Representatives from the Island's captive sector are poised to meet with regulators in the coming weeks in a bid to improve the way the Island markets itself as the lead captive domicile in the world. At the same time, they also plan to launch Bermuda's own captive insurance conference and start a members only club to encourage parties to buy into the Island as the domicile for captives.

Bermuda Insurance Management Association - which has more than 40 captive management company members - is taking an active role in defining the conference and working with regulators to better define the sector.

The push to attract more captives comes in the midst of active marketing campaigns from rival domiciles such as Cayman Islands and Vermont. They already actively promote the benefits of setting up a captive in their domiciles through conferences. They are also able to make a big impression on potential clients with the quick release of statistical data on captive numbers and formations.

BIMA President and managing director of Willis Management (Bermuda) Ltd. Oliver Heyliger, said that his group - with an eye towards improving promotion of Bermuda as a captive domicile - has already met with regulators and is trying to organise another meeting in the next few weeks to develop a system that "defines captives for the purpose that we need it" and "separate out the number of licensed captives from total insurance incorporation figures".

While the Bermuda Monetary Authority releases monthly reports on the Island's insurance incorporations, the numbers do not break out definitely how many of the incorporations are captives, nor the type of captive. Financial information on the level of business written by these companies is over a year out of date.

BIMA and others will also launch the First Annual Bermuda Captive Conference this September 12-14 at The Fairmont Southampton.

Organisers aim to provide a definitive forum to focus on issues of interest to captive owners, prospective owners and market professionals.

President and director of Independent Management Ltd. Peter Strong said that while Bermuda was still the world's leading captive insurance domicile "the message hasn't been sent out strongly enough in the last two years and we want to improve that".

"Other jurisdictions like Cayman Islands and Vermont had huge success doing their own captive conference and since we are the biggest jurisdiction we felt that we should have a big conference as well so we took it on ourselves," he said.

Conference co-ordinator Mike Hardy said the goal of the conference would be to tell risk managers CFOs and owners of companies in the US and around the world to focus on Bermuda as the place for captives. Beyond the usual type sessions, such as a basic captive 101 for people who want to set up new captive, organisers plan to offer tax seminars as well as a session with the Bermuda Government to explain their position on captives. They also plan to have a separate stream of events throughout the conference devoted to healthcare.

The group also plans to create the feeling of a Bermuda club for captives and the conference will be the first time where they try to introduce that concept.

Mr. Strong said: "Vermont has loyalty now [from delegates going to their conference. We want to build loyalty to Bermuda and the conference is one way of doing it. We're going to ask [delegates to become members and maybe depending on the finances of this, they could come to their own conference free of charge or very little charge," he said.

Mr. Heyliger adds that the club concept would also give members an arena to discuss the challenges and opportunities that there captives face.

"Benchmarking is something that is very important and something captives like to consider, i.e. how does my captive stack up against the other captives that are located in Bermuda or elsewhere, how do my premiums compare, how do my claims compare. Benchmarking is very important to them and if you are part of a group that communicates very easily and in a club atmosphere then getting that type of information is easier than otherwise."