Despite a dip in attendance by Bermuda delegates over previous years, this year's Risk and Insurance Management Society (RIMS) annual conference has been heralded as a "great success" according to chairman Robin Spencer-Arscott.

Mr. Spencer-Arscott and PricewaterhouseCoopers Bermuda partner Raymond Madeiros spoke with The Royal Gazette as the conference wound up in New Orleans and said that despite the diminished attendance, traffic at the Bermuda booth had been good.

Mr. Spencer-Arscott said: "I found this year that people wanted to stop and chat and ask questions about what is happening here and there. I think overall it has been very successful."

Mr. Medeiros added: "I certainly think that we had some good turn out at the booth and perhaps our anticipations were higher.

"I think with the state of the market we expected more direct questions on captives, but overall there were a number of people that asked questions about captives, what type of markets we had in Bermuda, what type of coverage they could get in Bermuda. There was a lot of interest obviously in the inventory of our products and I think overall we did have a good turnout."

Mr. Medeiros said the Bermuda booth, now in its third year, was still looking good and that people were attracted to the booth and liked to pick up a Bermuda bag.

Indeed, large blue canvas Bermuda bags with the slogan "Insurance laboratory to the world" could be seen across New Orleans this week.

Mr. Medeiros added: "What's more important is that people do like picking up the material that we have about Bermuda. There is still significant interest in Bermuda.

Mr. Spencer-Arscott said: "I think we have the premier insurance domicile in the world, there is no doubt about it. And I'm generalising without emphasising just insurance, captives or reinsurance."

He said Bermuda had experienced growth in the Insurance market recently and he expected the captive market to go from strength to strength.

Mr. Medeiros spoke about Bermuda's evolving market and said: "I think that what we are doing today is helping create some of the products, and now we are managing the process of managing the products and Bermuda is really managing the risk for the insurers of the world.''

He added: "We are not just in one market, we are in a multi-faceted market that is evolving.

Mr. Spencer-Arscott said: "One thing I love about people coming up to the booth is that they are so proud to have a captive in Bermuda. They say that we do business with Marsh or Aon or Willis and they want to establish immediately that they have a connection with Bermuda. And I think that is super.

Mr. Medeiros added: "They want very much to show that they are a part of us and they want to immediately associate with us and I think that is important. Both Mr. Medeiros and Mr. Spencer-Arscott said that no one seeking information at the booth had raised concerns that Bermuda may be seen as a "dodgy" jurisdiction.

Mentioning the Enron fiasco, Mr. Medeiros said: "I think that is a separate issue. That is more of a US regulatory accounting issue rather than having any implications for the captive or the insurance industry. Yes we have heard in the press that there is some link to Bermuda but it has not been linked to anything that Bermuda is not good at.

"We have done our job properly in Bermuda in terms of vetting, in terms of administration and in terms of the accounting and disclosure. It is very much a US domestic issue.

Mr. Spencer-Arscott praised Premier Jennifer Smith's promotion of Bermuda at the conference and said: "I think she has done very well. It's not easy to just jump in as an individual, let alone the Premier.

Speaking about the Premier's walkabout in the exhibition hall on Wednesday morning, Mr. Spencer-Arscott said: "She is very comfortable and she is now meeting people for the second and third time and she loves going to the booths.

Mr. Medeiros added: "I always find it very interesting that since Monday when the exhibition hall opened, the people at the Lloyds both asked when is your Premier coming and make sure she comes here. And some of the other industry booths do enjoy having the Premier and having their picture taken. It is a good PR exercise for Bermuda. I think it makes a difference as well as we are the only domicile that does that.

Mr. Medeiros added: "We in the industry appreciate the Premier taking time out from her busy schedule to be here and I also think it sends a very clear message to the outside world as well as for those of us in Bermuda of the importance of the partnership between Government and private enterprise. It is a joint effort that gets us where we are today.

Mr. Medeiros said the Bermuda cocktail reception hosted by Premier Jennifer Smith was a great opportunity to network with the existing clients and potential clients to Bermuda.

He said "Our reception is different to some of the others in that it is very much more a networking and a very specialist party and many of our customers come back year after year as they know the Bermuda reception will be a great reception. They will meet a lot of their old friends and hopefully make some new friends as well. The RIMS conference wound up yesterday afternoon and will next year be held in Chicago.