability to be creative is fed by the arts, and creativity is not a "nice to have" for any society, particularly in times of stress.

My years in business have taught me how important it is to think outside the box in order to identify new products, new markets, and new ways of doing business. Indeed, looking at innovative ways to drive Bermuda's long-term success is exactly the focus of the Bermuda First initiative.

Many of tomorrow's creative business leaders are today's dancers, singers, and painters. The young people studying dance or playing a musical instrument won't all choose the arts as a career, but their experience in the studio or on the stage will help form the perspective they bring to the office.

Last year, I gave the commencement address at my alma mater, Brooklyn College. One of the things that I pointed out was the fact that although my success has been in finance and insurance, the teacher who most influenced my career was a drama teacher who taught me to address an audience as I subsequently did numerous times before professional groups.

I feel confident that many students of dance will share that sentiment in the future and credit their dance teacher as they pursue their diverse careers.

There are several arts organisations in Bermuda that can make a meaningful difference in the lives of young people. The National Dance Foundation of Bermuda is one of them. My personal journey with the Foundation has shown me how critical the arts are to positive youth development.

I urge the Bermuda community to consider the arts as fundamental to our success. Give the Island's artists of every genre your time, your talent, or your financial support. We will all be the better for it.