Bermuda has scored another first in the insurance industry with the formation on the Island of the first non-US chapter of the Society of Chartered Property Casualty Underwriters (CPCU).

The 56-year-old insurance association approved the new chapter at its winter meeting in April. The Bermuda chapter joins 153 other US-based chapters in the society.

The CPCU society is a community of credentialed insurance professionals who promote excellence through ethical behaviour and continuing education. The society's 30,000 members hold the Chartered Property Casualty Underwriter designation, which requires passing ten rigorous examinations on diverse insurance topics, meeting experience requirements and agreeing to be bound by a strict code of professional ethics.

The highly anticipated induction of the Bermuda Chapter denotes an important milestone in the Bermuda insurance arena. Brian O'Hara, CPCU, president and chief executive officer of XL Capital, and Gary Schmalzriedt, CPCU, president and chief executive officer of ACE Bermuda were quick to congratulate the CPCU chapter on its accomplishment.

"As the Bermuda insurance industry continues to grow, the need for qualified, educated insurance professionals is greater than ever,'' said Mr. O'Hara.

"The CPCU programme produces well-rounded insurance managers that are able to work and excel in a variety of areas. We are very proud to support the new Bermuda Chapter of the CPCU Society, and look forward to the benefits of having our own local chapter.` Mr. Schmalzriedt commented: "ACE Bermuda has been a major sponsor of educational initiatives through the Bermuda Insurance Institute (BII), the ACE Robert Clements scholarship programme and the Bermuda Foundation for Insurance Studies. We are very excited by the prospect of having a CPCU chapter in Bermuda, which will enhance our efforts to create more insurance managers within the local insurance market.'' The Bermuda chapter will assist with overall insurance education in Bermuda and hopes to achieve several objectives.

Bermuda chapter a first for CPCU The objectives include: acting as the liaison office of the CPCU Society in Bermuda; creating a forum for interaction among CPCU society members and those currently seeking the CPCU designation; continuing to work with the BII to foster insurance education, including providing tutors to the BII to foster CPCU classes and study groups; and assisting the BII with insurance and reinsurance related seminars.

Officers of the Bermuda chapter are: Paul Wollmann, CPCU, of ACE Capital Re International Ltd., president; Hugh O'Donnell, CPCU, of Aon Bermuda Limited, vice president; David Whiting, CPCU, of Swiss Reinsurance Company, secretary; Mark Berry, CPCU, of XL Mid-Ocean Reinsurance, treasurer; Larry Lombardo, CPCU, of ACE Bermuda, immediate past president.

Brian O'Hara