‘Turning headwinds into tailwinds’ – unlocking Bermuda’s opportunity

Founder and CEO Becky Ezekiel, a Bermudian native, saw the country as the perfect place to set up Private Jet Club. (image by Larry White)

About 650 miles from the nearest mainland with a land area of 21 square miles and a population of 65,000, sustaining life on Bermuda is a feat of unassuming human ingenuity and perseverance.

Made up of 181 islands, the eight largest of which are connected by a series of bridges and causeways, Bermuda has one of the world’s highest GDP per capita, only behind the likes of Monaco, Liechtenstein and Luxembourg. This is reflected in its living expenses which can quickly mount — a single bedroom apartment can easily rent for $5,000 per month.

The amalgam of exorbitance and remoteness means Bermuda is home to a growing number of high net worth (HNW) individuals. It is not unusual to see Forbes-listed business owners and well-known media personalities strolling along the sidewalk or eating in a local diner. As a Bermudian native familiar with this culture, Becky Ezekiel saw the country as the perfect place to launch Private Jet Club (PJC). Ezekiel serves as CEO and chief operating officer. Her husband George Scott later joined the business to lead finance and growth.

“The challenge is the opportunity,” Scott told CJI. “Our direct market is naturally well-suited to private aviation but it is modest and needs careful navigation through considered conversation. We carried out a lot of work up-front before starting the business – analysing the current market size, speaking to potential members and building relationships with all the key stakeholders. And it helps that we like the quiet the lifestyle ourselves a lot – and as a couple have complimentary skill-sets: Becky is an exceptional problem solver, I’m stronger on strategic areas. ”

PJC Bermuda is a members-only aircraft charter brokerage offering individual memberships at $2,500 a year and corporate membership, covering company travel and four named people for personal business, at $5,000 a year. It serves higher net worth individuals, family offices, executives and companies – typically insurance, investment, finance and exited entrepreneurs.

“We set the bar high as an exclusive community. We see ourselves as akin to physical members club – aiming for the experience you would find in Mayfair London or Midtown New York. Of course it’s a journey to get there, and we’re all learning” he said.”

Trust-based business

As Scott puts it, the culture in Bermuda is “very understated, discreet and trust-based”.

“It is a shorts and t-shirt lifestyle,” he explained. “You easily could walk past one of the world’s wealthiest and not know it. No paparazzi as such, it is relatively low tech and very low key. We try to position for this through authentic and enduring relationships.”

PJC mostly competes with established US and global private jet services, but Scott said, if people want a Bermuda-specialising service, they are increasingly coming to PJC. This is because “we know how to make the proposition work” and “we’re on the ground having coffee or lunch, connecting with our members and prospects every week”, he explained. “They don’t want 100 emails or 100 phone calls a month. We find members use us initially for Bermuda routes then use us for flights all around the world”.

Bermuda itself has long-standing US links. Ties go back to the Bermuda Gunpowder Plot in August 1775 during the Revolutionary War when a Bermudan merchant negotiated a trade with the Continental Congress for 100 barrels gunpowder in exchange for a trade embargo exemption, allowing them to import foodstuffs from America. It switched currency to the Bermudian Dollar in February 1970 and has imported upwards of 70% of all goods from the US since the 1990s.

“We focus on Bermuda-based or Bermuda-leaning people and organisations,” said Scott. “People in the US mostly, some in the UK, who are Bermuda-connected – a company here, vacation home, family, etc.”

Scott estimates about 80% of members are Bermuda-based, 15-20% are US-based and Bermuda-leaning – mostly Northeast: New York, Boston, down to Washington, Virginia, Florida. There are a handful of British members too. Through our reputation and referrals we’re increasingly receiving enquiries from parties not necessarily connected to Bermuda at all, they just want a trusted service.”

The point of difference for PJC is that it is a blend of “specialism and distinctive value”, he added. “We are strong on fundamentals for Bermuda routes – availability, price, service. We track availability every day. We develop strong relationships with operators. What we call off-market value – that’s where we win.”

