Two Bermuda companies with booths at the Risk & Insurance Management Society annual meeting in San Francisco have together drummed up potentially millions of dollars worth of business from the event.

Skandia and Bank of Butterfield have both reported that the high profile event has boosted their business and they have made contacts that could lead to potentially lucrative contracts.

Skandia used the event to promote a new service called Triad Captive Development Group, an alliance aimed at helping brokers improve their bottom line.

Bank of Butterfield has been attracting business interested in their trusts, cash management, investment management and banking.

According to Robert Rosser, Senior Vice President at Skandia, the programme is a rent-a-captive which can be used to enhance income.

"It has been absolutely fantastic at RIMS,'' said Mr Rosser. "Skandia has used RIMS 2000 to launch a new captive vehicle. The agents and brokers are getting squeezed at the moment with the soft market.

"This provides underwriting profit and can increase profits.'' Triad is a strategic alliance between Skandia, Michael Maglaras & Co, Transamerica Insurance Finance and the rent-a-captive is called Sinser Insurance Ltd -- managed by Skandia.

The programme is a means by which an agent or broker can supplement commission income by sharing in the underwriting profits and investment income of a controlled book of a client's business and enhance the agent's control over the account.

Mr Rosser estimates that the company has attracted millions of dollars worth of business.

Stuart Lee, Bank of Butterfield's vice president of private banking said the bank had seen a lot of business at their booth.

"We are hopeful that of the many contacts we made, a great deal of business will come our way. It is always hard to tell just how much comes out of an event like this, but we have seen a great deal of interest.'' The Risk Insurance Management Society event will finish today.

BUSINESS BUC