As one of the largest annual gatherings of risk managers winds to a close today those in the Bermuda delegation attending the conference here in Texas say although the numbers of those in attendance seem to have dropped a bit from last year, there seemed to be an increased interest in the Island's market.

They attributed the interest to the wider variety of products and support services being offered in Bermuda. Bermuda simply has more to offer and risk managers are more likely to find all their needs fulfilled in one place.

About 10,000 delegates, exhibitors, and speakers -- many of them clients or potential clients of Bermuda's international business sector -- attended the Risk and Insurance Management Society, Inc. (RIMS) conference held this week in Dallas.

While Bermuda remains the largest captive insurance domicile in the world, it also offers a wide range of insurance, reinsurance, and securitisation products along with all the accounting, actuarial, legal, financial and management expertise a client needs.

Another encouraging sign of strength in the Bermuda market is more and more inquiries are coming from potential clients about the possibility of not only having a Bermuda registered company -- a so-called name plaque on a wall -- but of also having a physical staffed office on the Island. Such companies end up pumping more money into the local economy. And for others in the 130-strong Bermuda delegation, the conference was a chance to network with those from the Island and possibly get some business. They cited their attendance at the event as a show of commitment to the industry that was appreciated by the insurance industry.

"RIMS is the flagship insurance conference for us to attend as many of the key decision makers of our clients and potential clients are here,'' said Scott Hunter, who heads Arthur Andersen on the Island. "The competitive bar goes up every year and we need to constantly strive to differentiate ourselves through having our best people and organisations here listening to the needs of these important buyers and sharing what we have to offer.'' Photo focus, Pages 23, 24 Increased interest in Island's markets at RIMS Raymond Medeiros, deputy chairman of Bermuda's RIMS organising committee and a partner at PriceWaterhouseCoopers, said potential clients don't seem to shop around as much as they used to do in the past. They are coming directly to Bermuda because they know all the products and support services are available in one offshore jurisdiction.

There is heavy competition from such places like Dublin, but Bermuda has managed to reposition itself in the market to meet the challenges.

"Bermuda is a one-stop shop,'' Mr. Medeiros said. "Everything is there in one place -- captives, directors and officers, excess liability among others.

We are at the leading edge of new products. I believe that's what the market needs and we are providing it.'' Malcolm Butterfield, associate partner at accounting firm KPMG in Bermuda noted the same trend at the conference.

"Bermuda has managed to pivot itself with its regulatory regime and innovation,'' he said. "We have become an international insurance centre with a variety of products. We offer a broad spectrum of services that the other domiciles don't offer. They haven't gotten that sophisticated hence there is less shopping around by delegates.'' Bank of N.T. Butterfield and Son Ltd. head of corporate banking Ross Corrigan said the company gets a "sizeable'' amount of business arising out of RIMS.

"Because we have a close relationship with the insurance industry we have adopted a stance of attempting to provide a wider range of solutions to their needs,'' he said. "That range runs from mutual fund offerings to investment management services and letters of credit.'' A big seller is the company's money market fund which is tied into a triple A rated letter of credit at competitive rates. Letters of credit are used by captive insurance companies. A captive is a company that primarily insures the business of the parent company.

"We don't make a fantastic amount of money on the letter of credit business but it's an introduction into the other business,'' he said. "The insurance side represents a core business. As a consequence you have to be able to play in all segments of the market and to be seen as a credible institution.

Ironically, through attendance at this conference we end up getting business from Bermuda companies. They see our presence here as a commitment to the industry.'' XL Insurance Ltd. president and chief executive officer Robert Cooney said the company has always sent delegates to RIMS to network with clients. XL Insurance is the Bermuda based subsidiary of XL Capital Ltd. Last year the holding company directly entered the US market with the formation of XL America through a purchase of an existing company. XL America was thus able to market directly at RIMS.

This year XL Capital also used RIMS to introduce InQuisLogic Inc., a new Internet electronic commerce company to market and distribute insurance and risk management products to companies worldwide.

XL Bermuda's delegates also come to find out about some of the trends in the market. The Bermuda operation sent 20 people to RIMS this year. But the company also manages to attract additional business to the Island.

"Undoubtedly we will see some submission activity,'' Mr. Cooney said. "Our presence increases the profile of the group.'' He said Bermuda's regulatory and tax environment makes the Island attractive to clients but the intellectual capabilities of its international business sector gives the additional backbone necessary to compete.

"It's going to be tough to take on the Bermuda marketplace,'' he said.

ACE Ltd.'s Bermuda delegation declined to comment about the company's presence at RIMS citing wariness about being seen to be marketing directly at the conference. Roger Gillett, senior vice president of business development at ACE Bermuda Insurance Ltd., was also at the conference in his capacity as chairman of the marketing committee of the Insurance Advisory Committee.