Stedman Graham, Oprah Winfrey's partner, was in Bermuda last week to host two events for the Family Centre: a golf tournament at the Belmont Hills Golf Course and a leadership seminar at Bermuda College.

The overall sponsor for the events was Tokio Millennium Re Ltd. (TMR), Bermuda's first major Japanese insurance company with a physical presence, which recently moved into its own premises in the WaterFront development.

TMR has prospered with a business model unique to the larger Bermuda re/insurance companies. TMR is a wholly-owned subsidiary of Tokio Marine and Nichido Fire Insurance Co. Ltd. (Tokio Marine), the oldest and largest non-life insurance company in Japan. The Tokio Marine Group has annual operating income of more than $20 billion. It underwrites large amounts of Japanese windstorm and earthquake risks, and TMR was set up to diversify the parent's book geographically, by underwriting such risks outside Japan.

"I don't think anyone was sure at the beginning whether a relatively small venture such as TMR would be able to compete with the big boys," said Tatsuhiko Hoshina, president and chief executive officer of TMR. "The group's market dominance in Japan produces the very large company mind set, but they were willing to give us a shot."

The parent is very pleased with TMR's development in its first seven years, Mr. Hoshina said. "Part of our remit was to develop skills in the alternative risk market and we are now sharing that knowledge with other members of the group. We are also helping the group's bottom line," he said. "From the group perspective, our success has encouraged the idea of further globalisation of operations."

In 2006, TMR earned net income of $123.9 million, on gross premiums of $275.6 million, more than doubling premiums earned in 2005, when Hurricanes Katrina, Rita and Wilma resulted in TMR losing $50 million net. A very strong 2006 has been followed by a confident start to 2007.

TMR deliberately expanded its business starting in 2006, as it entered the second phase of its Bermuda operations. "To widen our profile in the market and reduce our own volatility through diversification, Tokio Millennium began to underwrite all layers of natural peril catastrophe risks, as opposed to the less loss-frequent high layers which were the company's original focus, as well as entering into terrorism, workers' compensation catastrophe, and crop/hail risks," Mr. Hoshina said. "So far, it's working very well for us."

The company has grown from two people to 32 in Bermuda in its seven years. In addition, TMR has a sister company in Atlanta specialising in research and development.

Guests at the opening of Tokio Millennium Re House were able to view the company's art collection, composed mainly of abstract and non-representational artworks. Since the company also specialises in alternative risk transfer, known as ART, the impressive paintings might be said to be art for ART's sake.