Professionals involved with the healthcare and medical insurance industry ? whether they are physicians, lawyers, and insurers or otherwise ? now have a local society designed to provide education on heath care risk and risk management strategies.

In March, Bermuda became the first jurisdiction outside of the United States to establish an approved affiliate chapter of the American Society for Healthcare Risk Management.

ASHRM is a personal membership group of the American Hospital Association with more than 4,300 members representing health care, insurance, law and other related professions. The organisation promotes effective risk management strategies and professional leadership through education, recognition, advocacy, publications, networking and interactions with leading health care organisations and government agencies.

Judy Hart, president of the new Bermuda Society for Healthcare Risk Management, said that the local chapter has access to all the resources of ASHRM.

?We wanted to have our own chapter because Bermuda is a dynamic island for healthcare. We have a very good captive infrastructure and a number of healthcare captives in Bermuda many of which have been here for many years,? she said adding that the medical professional liability market in Bermuda has exploded in the past four years with a number of companies now providing reinsurance for such captives.

While Cayman has the majority of healthcare captives, Ms Hart said that BSHRM is now promoting Bermuda as a place that can provide one-stop shopping.

?We have capabilities from a captive standpoint,? she said.

?We also have capabilities from a reinsurance standpoint which Cayman doesn?t have,? she said.

Still, BSHRM is not just about captives. Its current membership drive aims to attract any locals attached to the healthcare and medical insurance industry.

?It is about healthcare risk management. While Bermuda itself is not subject to the litigious society that we have in the US, quality of care issues and risk management apply in any healthcare setting,? Ms. Hart said, adding that BSHRM is also for local insurers and local healthcare providers.

BSHRM is also for professionals who are meeting the risk financing needs of the US healthcare industry through captive management as well as financial and legal services associated with captive insurance companies, medical professional liability reinsurance and insurance and Bermuda based insurance brokers who specialise in bringing medical professional liability solutions to their client.

The society?s significance got off to a good start last week when BSHRM held its first conference in conjunction with ASHRM.

The one-day healthcare track that was tagged onto the Bermuda Captive Conference included ASHRM?s top executives as well as other faculty and drew a much larger crowd than anticipated.

?For the first sessions we had chairs lined up on the sides and the centre and back with people standing in back and in the lobby. It was unbelievable,? Ms. Hart said

?Even those of us who have been involved for many years, got a new perspective on things and learned a lot from the conference so it was really a success.?

The conference marked the first time that ASHRM had sponsored an educational program outside of the US. It has already committed to continue such support into the future and is currently in talks with BSHRM bout potentially bringing some of its educational programmes to Bermuda.