links between local insurance companies and their service providers.

Addressing the inaugural reception of the Premium Club of Bermuda at the offices of ACE Insurance, Mr. Butterfield said that there had been many firms in different industries that had played a vital role in creating in Bermuda the most successful offshore insurance market with more than $29 billion of capital.

He said they included hoteliers, travel agents, restaurateurs, taxi drivers, printers, utility firms, computer companies, office equipment suppliers and many other local firms.

Mr. Butterfield also recognised the role played by those traditionally considered as professional service providers, such as banks, law firms and accounting practices.

He said that there was a working relationship, a "Bermuda triangle'', comprised of Government, the industry and service providers.

More than 50 senior executives from insurance and non-insurance organisations attended Tuesday's meeting of the Premium Club, formed by the industry in January to provide a vehicle for those seeking a closer involvement in industry activities.

Membership is open to small and large businesses. Regular business meetings of the membership are expected to focus on the industry's global marketing plans and activities surrounding the biennial Bermuda Insurance Symposium, scheduled to start at the end of May.