The key role Bermuda’s insurance and reinsurance sector played in assisting New Orleans to rebuild and recover after the devastating damage caused by Hurricane Katrina in 2005 was recalled at this week’s RIMS event, held in the Louisiana city.

Some 10,000 risk management professionals and other senior executives and decision-makers are attending the Risk & Insurance Management Society’s annual four-day conference, which concludes today.

Bermuda secured a prime location in the conference exhibit hall, in the Ernest N Morial Convention Centre, with its booth styled to appear like a Bermuda home.

Premier Michael Dunkley toured the event yesterday and met RIMS president Rick Roberts and chairman of Lloyd’s of London John Nelson.

Later in the day, together with Minister for Economic Development Grant Gibbons, he visited New Orleans’ mayor Mitch Landrieu.

Mr Dunkley said he welcomed to opportunity to meet so many people involved in the reinsurance industry, and said it was critical that Bermuda maintains a high profile at such events.

“The networking opportunities do not come any stronger,” he said.

“It is a place where we can continue to strengthen our relationships with those who understand the Bermuda model, and a place where we have an opportunity to talk to new people about the benefits the Island offers, and to answer their questions.”

According to the Association of Bermuda Insurers and Reinsurers, the Island’s reinsurers paid 30 per cent of the insured losses incurred by hurricanes Katrina, Rita and Wilma when they struck the southern US in 2005, and $22 billion to rebuild the US Gulf Coast after the 2004-2005 hurricane season.

Those facts showed the tangible benefits Bermuda, through its dominant reinsurance sector, has provided to assist the region, noted Mr Dunkley.

The Premier, speaking to The Royal Gazette, said there was also excitement among delegates about Bermuda hosting the America’s Cup.

Finance Minister Bob Richards, who was also at RIMS, said Bermuda had strong links with the New Orleans region due of the large level of reinsurance assistance generated from the Island in the wake of Hurricane Katrina ten years ago.

“Bermuda has shown that what we do is not a gimmick. It demonstrates the service and benefits that offshore centres provide,” he said.

More than 150 executives connected with the Island’s insurance and reinsurance industry are attending the event. Many of them are manning their individual company kiosks, but also volunteering time to help at the Bermuda booth.

Mr Richards said: “It is heartening that we have encountered a number of companies that want to come to Bermuda because things have not been working out well in the places where they are.”

He added: “The industry is still in a consolidation phase and the important thing for Bermuda is that companies remain in Bermuda and are stronger because of consolidation.”

Shelby Weldon, director of licensing and authorisations for the Bermuda Monetary Authority (BMA), was another of the Bermuda officials at RIMS.

He was interviewed by AM Best and Captive Review about developments within Bermuda, particularly regarding mergers and acquisitions, regulatory changes and Solvency 2. Those were also topics that came up during conversations with fellow delegates inquiring about Bermuda.

“There have been a number of questions about changes to regulations and there have been questions about increased competition in the captive markets.

“The BMA’s role is to support the market, to answer questions about day to day supervision and regulations. Some people have questions about our regulatory framework. We are here to show that the BMA is accessible.

“It has been an excellent place to network and talk about what we are doing over the next few months and the next few years.”

He added: “There is a great spirit of collaboration. The Bermuda booth is popular, and we also have representatives from the Department of Tourism, which is excellent to see.”

The Bermuda Business Development Agency (BDA) was at the forefront of efforts to promote the Island as an ideal place for new businesses to locate, or for existing business to redomicile.

Last night Bermuda hosted its popular networking cocktail reception at Club XLIV, in New Orleans’ Mercedes Benz Superdome. Award-winning Bermudian band Mohawk Radio were due to provide live music and pay tribute to Bermuda’s late songwriter Hubert Smith Sr, who wrote the ballad Bermuda is Another World.