needs to be mindful of the advances being made by other offshore jurisdictions.

The warning came from Bermuda Monetary Authority general manager, Malcolm Williams after his first tour of the RIMS (Risk & Insurance Management Society) Conference exhibit hall at the Georgia World Congress Center in Atlanta.

Mr. Williams said: "Bermuda is now having a lot of competition. If you look around this floor, there are some very impressive booths produced by Barbados and BVI. I've just seen the Guernsey Financial Services Commission.

"Obviously, Bermuda's competition now includes those who are trying to emulate its success. And I think we need to be very careful that we keep ahead of some very good, and improving competition.

"I was on the Bermuda booth for three hours and I was very happy to see how our booth operates and the interest taken by many people. It's clear that Bermuda has a very high standing reputation, but we must make sure we keep it.

"I'm convinced of the importance of coming to events like this. There is no doubt about that. And we must make sure that a good cross-section of representation from Bermuda comes here so the world can see what we have to offer.'' Mr. Williams said he was very interested in seminars that relate to financial institutions, including mutual funds, insurance companies and financial service providers, and the insurance cover that those entities can achieve.

He said: "From a regulatory point of view, it is very surprising to see what products are available for the protection of the banks, and therefore of the customers. If the banks or other financial service providers have a hiccup in their operations, obviously its going to cost money.

"And if there are insurance products around to cover that hiccup, then all the better for everybody. It was very interesting at some of the sessions that I attended, the increasing sophistication of products that are available off the shelf.

"I noticed our banks attended the session, as well, and one executive from Bermuda had very positive comments about the meeting. From a regulatory point of view, supervision is very much ensuring that depositors, shareholders and financial institutions are properly protected and properly controlled.

"And insurance is very much a large ingredient of those elements.'' Clem Talbot of the Bank of Bermuda said: "We have had some very interesting enquiries at the bank's booth from people involved in the insurance industry who are considering doing business in Bermuda.

"Activity at the conference seems to be up on previous years and the numbers appear to be up from my observation from traffic that is flowing through the Bermuda booth and the bank's booth.'' Mr. Talbot's observations have proven accurate. The world's largest association for risk management has attracted 100 more exhibitors than last year, and an additional 2,000 delegates, bringing total attendance to around 10,000 for the first time.

Executive vice president of the Bank of Butterfield, Stephen Kempe, noted the usual significant organisation of the RIMS event.

He said: "We are very pleased with the excellent interest and response we have had from the Bermuda booth. We have had great new client enquiries and have seen existing clients, maintaining their contacts.

"We had a hospitality suite Monday night, which generated a lot of interest.

We're very pleased so far.

"We have the Bermuda Night reception Wednesday night, the BIBA (Bermuda International Business Association) breakfast Thursday morning and a Tourism Reception Thursday night. By the time it is all done, everyone in the Atlanta area will know that Bermuda has been to town.'' BUSINESS BUC