insurance can grow.

Significant capital inflows to Bermuda are bringing new specialty vehicles to the Island that are being demanded by the global market at a breakneck pace.

Chairman of the insurance industry's marketing committee, Roger Gillett, said Bermuda last year increased its share of the world's new insurance incorporations to its highest level since 1990.

He highlighted the specialist nature of the Bermuda market, noting the unique and innovative solutions being devised by local underwriters.

But, Mr. Gillett said: "The rest of the world is envious of our capital at the moment, considering the flexibility and dynamic nature of this marketplace.'' The Island last year attracted 35 percent of the 279 new insurers formed in captive insurance domiciles.

During the 1996 calendar year, 97 new insurance companies were incorporated on the Island, second only to the record 1986 year, when 125 new companies were formed. As of December 31, there were 1,470 international insurers on the Bermuda register.

Mr. Gillett said: "Bermuda now has more than 40 percent of the world's 3,543 captive insurance companies on its register, along with some of the leading commercial insurers and reinsurers in the industry.'' Figures for 1995 indicated 90 new insurance companies. There was a rise of 24 percent over 1994 in gross premiums written for the Bermuda market to $23.4 billion. Net premiums grew 23 percent to $18.4 billion. Capital and surplus advanced 24 percent to $36.9 billion. Total assets were up 25 percent to $95 billion.

But Mr. Gillett said the marketing committee, which reports to the statutory government body, the Insurance Advisory Committee, was gearing up for increased competition from other insurance centres.

The committee is using the Bermuda Insurance Symposium to unveil its new Internet site, Bermuda Insurance Market (BIM). Mr. Gillett said new initiatives will be explored during the 1997 year.

He said: "The worldwide insurance industry is constantly seeking information about the Bermuda market and one way that we could consider satisfying that demand is by putting on generic briefings for clients and potential client groups overseas.

"This is another way of reaching buyers and could be used in addition to our current efforts which focus on establishing a presence at various industry conferences.'' CONFERENCE CON BUSINESS BUC