One of the world's top captives conference will return to Bermuda on Monday after snubbing the Island last year in favour of Florida.

The seventh annual International Captives Congress (ICAP) had traditionally been held in Bermuda since its inception but last year organisers decided to move it to Palm Beach.

The event traditionally brings in tens of thousands of dollars to the Island when the delegates arrive, but last year for the first time it was held onshore after complaints from delegates that it was always held in Bermuda.

Premier Jennifer Smith will open the three-day event and Roger Gillett, senior vice president, business development at ACE Bermuda Insurance will chair the conference.

The ICAP conference, which is being held in the Fairmont Southampton, brings in hundreds of insurance experts and their spouses for a week.

Bermuda is the largest captive centre in the world and has been seen as the ideal location for the event.

"With the insurance market in crisis and premiums continuing to rise, while economic pressures are leading to cost cutting measures across every industry it is now more important than ever to take a close look at your risk management strategy," said conference organisers.

"Captive insurance companies cannot be overlooked as an effective means to manage risk while cutting costs and potentially creating new profit opportunities."

They added that the conference was an opportunity to learn how to manage risk more successfully and cost-effectively.

"ICAP 2003 is a complete guide to starting up a captive insurance company from the nuts and bolts of making the business decision to evaluating the various types of captives and players in the industry and performing a feasibility study.

"Nowhere else will you find so many key market players and so much critical information in such a short time."

The conference also hopes to offer something to captive owners - solutions to hard market difficulties through the captive.

"There are always ways you can use your captive more effectively," the organisers added.

"ICAP is the most comprehensive captives event in the industry, custom designed to serve the demanding professional educational needs of risk management executives worldwide."

Tax is expected to be the hot topic this year, with each day touching on the issue.

One of the most popular workshops is expected to be a pre-conference event on taxes following proposals to offshore insurance and insurance held on Monday morning.

Others include a tax update on the latest Inland Revenue Service's captive ruling and tax considerations with rent-a-captives on Tuesday, while on Wednesday the impact of harmful tax competition and anti-money laundering legislation will be discussed.

Another highlight will be Michael Morrison, president and chief executive officer, Allied World Assurance Company Ltd.'s keynote speech at Tuesday's lunch.

For more information on the conference see www.ibcusa.com/icap.