Up to 550 insurance movers and shakers are to jet into the Island next week for the sixth World Insurance Forum - and among those will be some of the most powerful in the industry.

The biennial event - now happening for the sixth time - was said by organisers to be the sector's 'Davos' because it - like the world economic forum held each year in Switzerland - reportedly has a similar level of discussion but specific to the insurance and reinsurance industries.

Indeed, there is much for re/insurers to dwell on with industry veteran and chairman of the Bermuda Insurance Symposium (which hosts the World Insurance Forum) advisory board, Michael Butt saying that globally the industry had faced an intense period of 'creative destruction' during the last two years. But he said that Bermuda's strength as an insurance centre had been strengthened, with much of the new capital that was put behind new companies that set up after a void in capacity following the September 11, 2001 terrorist attacks in the US.

"It is appropriate, therefore, that this forum, organised by the industry for the industry, should take place in this centre of capital and innovation."

Although there have been strong earnings posted by the sector in the last two years, Mr. Butt said that attention must be paid to the issues that were facing the industry with indications already that rates are falling off, especially along certain lines such as property catastrophe, and wide concerns on whether or not all insurers will maintain strict controls on the underwriting side.

"The improved earnings currently being reported by the industry are gratifying and long overdue, but this should not distract us from the challenges that lie ahead.

"The World Insurance Forum allows speakers from the highest echelon in this profession to express their views and provide insight, stimulating a vigorous debate as to how we might best respond to these challenges."

The industry's leading lights come for WIF:

The forum, which runs from June 7 to 9, will see participation by some of the sector's leading executives starting with the opening keynote address on Tuesday coming from John Sinnott, senior advisor to leading broker Marsh & McLennan Companies Inc. Previously, Mr. Sinnott was chairman and CEO of Marsh Inc.

Mr. Sinnott's speech will be followed by the risk manager and broker forum moderated by immediate past president of the Risk and Insurance Management Society (RIMS) Lance Ewing and seeing participation from executives from some of the leading companies including Peter Garvey, president and CEO for the North American operations of Marsh Inc., and Mario Vitale, CEO of Willis North America.

WIF project co-ordinator Suzie Pewter told The Royal Gazette that feedback from participants in years past had been that although many from the sector came for the sessions, there needed to be more involvement from the customers making the involvement of risk managers integral.

Although this side of the industry had largely been missing from the WIF sessions, Mrs. Pewter and operating committee chairman Robin Spencer-Arscott set out to turn this around.

In a bid to get the interest of risk managers, the two met with RIMS executive Jack Hampton who agreed to invite the society's membership, which numbers in the tens of thousands, to get more insurance buyers to Bermuda for the event.

That resulted in this year's first-time risk manager and broker forum which will look at the needs, issues, risks, exposures and service gaps for global buyers and brokers of commercial insurance.

Indeed, Tuesday has been named 'Customer Day' with the risk manager and broker forum being followed by round table discussions to foster "closer focus and debate" on the issues raised in that session and then a reinsurance buyers forum in the afternoon.

Some of those participating from the reinsurance side are Nick Golden, a member of the Donald Macdonald Partnership LLP (as moderator), Michael Cady, managing director of Guy Carpenter, Christian Milton, vice-president at AIG, Takeshi Oiwa, GM for the corporate risk management department at Sompo Japan Insurance Inc. and Nicholas Michaelides, chief reinsurance officer at ACE Overseas General.

In turn, Wednesday is designed to give the industry a chance to speak but taking into account the feedback from buyers the previous day.

This day will include a session entitled 'What is the future of the trillion dollar plus global risk market' and will look at capitalisation of the sector in recent years, or 'decapitalisation' with more money going out than has come in.

Participants in this session include Henry Keeling, from XL Re as moderator, Bill Riker, president and COO of Renaissance Re, Michael O'Halleran, president and COO of Aon and Stephen Catlin, founder and CEO of the Catlin Group.

There will also be a session featuring those who have a powerful influence on the sector - rating agencies and financial analysts with participation from managing director of Standard & Poor's Mark Puccia and Thomas Cholnoky, managing director of Goldman Sachs. James Scanlan, a partner with PricewaterhouseCoopers, America's insurance audit practice leader, will moderate.

Centre of capital and innovation:

The products offered by Bermuda-based insurers will be showcased in a new 90-minute 'Market Capabilities' segment on Monday following the opening day golf tournament.

During that time, participating Bermuda-based companies will be able to showcase the products they offer - and not just through their Bermuda entities but worldwide - in six consecutive, ten-minute segments delivered to changing audiences.

World-wide coverage:

Mrs. Pewter said that the conference should hit international airwaves as well as be read about around the world with leading media outlets sending journalists to cover the event. She said WIF was slated to broadcast on Bloomberg's AV Go, covered by the New York Times, CFO magazine, the Economist and others, including the sector's trade publications.

Giving back to help the industry's future leaders on their way:

Mrs. Pewter said the event, which is touted as an 'industry event put on by the industry' would not happen without sponsorship from international insurance, reinsurance and financial services companies.

"I want to get across the support of this industry. They do so much for this Island. As far as WIF is concerned, we cannot thank them enough. It is very expensive undertaking," she said without putting a price on the event.

She added that "gate receipts" with delegates also paying a fee to attend, would not ever be able to cover costs.

Mr. Spencer-Arscott said however that this year WIF was expected to be profitable but that proceeds would go to support students who were preparing to join the sector with "100 percent of whatever proceeds are left over going back into the industry" including to the Bermuda Foundation for Insurance Studies, the Bermuda Insurance Institute and the St. John's School of Risk Management in New York.

The World Insurance Forum operates on a 'not for profit' basis and is hosted by the Bermuda Insurance Symposium Company, a charitable, limited by guarantee company.

Mrs. Pewter and Mr. Spencer-Arscott, who have been working together since they organised the first forum - which was originally called the Bermuda Insurance Symposium until being rebranded as the World Insurance Forum in 2002 - in the early 1990s.

Both said that there is a post-mortem within days of each session to find out from sponsors what worked well and what could have been better. In addition, the organisers said there is a concerted effort to come up with new ideas for the every-other-year forums in a bid to differentiate what WIF has to offer from the raft of insurance conferences held throughout the year.

Mrs. Pewter said WIF's policy of always "trying to get the best" in terms of the speakers and participants that were attracted to the event, had paid off with the forum growing each time.

The 2004 WIF was originally to have been held in February but was rescheduled to this month after repairs were necessary at the Fairmont Southampton following Hurricane Fabian's devastating hit on Bermuda last September.