ABIR member company executives meet with US Ambassador Warren Stephens
Mr Stephens praised Bermuda’s industry as “essential to keeping our economy and the global economy functioning”, particularly in softening the market impact from catastrophic events.
[Full article here: The Royal Gazette]
Hamilton, Bermuda (May 1, 2026) — As a high-profile businessman and investment banker, Mr Stephens spoke after a meeting with the island’s insurance and reinsurance executives.
He praised Bermuda’s industry as “essential to keeping our economy and the global economy functioning”, particularly in softening the market impact from catastrophic events.
“The fact that Bermuda is governed by British law and is stable is a rare combination,” he said.
“You’ve got strong regulation that’s also nimble — that’s a rare combination.”
Asked how the American public might view Bermuda’s offshore business and financial services, Mr Stephens emphasised that the island was not viewed as “a tax haven”.
“There are plenty of US states that have zero income tax,” he said, adding that the corporate income tax gave the island a “competitive advantage”.
“Everyone understands the need for governments to have tax receipts. I don’t think anybody really begrudges it, so long as the money is well spent.”