Premier Jennifer Smith yesterday welcomed delegates to the ICAP conference at the Southampton Princess Hotel.

She said, `'This is the third time that I have had the honour of welcoming you to my island home and I want to express the Bermuda Government's recurring delight that Bermuda is so obviously the preferred site for the annual International Congress on Captives.

`'I believe that your continued choice of Bermuda, reflects the continued confidence of the international insurance and re-insurance industry in Bermuda as the pre-eminent domain of choice. I know that the three or more days that you spend here will be spent hearing the latest solutions to captive management and formation challenges, the latest tax and regulatory developments and the details of employee benefits in captives. `'Bermuda is widely acknowledged as a centre of excellence for Risk Transfer, Investment Acumen and, most recently, E-Commerce. Overall, Bermuda's economy and business environment continues to grow. As of December 31, 2000, there were more than 13,000 international companies registered in Bermuda .- an increase of nearly ten percent over the total in 1999.

`'My Government is committed to working with the international business industry to continue to refine our legislative and regulatory regime. We understand that it is essential to create the right environment for the conduct of sound, stable reputable business. And we are fully aware that Bermuda cannot afford to become complacent if we want to retain our position as a leading international centre for offshore companies.

`'Overall, Bermuda's business environment - and the economic benefits it brings - continues to grow, so that the total number of insurers now registered locally is 1,564.

`'A year ago, I expressed confidence that Bermuda would weather the storms that seemed to be accumulating for international financial service centres. I am happy to say that Bermuda's history and ongoing practice of upgrading our regulatory framework continually, coupled with our proactive "Know Your Customer" philosophy, have passed the most stringent tests. The interests of existing clients, future clients, and the interest of Bermuda as a whole, have been, and remain, protected.

`'Throughout our history, Bermuda has adapted to the changing needs of the marketplace. And it is clear as we look to the future, that the jurisdiction that adapts and conforms to the highest international standards will be the most highly regarded and thus stand out as the most favourable base for legitimate business. We remain confident that Bermuda will continue to more than meet that challenge.''

She concluded: `'Welcome back to Bermuda, and remember what all work and no play did to Jack, and enjoy Bermuda's unique amenities. God willing, I'll see you next year.