Sessions at ICAP '99 will often be held simultaneously, allowing delegates to choose their own agenda for the conference. Streaming in this fashion will allow those who already operate captives, for example, to enjoy an entirely different experience at ICAP from those who hope to incorporate a captive.

Given the recent interest in captives shown by the healthcare industry, a special afternoon seminar will address related issues.

The schedule of events for the conference is: Sunday evening, May 16, 1999 : At 5.30 p.m., conference registration will open at the Sonesta Beach Resort.

At 6.00 p.m., a `Welcome to the Island' cocktail reception will be held, hosted by the Marketing Committee of the Insurance Advisory Committee and the Bermuda Insurance Management Association.

Monday, May 17, 1999 : At 8.00, pre-conference workshop registration will continue.

At 8.45, delegates will choose which of two pre-conference workshops to attend.

Workshop A is: A plain English guide to forming a captive, a comprehensive, `nuts & bolts' workshop examining the basic concepts of captives and captive insurance programs. The workshop will be led by Michael Hardy, senior vice president, Liberty International Management (Bermuda) Ltd.

Workshop speakers are: Michelle M. Scott, assistant vice president, risk management, Service Merchandise; Richard S. Betterley, CMC, president, Betterley Risk Consultants; Daniel T.N. Forsythe, senior vice president, Liberty International Management (Bermuda) Ltd.; and James R. Cameron, partner, Baker & McKenzie.

Workshop B is entitled: "Going beyond the basics ... Maximizing the captive's value to the parent organisation''. It will be led by Jim Blankenship, a partner in accountants KPMG.

Workshop Speakers will be: Jennifer Cartmell, president and chief executive officer, Headington Insurance Ltd.; Richard Inserra, assistant treasurer, Union Carbide Corporation; president, Westbridge Insurance Ltd.; and William M. Keogh, principal, Risk Management Solutions.

At 11.45 a.m., lunch will be provided for all conference delegates by Warburg Dillon Read.

At 1 p.m., conference chairman Roger Gillett, senior vice president, A.C.E.

Insurance company, will introduce Premier Jennifer Smith, who will make welcoming and opening remarks .

At 1.20 p.m., David Ezekiel will deliver his keynote speech : "Captives: Managing for success.'' At 1.50 p.m., a panel will consider the regulators' perspective of today's captive and reinsurance market. The panel moderator will be Malcolm Butterfield, associate, KPMG and former Bermuda Registrar of Companies.

The Panelists will be: Jeremy Cox, Inspector of Companies, Bermuda Government; William McCullough, Deputy Inspector of Insurance, Cayman Island Government; Len Crouse, Director of Captives, Office of the Commissioner, Department of Banking, Insurance, Securities and Healthcare Administration (Vermont); Ian Carrington, Supervisor of Insurance, Ministry of Finance and Economic Affairs (Barbados); and Philip Stamp, Chief Executive Officer, Aon Insurance Managers (Guernsey/Isle of Man) and representatives from Ireland and Turks & Caicos.

At 3.20, delegates will separate into three streams, choosing between the main conference and two Masters Summit series.

The Main Conference will feature three sessions.

At 3.20 p.m., the taxation of captive insurance companies will be discussed by James R. Cameron, partner, Baker & McKenzie; at 4.10, Michael Douglas, vice president (reinsurance), J&H Marsh & McLennan (Bermuda) Ltd., will ask whether captives and reinsurance, the `old dog', can be taught `new tricks'; and at 4.55 p.m., Thomas M. Hermes, principal, Tillinghast-Towers Perrin, will clarify the role of the actuary in captive development and management.

Two Masters Summits will be held simultaneously with the main conference session.

Summit A will look at innovative uses for captives and will be led by Bruce Abrams, senior vice president, American International Underwriters, Roy Coxon, group risk manager, Ladbroke Group PLC of London and Terry Mitilier, director of risk management for Amoco.

Summit B will comprise two sessions.

The first, at 3.20 p.m., on the diversification of captive insurance company underwriting, will feature a panel including Ray Bucci, Jr., director, risk management, Ahold; Jill Husbands, senior vice president, J&H Marsh & McLennan Management (Bermuda) Ltd.; Carl Johnson, vice president, asset and risk management, Tyson Foods, Inc.; and Glenn Weber, senior vice president, J&H Marsh & McLennan.

The second session at Summit B will focus on managing and maintaining group captives. The moderator for the session will be Thomas C. Kendall, senior vice president, J&H Marsh & McLennan and panelists will include Rhonda Miller, president, specialty marketing, Discover Re and Jerry Rivers, senior vice president, Commonwealth Risk.

At 6.30 p.m., AIG will hold a cocktail party for delegates and their partners.

Tuesday, May 18, 1999 : Roger Gillett will open the proceedings with some remarks at 8.30 a.m. and at 8.40 a.m., Finance Minister Eugene Cox has been invited to deliver a `State of the Bermuda Market' Address.

At 9.10 a.m., Hugh Rosenbaum, principal, Tillinghast-Towers Perrin, will deliver his keynote address on the reality of the future of captive insurance companies.

After a refreshment break, delegates will select their own morning programme.

The Main Conference will feature three sessions. The first, at 10.05 a.m., on understanding the rent-a-captive concept, will be led by David Alexander, president, the IPC Companies. The second, at 10.50 a.m., on using `cell' companies to maximum advantage, will be led by Tom Jones, partner, McDermott, Will & Emery and Richard D. Spurling, partner, Appleby, Spurling & Kempe. In the third, at 11.30 a.m., Brian McNamara, senior vice president, American International Company Limited, Hamilton, Bermuda will look at the pros and cons of fronting.

Alternatively, the Summit series will continue, at 10.05 a.m., when F. Roy Sedore, partner, Baker & McKenzie will offer an in-depth analysis of the latest tax and regulatory developments and initiatives.

An hour later, Richard W. Collier, senior vice president, Hartford Specialty Co., will discuss bringing certainty to captive liabilities.

At 1.20, a healthcare and tax-exempt entity tutorial will be held, which will consume the balance of the afternoon. The moderator for the session will be William Deemer, senior vice president, Aon Healthcare Alliance.

Jeanne Pores, senior vice president, hospitals and special programmes, Physicians Reciprocal Insurers, will clarify the role of the healthcare risk manager in the captive management process. Thomas Hermes, principal, Tillinghast-Towers Perrin, will address understanding the captive feasibility analysis.

Tom Jones, partner, McDermott, Will & Emery, will discuss legal, tax and regulatory issues and James Gibson, senior vice president, captive healthcare practice leader, Aon Healthcare Alliance, will address solutions to non-traditional and emerging risks. A panel discussion on operating captives in a merger and acquisitions climate, will conclude the session.

Delegates will be able to enjoy networking on a cocktail cruise on Hamilton Harbour at 4.45, sponsored by KPMG.

Wednesday, May 19, 1999 : Mr. Gillett will open the day at 8.50, followed by a series of plenary sessions , which will start at 8.55 a.m., with David Mocklow, director, Aon Capital Markets, discussing striking a balance between insurance and capital markets.

At 9.40 a.m., Kirk A. Borchardt, partner, Lord, Bissell & Brook, will speak on affinity marketing and growth opportunities in customner-based insurance marketing.

At 10.40, following a refreshment break, Christine L. Gomes, assistant vice president, professional liability, Chubb Atlantic Indemnity Ltd. will address professional liability for captives.

The final plenary session will see Jack Meskunas, director, financial services group, Warburg Dillon Read, speak on selecting, managing and monitoring investments. After Mr. Meskunas hass finished, the conference will close at 12 noon.