What?s in a name? For the organisation known until last night as as ?the Marketing Sub-committee of the Insurance Advisory Council (IAC) of Bermuda?, the body charged with promoting the interests of Bermuda?s insurance sector, the answer to that question has been an unintended (and undesired) anonymity.

The marketing sub-committee will henceforth be known as the Insurance Development Council (IDC). It remains a sub-committee of the IAC, but the rebranding is intended to bring new visibility to the work the IDC does in promoting Bermuda around the world.

Before making the announcement last night at the offices of his employer, ACE Ltd., Roger Gillett, the head of the IAC, introduced Finance Minister Paul Cox. She praised the work done by the IAC and the IDC and offered tangible evidence of her pleasure by announcing that the Bermuda Government is to increase its funding of the IAC by $50,000 for 2005/06.

?The Insurance Development Council has come of age,? the Minister told an invited audience of about 70 chief executive officers and other lesser luminaries from the industry and its supporting businesses. Referring to the name change, the Minister added: ?A rose by any other name would smell as sweet.?

The IAC is the physical embodiment of the fabled public/private partnership between the insurance industry and the Bermuda Government, which underpins the Island?s insurance and reinsurance sector.

The IAC carries out a series of activities aimed at spreading the good word about Bermuda. The local insurance industry provides the manpower, and the Government provides the majority of the financing, $600,000 out of $805,000 last year.

The balance of the money is raised from the industry and ancillary beneficiaries of Bermuda?s heavy insurance presence, such as the law firms (contributions last year: $12,000), accounting firms ($23,250), banks ($15,000) and brokers ($10,000).

Other local insurance bodies, such as the Bermuda Insurance Managers? Association and Bermuda Insurance Underwriters? Association also contribute, and insurance and reinsurance companies donated $108,000 last year.

What is all this money spent on? The formal mission statement of the IAC is ?to develop the insurance and reinsurance market in Bermuda though strategic marketing activities designed to raise the awareness of its capabilities?.

The IAC conducts a number of activities in pursuit of this goal. ?Last year?, Mr. Gillett explained, ?we were instrumental in gaining recognition for Bermuda at RIMS (the insurance industry?s largest annual conference). RIMS dedicated sessions to the Bermuda market for the first time.

?We helped stage ALARYS, the ?Latin American RIMS?, here in Bermuda, which was a great success. We put out a recently revamped newsletter several times a year, and distribute it at relevant conferences all over the world. And of course, we carry out fund-raising for the sector.?

On the IAC?s agenda for this year are a number of projects, along with its traditional activities. The first annual Bermuda Captives Conference, a three-day event, will be held in September, with the IDC?s support.

A RIMS symposium will be held here in November, a two day intensive programme that will enable invited risk managers to learn about the Bermuda market. The IAC website is being updated and revamped, and its annual survey of the local insurance industry, Bermuda Market Solutions, is similarly being upgraded.

Mr. Gillett explained that while the IAC greatly welcomes Government?s additional contribution, he also hopes to broaden the IAC?s support base among insurance and reinsurance companies operating in Bermuda. Governments sponsor similar organisations in most of Bermuda?s competitors. It can be hard to tell where the government ends and the organisation begins although this is not so in Bermuda?s case.

The public and private sectors may work together, but last night, it was clear which sector each member of the audience came from.

Along with the Minister and members of her staff, Cheryl Lister, the chairman of the Bermuda Monetary Authority, was in attendance with members of her staff, as were others from various government departments, mingling easily with the billion-dollar insurance brigade. The IAC meets quarterly, and last year formed several sub-committees to deal with individual elements of its programme.

In so doing, Mr. Gillett explained, some of the identity of the organisation was lost, and it is hoped that the IDC will be more recognisable for its efforts. ?We feel that the new name will provide us with a solid identity in the insurance marketplace.?