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Annual RIMS Conference kicks off

(Risk & Insurance Management Society) Conference in San Francisco on the weekend in a unified effort aimed at marketing Bermuda's insurance industry.

It is estimated that Government will split a $125,000 bill for the effort this year with the industry. The Government share comes under the marketing committee of the Insurance Advisory Committee. There are other travelling costs for the attendees, covered by the firms, themselves.

Chairman of the RIMS subcommittee is Mr. Giles North, managing director of Triangle Brokerage Ltd.

The week ahead is one of the most concentrated efforts at attracting US insurance business, at least efforts condensed into a handful of days. Up to 15,000 could be involved in the conference.

It is a chance to get together with the retailers, to meet new clients and see existing ones, all in the same place.

It is the insurance buyers who are the members of RIMS and who will be here.

The trade show is made up of all the various groups that service the buyers, including brokers, insurers, healthcare companies. Representatives of Bermuda's law firms, accountancy firms and the banks are here.

The buyers are here to hear what those in the service industry have to say.

The 150 to 200 people from Bermuda have likely prepared themselves for questions on independence. Some expected questions last year on the subject, although few were asked. This year they are not likely to expect the same indifference.

The insurance industry's official view is that the referendum is welcomed because it will remove a question mark that has been in the air for more than a decade.

The Bermuda Booth is the central focus of the local effort, although the banks, have a significant presence as well.

The Bermuda Booth serves a dual role, because of the tourism spin off.

Booth attendants are expected to field a number of tourism-related questions.

Today, they will be besieged by those who are interested in obtaining the always popular Bermuda Bag, a successful promotional idea that has not gone unnoticed by other exhibitors.

But there will also be a 30 second promotional spot for the Bermuda Insurance Symposium (BIS) that will be aired on a close circuit television channel for those at the conference.

The film clip and its airing is expected to cost a modest $10,000. It features Mr. Robin Spencer-Arscott, chairman and CEO of Rollins Hudig Hall (Bermuda) Ltd., providing the voice over.

It flashes up photos that include Castle Harbour and the Marriott Castle Harbour Hotel, where the symposium will be held this year from May 30 to June 2.

It is the first time that the conference will feature RIMS TV, an effort spear headed by Business Insurance, a US publication, featuring televised material directly from the conference for the consumption of those in official "RIMS hotels''. There will be television crews providing broadcast material during the day.