Proud to be Part of Bermuda: Top Team Members of the BDA

CFI.co meets the team at the Bermuda Business Development Agency: Roland Andy Burrows (CEO), Paul Scope (BDA chair and chair of Willis Towers Watson) and Stephen Weinstein (BDA deputy chair and EVP and Group General Counsel, RenaissanceRe Holdings Ltd)

Roland Andy Burrows

As CEO of the Bermuda Business Development Agency (BDA), Roland Andy Burrows advocates for the world-leading financial jurisdiction of Bermuda.

He wants to encourage further inward direct investment and growth, representing the interests of the public and private sectors.

Burrows joined Bermuda’s independent economic development public-private partnership in December 2018, after a stint as chief investment officer for the Bermuda Tourism Authority and 25 years in the financial services sector.

His time is spent driving plans to advance the island’s traditional and emerging industries. While Bermuda itself is of modest size, its appeal, connectivity and international profile is great, and offers global businesses an ideal base.

In support of the government’s drive to diversify the economy, the agency now proactively targets and attracts new business to the island from key international markets.

“We focus on the technology sector in addition to our historic focus areas of re-insurance and risk solutions, investment funds, asset management, trusts and private clients, family offices and infrastructure investments,” he says.

“Working closely with the business community, government and the Bermuda Monetary Authority, the BDA fulfils a unique role in facilitating an understanding of the needs and challenges that exist.

“We are able to leverage these insights to ensure Bermuda maintains its competitive edge over other international markets, and that as a jurisdiction we can resolve issues, respond to commercial trends and adapt to change expeditiously.”

Burrows sees the BDA’s achievements in assisting companies to set up — with a concierge service to streamline the process — advocating for the jurisdiction and progressing the island’s legislative framework as shared successes.

“The continued support of all our stakeholders is critical,” he says. “We benefit from the fact that the intellectual capital in Bermuda, and the BDA itself, is exceptional. We have a team of dedicated and qualified professionals, in addition to a network of world-leading stakeholders and a board comprising industry experts who volunteer their time and efforts.”

Paul Scope

Chair of the BDA board and chairman of Willis Towers Watson, Paul Scope, arrived in Bermuda more than three decades ago. He has been a board member of the BDA since its inception in 2013.

“From a professional standpoint, having arrived in 1983, I have seen first-hand the impressive development of Bermuda’s insurance and reinsurance market,” Scope says, “including its leadership in captive insurance and the ILS sector, whose global capacity Bermuda continues to dominate. While the cultivation of the global re-insurance market is without doubt a signature achievement, it is just one part of a highly diversified business ecosystem that continues to set Bermuda apart. Being across the breadth and quality of the jurisdiction as a whole is what makes the BDA’s work so valuable.”

Stephen Weinstein

Stephen Weinstein, deputy chair of the BDA and EVP and Group General Counsel of RenaissanceRe, has been a Bermuda resident for nearly 20 years.

“When it comes to responding to market dislocations with new capital, innovative ideas and speed to market, there is simply nothing in the world comparable to Bermuda,” he says. “I strongly believe the work of the BDA helps to ensure Bermuda remains the best jurisdiction in the world from which to match global risks and capital, with our unique blend of entrepreneurial innovation and fit for purpose regulatory oversight.

“Speaking from personal experience, supporting the BDA’s mission comes easily. I am a passionate believer in Bermuda’s value proposition to the global economy, and I’m proud to call the island home.”