Bermuda’s position as a global business hub is evolving rapidly, shaped by shifts in international markets, regulatory changes, and emerging technologies. As the world moves further into the Fourth Industrial Revolution, Bermuda must stay ahead by embracing innovation, fostering local talent, and maintaining a keen awareness of global trends.
We are taking a closer look at ABIC’s vision and its admirable impact on the Bermudian community, from the importance of local sponsorships to the global trends reshaping Bermuda’s business landscape.
To get insights on how they’re chalking up wins and why hammering golf balls down fairways is involved in their strategy, we spoke to Wayne Smith, ABIC’s Executive Director and the man ensuring ABIC does their bit to keep Bermuda competitive on the world stage.
How ABIC Represents a Full Spectrum of International Business
At its core, ABIC exists to support both international business and Bermuda’s long-term economic resilience. As the leading industry group for international companies operating on the island, ABIC plays a unique role — not only advocating for the business community but also investing in the next generation of Bermudian talent.
“We represent 135 member companies spanning many industries — banks, law firms, insurance and reinsurance companies, technology businesses, oil, shipping, gas, energy,” explains Wayne. “Any company that operates in more than one jurisdiction and includes Bermuda is eligible to join.”
This broad representation sets ABIC apart. While other trade associations focus on specific sectors — reinsurers, long-term insurers, or tech startups — ABIC’s umbrella approach gives it a comprehensive understanding of the international business ecosystem. That makes it an important conduit between private enterprise and public policy, helping ensure that Bermuda’s legislative and economic environment supports innovation, growth, and inclusion.
Building Bermuda’s Future Workforce
But advocacy is only one side of the coin. ABIC also directs considerable energy toward workforce development, especially through education. “We believe that one of the best gifts that we can give our young people is a college education,” says Wayne. “That’s the area of focus in ABIC’s giving.”
Though structured as a not-for-profit company limited by guarantee, rather than a registered charity, ABIC channels a significant portion of its resources into supporting Bermudian students. Through its longstanding scholarship program and related mentorship efforts, the organization is helping to create a stronger, more competitive talent pool on the island.
“We believe that getting as many people off to university is the solution to many of our problems,” Wayne continues. “It provides a talent pool of Bermudians who are ready to compete for jobs, who are teachable, eager, willing to learn — they get into a company, learn how it works, obtain certifications, contribute to success, and enjoy upward mobility.”
With international companies often citing skills shortages as a barrier to local hiring, creating homegrown talent is crucial for long-term sustainability. And as Bermuda explores opportunities in fast-moving sectors like fintech and climate risk, there’s growing demand for adaptable, entrepreneurial thinkers.
“Some Bermudians can go on to create new businesses,” Wayne says. “Some are innovative and creative, looking to get involved in emerging industries and technologies — finding out what the next big thing is. All these careers and people are important in sustaining a vibrant and thriving Bermuda economy.”
This belief — that investing in people is essential for national success — is what underpins ABIC’s work in scholarships, mentorship, and its wider engagement with the community. “We’ve long supported education and workforce development in Bermuda,” Wayne says. “We believe that by giving scholarships and establishing mentorship programs, we help bridge the talent gap — and help Bermudians to succeed.”
Elevating ABIC’s Initiatives with Strategic Partnerships
ABIC’s mission is supported through various events, one of the most important being its annual golf tournament. “The golf tournament provides fun and laughter. It gives companies a chance to do something that’s cool and different with their staff,” Wayne explains. “It also allows us to raise funds to support our education initiatives.”
The golf tournament, now in its 15th year, serves as both a fundraiser and a platform for community engagement. With partnerships from organizations like Relm, ABIC is able to secure funding that directly supports its educational programs, including the Train the Trainers initiative. Through this initiative, industry professionals teach local teachers and Ministry of Education officials about international business, helping them to better equip students with the skills and knowledge necessary for success in today’s rapidly changing job market.
“The more funds that we can raise, the more we can help train the next generation of Bermudians to be part of a global workforce,” says Wayne.
And Wayne will admit that the funds are always helpful, but money itself isn’t the only goal. For ABIC, it’s more about using the capital to create a symbiotic relationship between the international business community and Bermuda’s local talent.
Wayne explains, “Companies, students, and professionals all have roles to play in our work.” Businesses are encouraged to become ABIC members and contribute their time, talent, and resources to support initiatives like mentorship and professional development courses. These engagements help shape the future workforce by providing real-world insights and guidance.
ABIC’s Role in a Changing International Landscape
As ABIC continues to build partnerships that support the island’s growth, Wayne also reflects on the global shifts affecting international business. “One of the biggest pillars of our work is insurance and reinsurance,” Wayne notes, emphasizing the growing importance of Insurtech — the integration of technology with the insurance industry. He also highlights the role of artificial intelligence and machine learning in driving the Fourth Industrial Revolution.
While Bermuda is a small island, these cutting-edge themes are important because its economy is intertwined with global markets. Wayne underscores the importance of staying informed about international affairs and economic trends.
“Bermuda’s only a little dot on the planet, but we have to pay attention to the geopolitical landscape, what is happening around the world, and position Bermuda so that it’s positively affected,” says Wayne.
“A significant aspect of our value proposition is that we represent the true diversity of international companies domiciled and working in Bermuda,” explains Wayne. “We represent the widest diversity of international companies currently domiciled in Bermuda as well as somewhere else.”
Understanding the broader global picture allows Bermuda to anticipate challenges and seize new opportunities. Smith draws an analogy to business negotiations: for the island to succeed, it must foster mutually beneficial relationships with international partners.
“One hand washes the other. We are our brother’s keeper,” he says. “Negotiations and life only work well if both parties benefit. If only one party benefits, that’s not a sustainable relationship.”
Fostering Bermuda’s Next Generation of Leaders
A key component of ABIC’s vision is developing the next generation of Bermudian leaders who can drive the economy forward. Wayne envisions a future where more Bermudians ascend to leading roles within local and international companies. “Our hope is that Bermudians will get into C-suite positions and be in revenue management roles in many of the companies here,” Wayne explains.
Through its initiatives, ABIC seeks to cultivate a thriving, dynamic talent pool that will continue to shape Bermuda’s business landscape in the years to come.
ABIC’s work is far from finished. As Wayne Smith concludes, the organization’s efforts to educate, develop, and empower both individuals and businesses will continue to be a cornerstone of Bermuda’s success. “Bermuda will continue to be the wonderful place to live, work, and play with a thriving economy, as we develop our talent pool and ensure that Bermudians are equipped to succeed in the global business world.”
With ABIC’s ongoing commitment to talent development and global business engagement, Bermuda’s future looks bright. Through strategic partnerships, community involvement, and a keen awareness of international trends, the island is well-positioned to thrive on the global stage.
