The Association of Bermuda Insurers and Reinsurers has said it looks forward to a dialogue with the new Government on a number of issues, including financial stability, education, employment, immigration and tax.

In a statement, Bradley Kading, the president of Abir, said: “Bermuda proudly hosts the oldest operating assembly of elected officials in the Western Hemisphere. Bermuda is a thriving, vibrant democracy as evidenced by the high voter turnout and spirited political debate.”

The Progressive Labour Party won yesterday’s General Election by 24-12, to replace the One Bermuda Party Government.

Mr Kading said: “We congratulate the PLP members on their election win. Abir is a non-partisan organisation and we have worked with both the PLP and the OBA on issues of critical importance to international insurance in Bermuda.

He said the substantive issues which Bermuda must continue to address, and on which Abir looked forward to a dialogue with the new government, include financial stability, education, employment, immigration, and tax.

“We will work towards continued bipartisan support for compliance with international insurance regulatory standards, critical anti-money laundering and antiterrorism financing legislation and OECD tax transparency and co-operation measures which are essential to continued growth in Bermuda’s economy,” said Mr Kading.

“This involves compliance with bilateral agreements with our largest trading partners in the EU and the US as well as the all-important international tax transparency and co-operation agreements which commit Bermuda to information sharing with more than 100 jurisdictions in our interconnected economy. Succeeding with these ongoing critical work streams will also to be a priority for the new government since they will contribute to financial growth and stability.”

Mr Kading added: “The insurance sector provides 60 per cent of the international business jobs in Bermuda and Abir members provide 1,600 jobs here. International insurance contributes the largest share of Bermuda’s GDP.”