Bermuda's insurance industry is on the verge of historic talks that may lead to the forging of bilateral cooperation initiatives with the New York-based Risk & Insurance Management Society (RIMS).

The industry's vehicle for education and training, the Bermuda Insurance Institute (BII), together with senior members of the local insurance industry have scheduled discussions with RIMS executives this month to explore the scope for collaboration between the two groups.

The planned talks will be held next Tuesday and Wednesday here in Bermuda.

The BII council members and staff, led by BII president Larry Lombardo, will meet with RIMS executive director Linda Lamel and RIMS professional development director, Amy Geffen.

Mr. Lombardo, a Bermudian senior vice president at Bermuda-based insurer, ACE Ltd., is confident the meetings could provide a valuable opportunity for the BII to assist in the development of new training programmes for American risk managers.

He said, "We think there are several areas in which the Institute could assist in developing programmes which touch on new or evolving methods of managing and transferring risk.

"The BII is uniquely situated in a market widely regarded as a hotbed for these new ideas and techniques and is therefore well positioned to act as an educational conduit for those who need to know what is going on inside our market.'' BII training and education director, Peter Doyles, also expressed enthusiasm for the BII's potential leadership with RIMS.

He said, "We're very excited about the prospect of being able to work with RIMS. Given our extensive experience in running examination courses and seminar programmes, there are several areas in which we feel we can contribute when it comes to risk managers' professional development.'' Ms Geffen will address a public breakfast meeting on Wednesday at the Institute, discussing the changing needs of US risk managers and how RIMS plans to use new technology to develop modern training programmes.

The Bermuda Foundation for Insurance Studies will host a luncheon for the two RIMS directors, who have made it known that they wish to develop a new risk management designation, the Fellow in Risk Management (FRM).

Fellowship candidates must pass seven examinations in addition to the three required for the Associate in Risk Management (ARM) designation.

Mr. Lombardo said the Institute will consider whether the FRM designation should be made available in Bermuda.

RIMS is said to favour an expansion of the range of courses it offers, including one plan to develop RIMS seminars that are held jointly with brokers to discuss risk management topics.

BUSINESS BUS