The Bank of Bermuda hopes to expand into the world of insurance having applied to incorporate a local company with limited liability to be called Bank of Bermuda (Insurance Brokers) Limited.

The new company will specialise in life, annuity, retirement and pension schemes as well as act as brokers for general insurance as part of a move to provide its wealthy clients with a better service.

A legal notice published in The Royal Gazette yesterday said the new company would carry on business as "insurance and reinsurance brokers, agents, consultants and advisors in all classes of insurance and in particular and without prejudice to the generality of the foregoing to carry on the business of brokers, agents, consultants and advisors for those classes of insurance business comprising life, annuity, retirement and pension schemes and general insurance".

The bank said the application, which will have to go before the Bermuda Monetary Authority for approval and was part of a bid to to improve its services to its wealthy clients.

The bank said it could not reveal too many details about the application but would make a full statement at a later date when a decision had been made.

David Howard, head of Private Client Services, America, explained that Bank of Bermuda Private Client Services business provided integrated wealth management solutions to wealthy individuals around the world and in order to improve their service further, they recently restructured the business to provide all clients with a relationship manager.

He said: "This provides one point of contact for all services, including fiduciary, banking and investment management.

"Going hand in hand with this integrated structure is the commitment to continually build on our suite of wealth management products. Insurance products are an increasingly important wealth management tool and the bank expects shortly to be able to offer this, where appropriate, to its clients.

"In Bermuda, authorisation to offer insurance products requires a separate license. Hence the Bank is applying to incorporate a local company, with limited liability, to be called Bank of Bermuda (Insurance Brokers) Ltd. We look forward to discussing this further, but are currently seeking regulatory approval."