Bermuda has become the source of a great deal of expertise in the field of corporate restructuring, especially in the insurance field.

Between April 2-5, several executives from the Island's insurance, legal and auditing industries will be sharing their experience from the "coal face" at the Mealey Publications Insurance Insolvency & Reinsurance Roundtable in Scottsdale, Arizona.

Premier Jennifer Smith who will give a keynote address to delegates and she will be joined by experts such as Dwight Evans of Arch Reinsurance, Michael Morrison of AWAC, Narinder Hargun of Conyers Dill & Pearman and Peter Mitchell of PricewaterhouseCoopers.

According to Malcolm Butterfield, a partner at KPMG Bermuda who is co-chairing the event, attendance is up on last year.

"This is a very relevant conference for the industry today. We get into run-offs, work-outs and other exit strategy issues."

Mr Butterfield is the head of KPMG's corporate restructuring and insurance solvency group and works on the Mealey conference all year round, selecting speakers, content and topics.

He adds that every effort is made to bring the conference right up to date on topical issues. For example, Congressman Jerrold Nadler of the U. S. House of Representatives will give a keynote address on the legislative solution to the problems of terrorism insurance and Mr. Butterfield will moderate a special panel on the implications for the industry of the Iraq war.

The past year in Bermuda has seen plenty of case studies for the conference to address.

"Some people blame 9/11 but a lot of these companies were having problems prior to that," Mr. Butterfield said.

Turmoil in the financial markets and the impact of 9/11 did force some into run-off. However others, such as Commercial Risk Partners and Centre Solutions had the rug pulled out from under them by parent companies. Others such as Annuity & Life were thrown a regulatory curve ball. New interpretation of accounting regulations prompted Annuity & Life to move much of their business to XL and to stop writing new business.

The conference can offer practical examples of solutions, says Mr. Butterfield: "Step one is deciding what you've got to do. There could be 20 different solutions, such as schemes of arrangement, commutations and run-off."

According to Mr. Butterfield, Mealey is very different from the other major insurance conference, RIMS, which takes place the following week and also attracts a big Bermuda following.

"Mealey is attended by a more senior level of executive than other insurance conferences. In many cases there are opportunities to have a discussion with competitors who are also colleagues. People are more open than at other forums. This is a conference where you can walk away having made new contacts," he says.

The recent capital crunch has resulted in the growth of areas such as finite risk which may help an insurer to restructure its reserves. Representatives from ACE European Group, which has just opened two new finite risk divisions in Dublin and London will be attending in Arizona.

"If an insurance buyer or seller is serious about being informed on these kinds of issues, from turmoil in the markets to asbestos litigation and arbitration issues, they should be looking at this event.

"The networking is some of the highest quality I have ever seen, and I've been to a lot of conferences," said Mr. Butterfield.