Bermuda will show off its new reinsurance might at one of the industry's most important events.

More than 40 of the Island's leading reinsurance businessmen will be heading to Monte Carlo this weekend to take part in the annual Rendezvous de Septembre.

Talks held at the Rendezvous play an important part in determining worldwide reinsurance rates for the crucial January, 1994, contract renewals.

The Rendezvous enables reinsurance bosses, brokers, underwriters, agents and lawyers to get together to discuss the current state of the industry.

Taking part for the first time will be many of Bermuda's new property catastrophe reinsurers, such as Mid Ocean Re, IPC Re and Renaissance Re.

These firms are among 16 co-sponsors of the Bermuda reception on September 8 at the Le Maona Restaurant at the Monte Carlo Sporting Club.

Among the sponsors are the Bank of Bermuda and the Bank of Butterfield, which will be emphasising their international operations.

Unlike the annual Risk & Insurance Management Society's annual conference in the United States, the Rendezvous is an event strictly for the industry's professionals.

Premier the Hon. Sir John Swan, Finance Minister the Hon. David Saul and Registrar of Companies Mr. Malcolm Butterfield, who usually attend RIMS, will stay away.

Mr. Robin Spencer-Arscott, who is organising the Bermuda Reception, said: "This is always an important event for Bermuda because it keeps our name alive in Europe and the rest of the world.

"Industry and financial media organisations from all over the world will be there, ensuring global coverage of the event.'' Mr. Edward Ion, business editor of Lloyd's List, which is owned by Lloyd's of London, said he expected Bermuda to have a high profile at the conference.

"From what I've heard, the Bermuda Reception is expected to be one of the highlights of the event,'' said Mr. Ion, who will be attending the Rendezvous.

The Monte Carlo Rendezvous de Septembre starts on Sunday and carries on throughout next week.

The programme of another important insurance event, The Fourth Annual World Captive Forum, which is taking place in New York from November 7-10, has just been released.

The Forum will take a look at the oncoming turn in the insurance cycle, capacity and availability problems, US insurance regulation challenges, uncertainty in London and at Lloyd's and, particularly relevant to Bermuda, the success of high capacity excess alternative insurers.

Bermuda-based companies exhibiting at the event include the Bank of Bermuda, the Bank of Butterfield, Bermuda Commercial Bank, the Ministry of Finance, The Risk Exchange Association, Johnson & Higgins, Rollins Hudig Hall (Bermuda), Sedgwick Management Services, Skandia International Risk Management and Sphere Drake Underwriting Management (Bermuda).

MR. SPENER-ARSCOTT: `Keeps our name alive in Europe, rest of the world.''