Has Monte Carlo lost its lustre? Bermuda companies which customarily attend the reinsurance conference Rendezvous des Septembre, which starts on Monday, are re-considering and re-evaluating its value.

Some reinsurers may be forgiven for privately saying it's a waste of time, after years of wandering along Monte Carlo streets known for the Royal Family, casino gambling, the Grand Prix and habitated by people frequently seen on "The Lifestyles of the Rich and Famous''.

It is also known for having the world's largest annual reinsurance conference, attended by at least three dozen people from Bermuda.

But some now concede there is an uncertainty about what can be achieved there.

More than one local reinsurer has privately said the appeal of the conference is limited.

Still, PartnerRe CEO and president Herbert Haag said, "The social gathering of insurance executives allows us to exchange views on issues. It's a useful time to see many people in one place in a short time.'' Reinsurers are concerned about whether enough key people are attending Rendezvous, and how geographically representative the insurers are who do attend.

Few Bermuda reinsurers would be conspicuous by their absence.

They want to meet with insurers, clients and potential clients, as opposed to the myriad of brokers and competing reinsurers.

IPC Re senior vice president, underwriting, James Bryce, believes the conference is a useful exercise, with participants from more than 70 countries in attendance.

He said, "Our series of meetings in Monte Carlo are with clients, clients and brokers, or some brokers from continental Europe, where we don't have a daily interface like we do with our London rep office.'' Malcolm Butterfield of chartered accountants, KPMG Peat Marwick/Butterfield & Steinhoff, is making a return trip where he'll be concentrating on his role at the firm dealing with corporate recovery and insolvencies. He said that he derived positive results from last year's Rendezvous.

Mr. Butterfield said, "The attendees are made up of a broad range of reinsurers from around the world, many of which would have a contact with Bermuda companies.

"If I was involved in a corporate restructuring project or an insolvency project, some of these people could potentially be my buyers. I am not going because of the auditing or accounting side.

"It also helps us build our practice. We make contact with lawyers from London and the US to discuss particular issues.

"I'm also going because I can promote the firm on an international basis. Our London office also attends and people can see us working together as a partnership.'' Bankers attending Rendezvous have a different agenda. But the Island's two largest banks will this year have no local representative and will not help sponsor the successful Bermuda reception.

Bermuda Commercial Bank has cut their representation to one senior manager. In an age of increasing fiscal concern, all three banks have wondered about the value of attendance.

General manager for corporate banking at the Bank of Bermuda, Peter McClean, said, "We made a determination that we needed to see a much greater correlation between business and the events we attend. Most of these things are fairly expensive.

"Even in the case of some of the others, we will probably scale back whatever presence we have. In many cases, they are more of a public relations and handshaking activity rather than a genuine business event. Some of that may be because we are a bank and not an insurance company. We have a different purpose.'' Yet Robin Spencer-Arscott of the Aon Bermuda Group said there has been no drop in the number of people, usually between 35 and 40, leaving Bermuda this week for the conference. His Monte Carlo visit is an annual one.

He said, "It is a networking thing. You can see people from all over the world over four days. You could set up ten meetings a day, not including dinner. Many people just fill their diary with client meetings.

"It is not like Baden-Baden, where there is a lot of work done. But $1,600 is not a big price to pay for all of the PR we get out of it. There are 20 local companies co-hosting the Bermuda reception.'' The Bermuda party is the single biggest event during the week, generally on Wednesday afternoon, and this year included some 1,100 invitations. The event actually attracts about half that number over a three hour period, ferried there by a special Bermuda train.

Two years ago, Bermuda used the Rendezvous to promote the fact that the Island had new, tighter insurance regulations.

The annual meeting began as an exercise to precede French reinsurance renewals, and grew from a French-only conference to an international one, when other European countries began to join in.

"It is a networking thing. You can see people from all over the world for four days...It's not like Baden-Baden where there is a lot of work done. But $1,600 is not a big price to pay for all the PR we get out of it.'' -- Robin Spencer-Arscott (above)