One of the insurance industry's leading publications, Insurance Day, is setting up an informal bureau in Bermuda to cover local insurance stories.

The paper has sent an editor, Richard Banks, to be "embedded" in Bermuda until the end of April.

Mr. Banks says: "We have a strong international readership base and we keep them up to date on the world-wide insurance and reinsurance business. That includes a synopsis of what's going on in the insurance arena in Bermuda."

He says that there is a genuine interest in news from Bermuda - "I think there is a lot going on".

Insurance Day was spun out of one of London's oldest publications, Lloyd's List, which focuses on the shipping industry. Initially launched as a three-issue per-week paper, the "voice of the global risk industry' is now put out every weekday.

Insurance Day focuses on international news and has an office in Singapore and freelance stringers in various locations such as Germany, Moscow, Brussels, Hong Kong and New York.

They wanted a reporter posted in Bermuda in order to pick up on more of the new developments. "There is some genuine innovation going on." says Mr. Banks. He adds that the late Kevin Stevenson, former editor of Bermuda Business, used to contribute to Insurance Day on a regular basis.

Insurance Day has rented an apartment here for a full year and there is a possibility that other reporters will come out on a rotation basis. If things go well, Insurance Day may set up a company and go through the appropriate work permit applications. However for the time being, immigration has approved Mr. Bank's presence as a visitor. "So long as I'm not selling anything!" he says.

Mr. Banks has been with Insurance Day for five years, working on all sectors of the industry. He says he does not have an insurance background and "picked things up as he went along" having previously covered general news stories for local papers.

Asked how he enjoys specialising in insurance, he says: "It's particularly interesting to be here, somewhere that is leading the way."

While he is here, he says he hopes to speak to the "upper echelons" of insurance firms, as well as accountants, analysts and lawyers specialising in insurance.

He is also looking forward to covering the Risk and Insurance Management Society (RIMS) annual conference in Chicago in April and is due to interview XL Capital's chief executive, Brian O'Hara.

"It's funny" he says, "A lot of other journalists say to me, 'Insurance, that's got to be the most boring subject in the world', but here I am in Bermuda and there they are wondering about jobless rates in sunny Northampton!"

Bermuda is going to make a refreshing change says Mr. Banks: "People are buoyant and enthusiastic and that's not something I've been seeing in London recently."