Bermuda is open for business - this is the message that Acting Premier Eugene Cox delivered yesterday at a reinsurance conference held in Hamilton.

Mr. Cox was speaking to Ruark Insurance Advisors' First Annual Reinsurance Conference held in the Hamilton Princess and reassured them that Bermuda would not turn away businesses that wish to establish a presence on the Island.

"I can confirm there have been no policy shifts on this issue and that Bermuda continues to be very much 'open for business'," he said.

"As a responsible Government we consult with stakeholders throughout the community including business groups... and will continue to maintain a balance that is in the best interests of all Bermuda residents."

Mr. Cox's comments come after a Reuters story in August quoted the Government's white paper on long term residents as saying that "Bermuda may limit companies to ease over-development".

The story pointed out a passage in the white paper which appears to point to sustainable development and restricting the size of companies which can set up in Bermuda.

The claims were strongly denied by Mr. Cox.

The Reuters journalist said at the time of writing the article calls to the Government and various ministers were not returned during and after his visit to the Island and he asked why the passage was included in the white paper if it was not meant to be Government policy.

But yesterday Mr. Cox continued to press that his Government was not excluding any companies to the small group of delegates gathered for the Ruark conference, but added that striking a balance between economic growth with the environmental and infrastructural strains this can generate.

He said: "My Government recognises and highly values the economic benefits, both direct and indirect in terms of jobs for Bermudians and foreign exchange earnings, that international business brings to our Island.

"In this regard, we certainly will not take steps that will undermine the success of our international business industry and thus our economy at large," he said.

"This stance is, I believe, understood by the industry and is the basis for commitments to Bermuda such as the one recently announced by Axis Specialty Ltd."

He pointed to the new insurance company which had sprung up in the wake of the September 11 events as proof that the Government was "right on track" in retaining its position as a leading financial service centre.

"Should this company be established and commence operation as expected it will be the most recent example of Bermuda's insurance and reinsurance marketplace making a difference and adding real value to the global economy," he said.

He also pointed to the 94 new insurance companies added to the Bermuda register in 2000 and 84 in 1999, with the total number of insurance companies on the Island hitting 1,564 in 2000.

"Figures for the first half of this year suggest that additions to the register for 2001 should approximate those recorded during the past few years."

He added: "My Government is more committed than ever to abide by sound business principles and in so doing to protect the interests of legitimate, scrupulous business enterprises already in Bermuda.

"We do not want companies that would tarnish or jeopardise those legitimate operations. Contrary to some recent speculation, however, we do want new international companies, including those that wish to establish a physical presence here that will share our commitment to integrity and quality."