As a members club, PJC can provide vetted shared flights among members. It also offers paired flights – if a person or company wants to go from New York and someone wants to come back, PJC often sells both legs and reduces the price for both flights. It also provides exclusive empty legs provided by operator partners.  “We give back value – it’s mutual,” said Scott.

PJC intentionally invests time listening to its members and trialling new initiatives, Scott noted. It ran a buy-the-seat weekly charter to New York during peak season to ease congestion on commercial airline connections. It also operates shared pet flights that have proved particularly popular. Additionally, PJC provides trip support, masterminded by his wife Becky Scott who is a “flight ops ninja”, according to Scott. Additionally, PJC caters to wider use cases needs beyond traditional private aviation where connectivity Bermuda is critical. As elsewhere these are kept under wraps.”

“Our conversion from inquiry to booking is probably as high as 80%,” said Scott. “That’s amazing versus the US volume market. No apps – just phone calls, WhatsApp, coffees, lunches.”

People ask why PJC don’t have an app, Scott continued. “We’re not looking at that – it takes away genuine service and relationships in our market. Some members meet us once a month to talk through travel schedules, some send a general WhatsApp enquiry, others call when they want a flight. There is a market for app-based booking in higher-volume markets – the US, to some extent Europe – but it’s a different generation, often associated with larger economy Gen Zs.”

A trip inspiration menu

PJC offers its members what Scott calls “a trip inspiration menu”. The concept grew organically following repeated asks for advice and recommendations when members were taking trips. PJC puts together a presentation on hotels and experiences at a selected location, from diving trips in the Virgin Islands or Turks and Caicos, helicopter charters to the Ryder Cup at Bethpage and yachting experiences in Capri and St Tropez.

“This is not about functional itineraries. Just like our flight service, we aim to provide value members can’t readily get elsewhere. If someone wants restaurant recommendations for discreet business meetings in New York, or inspiration for company off-site or  family vacation, we’ll select everything from off-the-beaten-track to obvious,” Scott said.

“But of course we will also provide options for all budgets and we’ll will book end-to-end to a concierge grade – including flights, accommodation, experiences, room, table and ticket bookings and ground transport. Through partners, we have privileged access to what we call hard-to-get assets – fully booked hotels, restaurants, hospitality boxes for NFL or soccer games. That’s off-market value. You can’t get that right without deep relationships,” he added.

PJC offers it as a “menu” with “no commitment”. “High-net-worth individuals are sold services rather incessantly,” said Scott. “We try to be conversational, limit emails. We’re not a travel agency, but we’ll find a way to make it work.”

Club members can also access “semi-scheduled” routes to the contiguous US that PJC organises on a weekly or monthly basis to places such as Aspen, Colorado and New York. Scott said the company determines these routes based largely on their popularity as commercial airline legs.

“We balance where it’s been flying most versus where we can win,” he said. “Our highest volume routes are actually where commercial coverage is strongest – the Northeast US for example.

“For frequent private aviation passengers, the benefit is time-saving and discretion. We’ve shown you can save up to four hours per flight versus commercial on the same route. The ultimate currency of wealth is time. The world is slowly circling to that quieter understanding – experience and time, not materialism. Counter to social media and AI, people want authenticity and relationships.”

Organic growth

Through the Atlantic Aviation-run FBO in Bermuda, PJC can operate aircraft of any size, and it has – up to and including ultra long range. The company has organised member flights on everything from helicopters, seaplanes and Learjets through to Hawkers, Gulfstreams, business liners, and even commercial jet charters.

Scott expects to continue adding to this diverse range of aircraft as the club continues to grow. “Membership is growing steadily,” he said. “We’re trying to keep it organic – not to overextend ourselves so that we are able to keep service levels consistently high. We’re probably 40-50% ahead of where I expected, but we want to keep it manageable with an intentional approach.”

Scott emphasised the “refined and measured approach” PJC takes to growing its member base. “We won’t typically accept a member from a destination geographically too far from Bermuda where we can’t provide our renowned membership experience – otherwise you can end up in a race to the bottom on price and quoting with international private aviation services. We keep to our clearly defined target market,” he said.