Brexit and the possible effects of a change in the US tax code were among topics discussed at the Bermuda Executive Forum held in central London yesterday.

More than 200 delegates attended the cross-industry event, including representatives of insurance, reinsurance, captive insurance, the trust and private client sector, asset management and insurance-linked securities.

“It was an excellent opportunity and platform for Bermuda to tell its message at a very important time. We had just shy of 200 delegates attend the conference, that was in addition to the 25 Bermuda-based attendees and speakers,” said Ross Webber, chief executive officer of the Bermuda Business Development Agency.

He said it had been an opportunity to make “strong and valid points” about Bermuda being a place to raise capital, and not a place to hide capital; Bermuda being place that has helped rebuild cities, communities and coastlines; and to differentiate Bermuda from other international financial centres as “a unique, elite jurisdiction”.

Inevitably, the release of details from millions of documents stolen from offshore law firms — the so-called Paradise Papers — earlier this month was also discussed at the event, which was hosted by the BDA at the ME London Hotel.

Mr Webber said: “The issue of the stolen data from the law firm did come up on several of the panels, but it was not dealt with in any depth because in reality there was not much real attention paid to it, and that was because there is no actual ‘meat’ to the story.

“It was generally regarded as salacious and sensationalism. Most of the audience were sophisticated enough to understand that based on reporting, and volunteered by the reporting itself, there was no evidence of any wrongdoing whatsoever. So while it was a topic, it certainly wasn’t a focus.”

Brexit, Solvency II, and the potential change to the US tax code were talking points. Mr Webber was the moderator on a panel that discussed all three topics.

He said: “The bottom line on Brexit is that everybody is still in a holding pattern and a wait and see position.

“There is an increasing appreciation that it is going to be a hard Brexit. One of the messages that came out, of course, is that Bermuda already has Solvency II [equivalence].”

He noted that Britain will need the same once it leaves the EU.

“They should get it, but it is not a certainty and they will have to apply. Bermuda’s status as having Solvency II is very much a positive.”

The keynote speaker at the event was Rob Childs, deputy chairman of Lloyd’s, and chairman of Hiscox.

Mr Webber said: “He made it clear that even with the US tax reform going through it is very unlikely it would affect Bermuda business, at least in his company, because of all the non-tax advantages that Bermuda provides the insurance and reinsurance market.”

Those advantages include access to the regulator, capital, and the “full one-stop shop of the Bermuda market primary insurance, reinsurance, captives and ILS market”, said Mr Webber.

Jeremy Cox, CEO of the Bermuda Monetary Authority, who also attended the forum, said: “The forum gathered government, industry and regulatory experience to give attendees an opportunity to be exposed to the Bermuda market.

“That kind of collaboration is part of what has made Bermuda successful. Certainly, given the times we’re in, that’s important — because there’s been a lot of misinformation in the media about our jurisdiction. This has given us an opportunity to set the record straight.”

David Burt was another of the speakers. The Premier presented a message about Bermuda’s strength as a leading international financial centre and its “demonstrated leadership in the areas of tax transparency and compliance”.

He said an event such as the forum was an opportunity for companies and individuals considering Bermuda as a location to do business to see that the Bermuda Government and the BDA “work hand in hand to ensure that people have the best opportunity that they can to live, to work in Bermuda and grow our economy, and be successful for themselves and add value to their own shareholders”.

Earlier in the day, Mr Burt visited Downing Street and met with Theresa May, the British Prime Minister, at the annual meeting of the Joint Ministerial Council. The meeting was attended by the leaders of nine other UK Overseas Territories.

Meanwhile, Mr Webber, speaking after the one-day Bermuda Executive Forum concluded, praised the collaborative approach taken by the Bermuda delegation to promote the island.

“There were at least 25 different people that came and spoke on our panels, representing 20 different companies,” he said.

“I’m very privileged to have been able to gather such a diverse group of collaborators, who are in effect competitors, to all pitch together and represent Bermuda.

“We had representatives of all four of the ‘big four’ accounting firms all in Bermuda. We had different law firms and insurance managers and brokers, such as AON and Marsh, Granite and Dyna Management, who ordinarily are competitors, pitching in to help Bermuda.

“It is gratifying to see competitors getting together to help the unified cause.”

Among the Bermuda executives featured were Greg Wojciechowski, CEO of the Bermuda Stock Exchange; Bradley Kading, president of the Association of Bermuda Insurers and Reinsurers, and Grainne Richmond, president of the Bermuda Insurance Management Association.

Mr Webber said the BDA would look to refine and replicate the forum in other cities around the world.

And he said the event was only one part of a larger delegation trip to London this week, which had included meetings with British MPs, business development meetings, and media interviews.