Bermuda is getting the attention of the US healthcare industry, and officials foresee a brighter future in attempts to attract more healthcare captive insurers.

The optimism stems from recent growth from the modest numbers of Bermuda-based healthcare captives, and a positive reception at the annual conference of the American Society for Healthcare Risk Management (ASHRM).

The organising body of ASHRM represents more than 2,000 North American risk management professionals working in the US healthcare sector.

The president of the Bermuda Insurance Management Association (BIMA), Nicholas Dove, next week participates on an expert panel involving healthcare captive insurers, during this year's ASHRM conference in San Diego.

Roger Gillett, chairman of the marketing committee of Bermuda's Insurance Advisory Committee (IAC), said the local market began focusing on healthcare captives within the last three or four years.

He said, "We are now starting to close the gap on the Cayman Islands.

Bermuda's captive managers and commercial insurers regard the healthcare industry as a potential source of new business. We have about 100 health care captives on the register right now.

"Caymans, which has about double that, has been known as a major offshore centre for healthcare captives.

"Last year, we incorporated 11 such captives, which was the first time we had been in double figures. In fact, it was as many as the previous three years put together.

"We offer a competitive product, but we had some initial difficulty in getting our message across. There is evidence that attending the annual ASHRM event, which is dedicated to the healthcare industry, does benefit us in that regard.

"Attendance at ASHRM has really brought us to people's attention. We've directly benefited from our presence at this conference more than any other one we can point to.

"And at this year's conference, we intend to spend time directly with those who are very influential in the creation of these healthcare captives. It is a very tight group.'' A team of nine Bermuda market personnel will attend next week's conference in San Diego, and man a generic exhibition booth during the conference dates October 4 to 7 at the San Diego Marriott Hotel and Marina.

Meanwhile, Mr. Dove, president of Skandia International, will be on a panel that will review how healthcare captive insurers are helping to change the face of risk financing.