the world has revealed that it plans to expand and open an office in Bermuda.

Asset Management Software Systems Inc, which has just been bought by Canadian company Moss Resources, made the revelation on Thursday as the company announced the take over.

Asset Management Software Systems is a well known Toronto-based business-to-business and customer relations management technology company which serves the insurance industry by using the world wide web.

And the company revealed its extensive expansion to Bermuda and Europe in its business plan which it says will revolutionise the way insurance companies process, settle and replace property content claims.

At the moment Moss offers a claims processing system comprised of a software programme and database, AccuClaim, which is being piloted in some of North America's leading insurance companies.

It is not known whether the new Bermuda office will offer AccuClaim, which is currently available to the $275 billion property claims processing market in North America.

The company believes that AccuClaim's database is the largest and most comprehensive database of current and historical residential products and collectibles in North America.

Asset Management Software Systems listed some of its major objectives for the next 12 months as: increasing market share of its flagship product, AccuClaim, in North America expanding its existing product and service lines into other related areas and acquiring companies that have complementary products.