| 12 April 2006 |
| The string of Bermudian financial companies flocking to Halifax to set up back offices here poses no threat to the island, says a business group based there.
Cheryl Packwood, chief executive officer of the Bermuda International Business Association, says members welcome the move because it complements their own operations.
"We are only 22 square miles, and Bermuda faces limits in staffing that would not necessarily occur in other financial sectors. We're also limited by the availability of office and housing space. As a result, we are not positioned to take on large numbers of data- processing staff and the like, that many of the financial operating companies would need in order to grow.
"However, as our companies are maturing and systems (are) put in place, we are pleased to see this more routine work being outsourced elsewhere. It enables us to retain our company bases here, yet afford them the opportunity to grow their businesses in a very aggressive way."
The latest financial outfit with Bermudian ties to come here is Marsh Captive Management Solutions. It's based in New York, but employs 26,000 people in more than 100 countries.
Employees at the new Halifax operation will do financial, accounting, auditing and management work for subsidiaries of large Fortune 500 or 1,000 companies that are based primarily in Bermuda and the Cayman Islands. |
| A captive insurance company is formed primarily to insure or reinsure the risks of a corporate parent or another company.
Marsh announced yesterday it would hire up to 150 people in Halifax over the next six years. It hopes to have 20 to 40 employees by the end of 2007, which will more than double its existing operations here. |
| Currently, Marsh runs a commercial insurance brokerage in downtown Halifax.
Marsh managing director Chris Varian said the company looked at Halifax's total package before deciding to expand here.
"Certainly the ($2.6-million) payroll rebate was the clincher for us," he said.
As with the other Bermudian announcements, the new jobs will likely pay a little less than double the average Nova Scotian salary of $28,000.
The province is selling its aggressive recruiting of Bermudian companies as a way to attract expatriates. |
| Chartered accountant Patrick Ferguson, 30, is originally from Cole Harbour.
The Saint Mary's University graduate went to Bermuda to work for Marsh in 2002, but returned here because he had a young family and wanted to do something different within the company.
He said Marsh has received a lot of calls from Maritimers in Bermuda about returning home.
"There definitely is a pool of talent down in Bermuda and the Caymans that we could potentially draw upon, who are rooted in Nova Scotia."
amacdonald@hfxnews.ca. |
