The Association of Bermuda Insurers and Reinsurers said it is encouraged by growth priorities spelled out in David Burt’s first Budget.

In a statement released today, Abir welcomes the plans to develop fintech, encourage international investment and to not increase payroll taxes.

Abir highlighted government’s efforts to stimulate investment by reforming the current laws that limit foreign ownership of businesses to 40 per cent.

Kevin O’Donnell, chairman of Abir, said: “Abir is pleased to see that Bermuda’s government is reducing barriers to trade and foreign investment and encouraging employment growth in its world-class international business sector.

“Bermuda Government’s commitment to strengthening the Bermuda economy, reducing the government’s debt, and holding the line on payroll taxes will help ensure Bermuda remains a competitive job market in an increasingly connected, international marketplace.”

The industry body, which represents a group of the island’s largest international commercial insurers and reinsurers, also flagged up Mr Burt’s plans for development of the world’s first global risk management digital market in Bermuda.

“This initiative is proposed to support the Government’s fintech ambitions and the establishment of a smart island innovation lab,” Abir stated. “The lab is expected to attract and support entrepreneurs, innovation, new business ventures, growth opportunities and job creation.”

Initiatives in the Budget “signal efforts to enhance Bermuda’s leadership in the global marketplace by broadening and diversifying the economy and ensuring Bermuda’s continued competitiveness”, Abir added.

John Huff, Abir’s chief executive officer, said: “The Bermuda insurance market is interested in working with the Bermuda Government to leverage the opportunities in technology and international investment to build upon the growth of Bermuda’s global insurance market.”