at the first ever Latin American Risk and Insurance Management Society (RIMS) conference.

More than 400 delegates are visiting 33 exhibits, and are meeting officials of the Bermuda Commercial Bank, law firm Appleby, Spurling & Kempe and Skandia International Risk Management Ltd.

Delegates from Mexico to Chile and Argentina are bringing themselves up to date on the opportunities for risk management available to the Latin American insurance market.

The Latin American Association of Risk and Insurance Managers (ALARYS), the host association created in April of last year, is a collection of insurance management associations from Brazil, Mexico, Argentina and Venezuela.

ALARYS plans to hold conferences biennially in order to offer information and training in risk management and insurance to its members and will host the next one in Venezuela in 1996.

This year's conference is covering topics that include the impact of the North American Free Trade Agreement (NAFTA) and the General Agreement on Tariffs and Trade (GATT) on risk management in Latin America, as well as the present and future of risk management in these markets.

Representatives include lawyers Mr. Warren Cabral and Mr. Eduardo Fox of Appleby, Spurling & Kempe, Mr. Robert Eastham of Skandia International Risk Management Ltd. and the Bermuda Commercial Bank's Ms Celia Luthi and Ms Dominique Smith.

Mr. Cabral said: "There is a great hunger in Mexico for alternatives to the traditional state-regulated insurance industry options.

"With the freeing up of internal regulation, and the entry of Mexico into the North American Free Trade Agreement, Mexican business are looking outward and for opportunities in risk management.

"There are already four or five Mexican companies which are amongst the largest in the world in their particular fields, and they have already established Bermuda captives.

"One such is Petroleos Mexicanos, who were amongst the leaders of the outward push. I would hazard a guess that within the next two years many more large and not so large Mexican entities will want to manage their risks more closely, and will look for alternative risk transfer mechanisms, using the Bermuda model.'' Ms Smith, Bermuda Commercial Bank's general manager for corporate treasury, said: "So far, we have found the conference very informative and productive.

The Latin American market has tremendous growth prospects, and is one that Bermuda should be tapping.

"Bermuda's strength as a reputable jurisdiction is a strong attraction and we have found great interest in what we have to offer.'' The conference, which began on Monday, winds up on Friday.

Mr. Warren Cabral.