A large number of Bermuda insurance and reinsurance executives are this week attending two key industry gatherings that are a world apart.

In Germany at the Black Forest spa town of Baden Baden, and in Scottsdale, Arizona in the US, reinsurers and insurers have been starting the negotiating process for pricing that will become effective at the January 1, 2009 renewals.

Both meetings are important for industry players and it is unusual that the dates overlap, forcing additional travel this week for Bermuda's reinsurers.

In Baden Baden, Bermuda companies are meeting with European insurance clients seeking to renew policies for the coming year.

In Scottsdale, some 75 Bermuda executives are registered for the Property Casualty Insurance Association of America (PCIAA) (www.pciaa.org) annual meeting and association that has America's leading insurers as members.

One of them is Tony Fox, deputy chairman of reinsurance broker Collins' Bermuda operation, who told the conference's daily publication that Bermuda reinsurers are well-positioned to take advantage of increased demand for catastrophe reinsurance in the wake of the combined effects of the financial markets crisis and larger than expected losses from Hurricane Ike.

He said that in just the last week, the Bermuda market has seen a growing demand for additional catastrophe cover, with some clients needing an additional $1.4 billion in catastrophe reinsurance - even in an environment of rising prices.

Mr. Fox believes there is a potential for a capacity crunch, with $40 billion worth of "cat cover" up for renewal, and many clients seeking additional reinsurance.

Apart from the 75 representatives from Bermuda reinsurers in Scottsdale, other Bermuda executives are there in a support role, or for scheduled meetings with clients and prospects.

They comprise a portion of the 1,200-strong gathering for the event that could swell substantially considering the number of executives who fly in for other meetings with delegates, but never register for the annual conference. The Bermuda market companies also have the benefit of additional presence, with the participation at the event of the Bermuda Insurance Development Council (IDC), which annually exhibits at the event and sponsors the largest luncheon.

This week, president and chief underwriting officer of XL Re Ltd., Greg Hendrick, speaking at the luncheon before some 240 people - principally American insurance executives - outlined how Bermuda reinsurers had provided significant and consistent capacity to American markets for two decades.

"Bermuda insurers and reinsurers have paid approximately $25 billion in insured and reinsured US property cat claims in the last seven years, the largest share of any non-US market," Mr. Hendrick said. "These reinsurers have remained financially strong despite these losses and have remained committed, and indeed have expanded, their capabilities to provide protection to US insurers and their property insurance clients.

"There's no particular secret to the Bermuda market's success. It remains a jurisdiction where the stability, speed, flexibility and relatively low cost of doing business make it attractive.

"Capital has inevitably flowed to Bermuda market companies that offer and deliver the best returns. Today, even in these challenging market conditions, Bermuda will likely remain a force to be reckoned with."

Mr. Hendrick concluded his remarks by introducing a second speaker, world renowned historian, Michael Beschloss, an on-air commentator and best-selling author. Mr. Beschloss is known for his New York Times best seller, "The Conquerors: Roosevelt, Truman and the Destruction of Hitler's Germany, 1941-1945".