of the company.

They had all been selected in recognition of their outstanding contributions to ACE Japan's profitable business.

ACE is bringing a further 25 agents over this week. They range through representatives of major Japanese broking companies, handling corporate business, to independent agents who deal with domestic/consumer business. They will spend two days on the Island and then have a trip to New York.

While last week's party was here, Robert Gillett, senior vice president of business development at ACE Bermuda, made a presentation to each agent and they met Brian Duperreault, chairman and chief executive officer of ACE.

The party was fully entertained with lunches, dinners, golf, fishing and tours of the Island. "They were as much tourists as business visitors,'' said Mr.

Gillett. One touch they especially appreciated was ACE flying the Japanese flag over its building while they were on the Island.

ACE flies Japanese colours ACE Japan is a subsidiary in Tokyo employing about 500 people. The company covers a full range of business from personal insurance to programmes for major Japanese corporations.

"We are very excited about the opportunities in Japan, in spite of the economic downturn they have experienced,'' said Mr. Gillett. He will be visiting Japan this week and explained, "A number of people from here travel to Japan to assist them with their product development.'' In fact Mr. Gillett spends so many hours in planes travelling to and from there that people in the Tokyo office have nicknamed him `the iron man'.

ACE Japan has focused on innovation in both products and marketing. It has already provided a rent-a-captive facility to a major Japanese realty company.

Rent-a-captive structures are relatively new to Japan and ACE feels they could benefit a wide range of businesses there.

ACE Japan has also continued to develop its e-commerce capabilities, which it has used primarily to distribute personal accident coverage. Last year it began selling overseas travel insurance through the websites of Japanese travel agents, so customers can now buy insurance while buying their tickets.

Leo Takagi, an associate at ACE Japan, accompanied the party to Bermuda. He said: "Japan is the second largest economy in the world and there is a lot of potential there. It has been a tariff market where the prices are set by the government. Now there is deregulation there is a need for expertise in the industry.'' He said they are looking at captives as one method to assist large multi nationals. Mr. Gillett added, "as the Japanese become aware of the many risk financing options available around the world they are investigating captives as they strive for greater efficiency.'' "Because they were so profitable in Japan, insurance was a small line item.

Now the bubble has burst and they are considering ways and structures they traditionally would not have looked at.'' Say cheese: Brian Duperreault and Roger Gillett of ACE pose recently with visiting insurance agents from Japan.