Bermuda: Bermuda to host largest Latin insurance conference
Last Updated: 23 September 2003

Hamilton, Bermuda - The Bermuda Insurance Management Association (BIMA) and The Marketing Committee of the Insurance Advisory Committee (IAC) are pleased to announce that Bermuda will host the next gathering of key risk managers from across Latin America.

Asociación Latinoamericana de Administradores de Riesgos y Seguros (ALARYS), an organization of risk managers from across Latin America, has selected Bermuda as the host country for the 6th biennial ALARYS Congress, next year. This will be the first time ALARYS, the largest Latin American organization of its kind, has held the event outside of Latin America.

The biennial congress is expected to attract hundreds of delegates from Latin America and elsewhere. Risk managers from Brazil, Costa Rica, Mexico, Panama, Venezuela, Chile, Argentina and Spain will attend to discuss issues affecting how they manage risk for their private sector corporations.

ALARYS President Jorge Luzzi recently visited Bermuda for talks with the Bermuda insurance industry to organize the event. Bermuda, through BIMA, recently became one of the first non-Latin American countries to join ALARYS, although Bermuda industry representatives have been attending the event since 1994. The congress of risk managers was held in Mexico City in November 2002 and in Panama in the year 2000.

ALARYS’ decision to forge closer links within the Bermuda insurance market has included the acceptance of BIMA as an organizational member.

Rory Gorman, President of BIMA, said "BIMA was very pleased earlier this year to have been able to forge closer links with ALARYS, and is delighted that, in its first year of membership of ALARYS, it will be able to participate in the hosting of this important conference. We see this as a wonderful opportunity to enhance Bermuda’s insurance and reinsurance profile in Latin America and specifically to raise awareness of our capabilities in terms of captives."

Recognizing the significance of having such an event being held in Bermuda has led the Island's business community to throw its support behind the conference. According to event sponsors, the Bermuda International Business Association (BIBA), having the ALARYS Congress on-Island showcases the partnership between the insurance sector and its local service providers.

"The fact that ALARYS considered BIBA for endorsement and sponsorship of their conference is a testament to the strong ties that exist between the insurance industry and our member companies who provide services to that sector," says BIBA CEO, Deborah Middleton.

Ms. Middleton added, "This prestigious conference is precisely the type of event we wish to encourage to the island. It benefits our tourism industry, allowing us to showcase the beauty of Bermuda as well as enabling the delegates to see first hand the infrastructure that makes us a world class insurance centre.

BIBA Marketing Manager, Aaron Adderley added that such an event further solidifies the business relationships that exist between Bermuda and Latin America and may ultimately prove to have subsidiary benefits.

"Having hundreds of ALARYS delegates travelling to the Island from Latin America speaks to the amount of potential and existing travel between the two markets. As our members have often spoke of the need to establish better air connections to that area, via Miami specifically, this will hopefully enable us to better assist Government with its tireless efforts to secure such a service."

Meanwhile, the International Federation of Risk and Insurance Management Associations (IFRIMA), which encompasses all major Insurance and Risk Management organizations in the world, will this autumn, consider the notion of holding its annual meeting, here at the same time.

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BIMA is an association of approximately 44 professional insurance managers in Bermuda. It exists to protect the interests of its members and their clients. The clients under management - more than 1,200 insurance and reinsurance companies - consist mainly of captives but also include large mutuals, rent-a-captives and commercial insurers and reinsurers. BIMA’s principal role is to liaise with the Bermuda Government and other bodies on matters affecting the insurance industry.

The Insurance Advisory Committee (IAC) is a statutory body functioning under Bermuda's 1978 Insurance Act. Comprised of organizations with a direct interest in Bermuda’s international insurance industry, the body advises the Government on all matters relating to insurance, including policy and legislation. The Marketing Committee is the IAC’s funding arm for various projects.

CONTACT:
David Fox
Director of Information Services
441-292-9829

 

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