sell-out as far as delegates are concerned.

Half of the 508 allocations for delegates have already been taken, but project co-ordinator Mrs. Suzie McKeegan said she was expecting a late rush. "With five weeks to go, we're totally confident that it will be fully-subscribed,'' said Mrs. McKeegan.

Three-quarters of the US$895-each subscriptions taken so far have come from overseas delegates, she said.

The Symposium is the first conference to be staged by Bermuda's international insurance industry.

Its theme will be to promote Bermuda as the `ART Capital of the World', a reference to Alternative Risk Transfer insurance, in which the Island leads the world through blue-chip companies such as ACE, XL and Centre Re.

As its name implies, Alternative Risk Transfer, such as finite risk reinsurance, captive insurance and excess liability insurance, is an alternative to the types of insurance offered in the conventional marketplace It used to be said in the 1960s that if you wanted to insure Marilyn Monroe's legs the best place to go was the Lloyd's of London market. Today, a more likely bet would be Bermuda.

The worldwide ART market is currently worth about $52 billion in annual premiums, accounting for approximately 32 percent of the total US property and casualty market.

ART is largely responsible for the $450 million in foreign currency which is pumped into the local economy annually by international businesses in Bermuda.

It is a significant reason why so many people in Bermuda enjoy a high standard of living and why the Island's average income, which stands at about $30,000 tax-free, is one of the highest in the world.

The Bermuda Insurance Symposium, which is being held at Marriott's Castle Harbour Resort from May 25 to 28, is split up into eight sessions: Risk Managers - Financing the Working Layer; Insuring Catastrophic Losses; Captive Innovations: Corporate Structures and Reinsurance Positions; Fronting -- Is it a Dirty Word?; The Rent-a-Captive Solution: Why Own When You Can Rent?; Alternative Dispute Resolution in the ART Market; Financial Reinsurance -- Is it ART of Forgery?; How will the ART Market Respond to the Problems of the 21st Century? Each session will include balancing viewpoints from some of the world's leading insurance company bosses.

Among those taking part are Mr. Steven Foster, president of the powerful US-based National Association of Insurance Commissioners.

Mr. Foster will explain controversial attempts by the NAIC to introduce new legislation which is expected to negatively impact on Bermuda-based insurance companies which use `fronting' carriers in the US.

Other overseas speakers will include, among others, Mr. Isao Kusuhara, managing director of Japanese firm Dai Tokyo; Mr. Stephen Wilder, assistant treasurer-risk management of Walt Disney; Mr. William Mather, director-risk management of Gillette; Mr. Albert Beer, senior vice-president of American Reinsurance; Mr. Ronald Jacks, a partner in law firm Mayer, Brown & Platt; and Mrs. Kathryn McIntyre, publisher/editorial director of Business Insurance.

Many of the leading personalities in the local industry are also taking part, such as Mr. Brian Hall, the head of the Bermuda Insurance Advisory Committee; Mr. Walter Scott, chairman of ACE; Mr. Robert Mulderig, president of Mutual Risk Management; Mr. David Ezekiel, president and managing director of International Advisory Services; and Bermuda's Registrar of Companies, Mr.

Malcolm Butterfield.

Light relief will be provided by former Washington Redskins quarterback Mr.

Joe Theismann and American lawyer and author Mr. Peter Huber.

Mr. Robin Spencer-Arscott, chairman of the Bermuda Insurance Symposium, said: "There is no doubt that this is a high-quality event.

"We are trying to cover the whole spectrum of what Bermuda offers the world of international insurance in an entertaining, instructive and inquiring manner,'' he said. "The Symposium will not just have one speaker after another speaking for half-an-hour. Instead, each session will consist of a frank and searching exchange of views from opposite sides.'' The object of the Symposium is not just to promote Bermuda to the outside work, but also to provide a platform for meaningful debate which will benefit the industry, he said.

INSURING THE FUTURE -- Company boss Mr. Robin Spencer-Arscott and marketing expert Ms Suzie McKeegan.