Cyber security and cyber risk are hot topics at the Risk and Insurance Management Society conference and exhibition, being held this week in San Diego, California.

And Bermuda has put itself in a prime position to attract new business, whether it is associated with cyber risk or more traditional insurance risks, by taking a high-powered delegation to the event.

The conference comes hot on the heels of Bermuda securing coveted Solvency II equivalence with the European Union recognising that the island’s insurance regulation is at the same level as the new and enhanced EU insurance rules.

Being able to blow that particular trumpet at Rims, which attracts 10,000 industry delegates, was one way of creating an impression. And it did.

Michael Dunkley, the Premier, who is part of the Bermuda team at the conference, said the reaction to the Solvency II news had been “very positive”.

“We have worked hard to meet that standard and we’re delighted that we did. Many people have expressed delight at the accomplishment,” he added.

The island has also found itself well placed to differentiate itself from other offshore jurisdictions through its respected and robust regulations. A point somewhat borne out by the lack of reference to Bermuda in the so-called Panama Papers.

The timing of the conference so close to the Solvency II news and the tax avoidance controversy stirred by the Panama leaks has been fortuitous from Bermuda’s perspective, according to Ross Webber, chief executive officer of the Bermuda Business Development Agency.

“It’s an excellent opportunity for us to put forward a united and compelling message about Bermuda,” he explained, praising the collaborative approach of Government, Bermudian-based companies, and agencies.

While Mr Dunkley said: “We’ve spent a lot of time talking to the press. We wanted to show that Bermuda works well together, and we are a very sound and safe jurisdiction.”

The Premier said that was evident with the decision by XL Group last month to redomicile from Ireland to Bermuda.

This point was shared by Grant Gibbons, economic development minister, who said people in the industry had taken note of XL’s decision.

Also representing the Government at Rims was Bob Richards, the finance minister, who said many media outlets had tended to stereotype offshore financial centres as being one and the same in the wake of the Panama Papers. However, he said it had allowed Bermuda to differentiate itself from other jurisdictions.

“That’s important. It allows us to tell the Bermuda story. Over here people know Bermuda. We are well-known and respected here.”

Mr Richards said topics of discussion at Rims had included market innovations, including ILS. He added: “From what I’ve heard it has all been very positive.”

The Bermuda delegation have given interviews to media outlets including Business Insurance and Reactions magazines, Insurance Insider, RIMS TV and AM Best TV.

Mr Dunkley met Julie Pemberton, the Rims president and Mary Roth, the Rims chief executive officer, and toured the industry booths at the exhibition hall. The Bermuda booth was handing out “sunny yellow and silver” Bermuda bags to attendees.

Jeremy Cox, chief executive of the Bermuda Monetary Authority, is another member of the Bermuda team at Rims.

He said: “The people who come to the booth have been asking how we have been able to process new applications. It is great to get good feedback on incorporations.”

While there had been no specific questions on company formations, Mr Cox said he found it encouraging that there had been delegates making their way to the kiosk to say they had successfully formed a company in Bermuda.

Bermuda has a sizeable contingent of more than 200 at the conference, representing government, regulators, business leaders and others.

Mr Cox said: “It’s a good group of senior people. When you have that collection of talent here it says a lot about Bermuda.

“No one with a query about Bermuda has come to the kiosk and not had their questions answered.”

He said Rims was “an opportunity to show that Bermuda has been doing all the right things”.

Mr Cox added that the island has shown itself to be an active participant and leader in the arena of international regulations, and in establishing mutual recognition with major global organisations, as demonstrated by securing Solvency II equivalency and a memorandum of understanding with the US National Association of Insurance Commissioners.

For Bermuda it hasn’t all been about business at Rims. Dr Gibbons, in his capacity as acting tourism minister, helped representatives of the Bermuda Tourism Authority to promote the island as a destination for visitors.

“Business and hospitality go hand in hand,” he said, explaining that delegates had been told about the new hotel projects in St George’s and at Morgan’s Point.

Yesterday evening the BDA was hosting its invitation-only networking reception for key industry representatives and other executives.

Representatives from numerous Bermudian-based companies are attending Rims, including: Aon, Appleby, Arch Insurance Group, Artex, Arthur J Gallagher, Aspen Insurance, Axis Insurance, Beecher Carlson, Bermuda Commercial Bank, Butterfield Bank, Canopius Underwriting Bermuda, Chubb, Clarien Bank, Conyers, Endurance, EY, HSBC, JLT, KPMG, Markel Bermuda, Marsh Inc, PwC, R & Q Quest Management Services, Willis Towers Watson, XL Catlin, and Zurich.

The conference, which started on Sunday, ends today.