Bermuda is "the most important offshore risk financing centre in the world by any measure'' and, in terms of concentrated capacity and intellectual capital, is now as important as the London insurance market, a new Financial Times management report has declared.

Bermuda: Insurance and Reinsurance Centre is a new report produced by the newspaper's subsidiary, FT Finance, and written by freelance researcher and writer, Garry Booth. It is being marketed to executives in the UK, Europe and the US, through an introductory letter from commissioning editor Nicholas Canty, which states: "Bermuda is the foremost risk financing centre: its non-captive companies have collective assets of nearly US$70 billion.

In addition, 1,500 captives are registered there -- three times its nearest rival.'' The report looks at the Island's continuing appeal and charts recent developments in the context of the global risk business. It looks at what the future holds for the Island amid growing competition and the changing risk management strategies of insurers, reinsurers and other corporate entities.

The promotional material notes how Bermuda has continued to grow as an international risk centre, creating avenues of market entry to new players and opportunities for current players to expand, as other major markets have remained relatively stagnant.

Bermuda: Insurance and Reinsurance Centre is being sold as "an essential research tool for any insurer, reinsurer or institutional investor interested in this rapidly changing market.'' It includes profiles of leading firms, such as Centre Re, ACE, EXEL, Mid Ocean Re and PartnerRe; an analysis of each business class in the context of global supply and demand; the latest developments in risk financing techniques coming out of Bermuda; and, full market statistics.

Bermuda insurance market gets boost The report said: "Plentiful capital, strong competition, low rates and high investor expectations have caused Bermuda companies to diversify, not only in terms of business classes written, but also geographically, through acquisition and investment.

"This creates a wealth of opportunity for buyers and investors, but tough challenges for competitors.

"New companies continue to be formed, some as part of existing players' diversification strategy. Bermuda's risk trading resources and its ability to attract non-insurance capital are heightened by the fledgling Bermuda Commodities Exchange (BCOE) and the Catastrophe Risk Exchange (CATEX).

"Bermuda's business-friendly regulations facilitate the merging of diverse risk trading entities as there is no anti-trust or industry specific legislation prohibiting financial diversification for Bermuda's `exempted' companies.'' For a not inconsiderable sum of $840 ( 495), executives are urged to benefit from the experience of the market leaders and find out how to make one's presence felt "in this lucrative market'' and learn from the experience of the major players.

Promotional material points out: "Bermuda's political future is stable. The new regulation detailed in the report facilitates the most modern methods of risk transfer, creating an ideal opportunity for your company to gain a competitive advantage.

"This is an invaluable research document for insurers, reinsurers, brokers and investors alike. With its in-depth analysis and comprehensive market intelligence, this is essential reading for any company already operating in, or looking to enter the Bermuda market.'' Contents include industry background, together with special segments on the Island's catastrophe, finite risk, captive insurance and excess liability markets. It also features a chapter on financial services and risk trading, which includes a section on the Bermuda Stock Exchange.

Appendices include detailed information on tax and regulation, economy and politics, and, captive management offices in the Island. Bermuda's importance as an international risk centre has been highlighted in a new report, writes journalist David Fox . The report says Bermuda has created avenues for new players and is politically stable.