New Orleans chasing other business in addition to the insurers exhibiting in the main hall.

Director of international business and financial services, Mr. Carlyle Carter, said that the Caribbean country has to look at other avenues of business while spending time in the US city.

He said: "When we come to something like this Conference, we're not looking at just insurance. There are any number of other opportunities, be they foreign sales corporations for US companies, or international business companies or maybe offshore banks.

"We're not just selling captive insurance here. We're selling Barbados offshore financial services generally, as well as tourism. If we can persuade people to come to Barbados as tourists, then that is a plus.'' Barbados earns US$50 million or $100 million in Barbados currency from its captive insurance market. Mr. Carter said his country has been holding its own. There are 250 licensed companies with about 200 that are active.

Many of those companies are Canadian, with a smaller amount American and also some European firms. Barbados signed a tax treaty with Canada ten years ago.

Mr. Carter noted: "The removal of the US excise tax exemption some years ago was interesting because very few of the US companies that had come to Barbados to take advantage of the treaty, actually left, if any at all.'' Mr. Carlyle said Barbados was at the RIMS Conference because the country knew its competitors like Bermuda would be there.

He said: "That's why we have to pursue other business opportunities, if we are going to be here anyway.

"As a result, we do not confine ourselves to just the activities that are going on at the actual conference, but must go outside of RIMS to seek other opportunities.''