The Bermuda Insurance Institute, which is run by the industry, is regarded as "one of Bermuda's best hidden assets'' according to its director, Mr. Ian Linnegan. The organisation, whose only other full-time employee is administration officer Ms Delma Parfitt, provides an endless stream of professionally qualified workers for the Island's vitally important international insurance industry. Insurance company bosses say none of Bermuda's competitors have a body like it. In the second of our Friday business profiles The Royal Gazette takes a look the BII's role in the industry.

The story of 33-year-old Romell Brewster probably explains best of all the importance of the Bermuda Insurance Institute to the Island and the opportunities it offers its people.

After studying overseas, Romell came back to Bermuda in 1988 and joined the Bank of Butterfield as an overdraft analyst.

But he eventually quit because his career did not seem to be going anywhere.

"At the time, it did not seem to me as if the bank had any programmes to promote the development of its staff,'' he said. "I felt I was sacrificing in terms of income. I did not feel as though the job had any upward potential.'' He was so disillusioned, in fact, that he decided he'd rather drive taxis for a living.

Becoming a cabbie was only meant as a temporary measure while he pondered his next career move. Then, one day, it came to him out of the blue.

"I had been driving taxis for about nine months when I heard a friend talk about insurance exams,'' he said.

"I called the BII and spoke to Delma Parfitt, who told me the Bermuda Insurance Diploma would open doors for me in the insurance industry.

"I signed up for the three BID courses and the rest, as they say, is history.'' He passed his Diploma, was awarded a scholarship to study at the College of Insurance in Kent, England, and went to work for the Bermuda operation of one of America's largest companies, American International.

As an account co-ordinator, Romell's current work involves tackling the challenges of issues as complex as insurance fronting arrangements.

"I feel that I'm now on a career and educational path,'' said Romell. "I'm studying for my ACII designation and I'm in an industry which has plenty of opportunities.'' Success stories like this bring immense satisfaction to the BII's full-time director, Mr. Ian Linnegan, who has held the position for the last five years.

"Our job is to provide suitably qualified people for Bermuda's international insurance industry,'' said Mr. Linnegan. "At the same time, we are offering young Bermudians the chance to participate in an industry which offers great rewards to talented and hard-working people.'' Insurance is not considered by most people to be a "sexy'' profession, like law or journalism, but it does have its compensations, said Mr. Linnegan.

"Salaries of $100,000-plus a year are what the really high achievers are looking at,'' he said.

"There are also countless opportunities to travel and the chance to deal with multinational business operations.'' He added: "One of my disappointments is that not enough Bermudians are aware of the wide range of career opportunities available in the insurance industry.

"If they had this information before they embarked on their studies overseas, they might have channelled their degree programmes towards insurance.

"Instead, people come back to Bermuda with the strangest qualifications and have to start at the bottom of the insurance ladder.'' One of the BII's functions is to provide careers counselling to youngsters to heighten their awareness of insurance.

The organisation also runs seminars on topical issues for its members, holds monthly lunches, runs in-house insurance training programmes for any local company who requests it and has a 600-book library.

But the BII's primary role is to run "continuing education'' programmes for students seeking to attain professional insurance qualifications.

In this regard, the BII has come a long way since it was formed in 1970 at a time when insurance was much less important to the Island's economy than it is now.

In its early days, the BII had no full-time staff but was run on a part-time basis, primarily to help people attain the British ACII (Associate of the Chartered Insurance Institute) designation.

These days, the BII also runs examination courses for the following North American qualifications: INS (Certificate in General Insurance), CPCU (Chartered Property and Casualty Underwriters), ARM (Associate in Risk Management), and AAM (Associate in Automation Management).

Its Bermuda insurance qualifications are the CBII (Certified Member of the Bermuda Insurance Institute) and the recently revamped BID (Bermuda Insurance Diploma).

Although the BID Course is tailored specifically to the complexities of the local market, it is broad enough to warrant two examination credits towards the ACII designation.

The BII has 140 members, all corporations who either provide insurance or reinsurance or are service providers to the industry.

There are four membership classifications: FULL -- whose members are organisations engaged in insurance business in Bermuda; AFFILIATE -- whose members are organisations not directly engaged in insurance; ASSOCIATE -- whose members are organisations without offices and staff in Bermuda, but engaged in insurance (such as captive management companies); and PATRON -- whose members are companies giving special support to the institute.

There are 35 patron members, who are by far the most important members, donating a minimum of $2,000 to the organisation's education fund.

In 1992, patron members contributed more than half of the BII's 1992 revenue of over $200,000.

Despite their contributions, the BII has made a combined loss of some $70,000 over the last two years as it has continued to expand its services to meet the growing needs of the international insurance industry.

The BII is scheduled to move into larger premises at the Cedarpark Building, in Hamilton, in October to cope with its extra workload.

Its new site will contain a conference/meeting room which will be available for hire.

Mr. Roger Gillett, senior vice-president with Johnson & Higgins, agrees with Mr. Linnegan that the BII is one of Bermuda's great assets.

"None of our competitors have anything to compare with it,'' he said.

"It does a fantastic job in catering to the needs of the Island's insurance industry and helping to keep Bermuda as the world's leading offshore jurisdiction.'' HELPING TO INSURE BERMUDA'S FUTURE -- BII director Mr. Ian Linnegan and his administration officer, Ms Delma Parfitt.