Drawing a Latin American insurance conference to Bermuda shores has paid off with immediate business prospects.

On Friday, Jorge Luzzi, president of leading risk management association for the Latin American region ? the Asociacion Lationamericana de Administradores de Reisgos y Seguros (ALARYS) ? spoke with as the sixth biennial congress drew to a close, saying the event had been a resounding success with some deals sealed during the week.

The Congress ? under the banner name of 'Viva Bermuda' 2004, and which was jointly hosted by parent organisation International Federation of Risk and Insurance management Associations (IFRIMA) ? drew about 200 delegates from Latin America as well as Spain, Portugal, South Africa, Australia, the US, Canada and Russia, to the Fairmont Southampton for four days of thought-provoking presentations from industry leaders and a focus on developments in the Latin American market.

The event marked the first time, in the group's ten-year history, that the region's risk managers have gathered outside the Latin American region.

The Bermuda host for the event was the Bermuda Insurance Management Association (BIMA), which is one of the newest members of ALARYS.

BIMA head Peter Strong said the well-attended event had garnered much positive feedback, especially for its line up of congress sessions "which had been of interest to everyone".

During the week, a wide-range of topics were covered including a global perspective of insurance and reinsurance markets, the risk of sabotage and terrorism, political risk ? the Argentine experience, captives and alternative risk transfer (ART) mechanisms, and trends in the Latin American market. The congress also got a thumbs-up from participants ? which meant a long trip and "financial effort" ? for the networking and business opportunities with Bermuda insurers and reinsurers.

This played out especially well for those in the captive market with several solid enquiries about setting up a Bermuda-based captive, according to one close to the event.

Bermuda currently is home to 50 of the 100 captives already set up by Latin American corporations. Mr. Luzzi said: "Normally at this kind of conference there are brokers and insurers. But this time we had a big representation of clients ? the actual users of insurance."

He pointed out that included executives and risk managers jetting into Bermuda from the leading petroleum companies in Brazil, Uruguay, Mexico, Argentina and Spain, representatives from the Latin American region's only aircraft producer ? Embraer ? as well as risk managers from large construction firms, auto companies and telecoms in Brazil, Chile, Spain and Italy.

Mr. Strong said a lot of reinsurance buyers had been on the Island during the week, and had gone away with a better knowledge of what the local market had to offer.

"Some did not know how big the market was here; it has been an education process."

Mr. Luzzi added that the trip had dispelled the notion that Bermuda was little more than a mail drop. He said, to the contrary, delegates had been able to see first hand that this insurance market was "significant; not a place of post offices boxes for big companies elsewhere. Unfortunately Bermuda has a reputation as a paradise with post office boxes." Mr. Strong concluded: "This was a win-win situation. We had the support of Government, of companies. We are absolutely delighted."

Mr. Luzzi, who has visited the Island every few months in the run up to the Congress, lamented: "The only bad things is I don't have another excuse to come soon, but I will come for myself next time"