Two states possess key synergies, says Bahrain finance minister

Bahrain’s insurance and reinsurance sector have scope to work closer with Bermuda’s, according to the Gulf State’s finance minister.

"The growing importance of insurance services in Bahrain's financial sector provides an important source of synergy with Bermuda which is, of course, internationally known and respected as a leading centre for insurance and reinsurance services," said Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa at a seminar on developing further relations between the two countries yesterday at the Ritz-Carlton Bahrain Hotel and Spa.

"No doubt further synergies will be explored by the governments of Bahrain and Bermuda during the meetings of the Bahrain-Bermuda Joint Economic Committee later this year."

The seminar is looking to help Bahrain develop its insurance and reinsurance sector through closer co-operation with Bermuda, which is the third largest reinsurance market in the world, while Bermuda is looking to Bahrain to gain experience in Islamic finance to become a major centre of the industry for North America.

The event was attended by Bermuda's Deputy Prime Minister and Finance Minister Paula Cox and leading members of her government and Bermudian financiers and leading members of Bahrain's financial community.