For the second year running, members of the Bermuda insurance fraternity have a price on their head.

Instead of celebrating St. Patrick's day in the normal way, their friends and family are paying them to shave their heads.

They are joining in a recent insurance tradition known as "St. Baldricks" day. It started in New York three years ago when reinsurance executives John Bender, Enda McDonell and Tim Kenny decided that they wanted to do more than contribute to the bottom line of Guinness Plc on the 17th March.

They wanted to help children diagnosed with cancer.

Because the chemotherapy treatment typically causes hair to fall out, they recruited volunteers to have their heads shaved in public in return for pledges of financial support from friends and family to support their sacrifice. The event became the St. Baldrick's Celebration, and is typically held the Friday prior to St. Patrick's Day. "St. Baldricks", has raised The National Childhood Cancer Foundation.

More than 20 people in Bermuda, including three women, will go through the indignity of becoming bald at the Robin Hood Pub and Restaurant today.

Between them they will have raised a substantial donation for both local and US children's cancer care charities.

The majority of participants are from the local insurance industry, with the notable exception of Kamla Battersbee, head bartender at the Robin Hood, who is having her head shaved for the second time.

Yesterday the head of AXIS Specialty's reinsurance division, Bill Fisher, became the first 2003 Bermuda St. Baldricks "shavee". Mr. Fisher says that his boss, the CEO at AXIS talked him into it: "When John Charman offered to double his contribution for last year, I took him up on it."

Most of the participants are having their heads shaved today from 4 p.m. at the Robin Hood, but Mr. Fisher had to have his head shaved privately at Images salon yesterday due to business commitments in New York today. "I thought this was going to be low key" he lamented as more colleagues and friends bearing cameras arrived to watch.

Mr. Fisher said he would leave some stubble in the shape of "AXIS" on the back of his head for the AXIS first anniversary party on Thursday evening, but would shave it off before meeting clients today!

Steve Fallon at IPCRe was one of the main organisers this year and a participant last year.

He explains that he and a friend had initially intended to go to New York to participate in St. Baldricks there because they didn't have enough "critical mass" to do it in Bermuda. But when Henry Keeling, head of XL Re heard about the plan he said: "If you keep it in Bermuda I'll do it."

Before long, Mr. Keeling was getting a lot of sponsorship offers. True to his word, he cleared his diary and had his head shaved in the Robin Hood last year. He alone raised $150,000 and the inaugural St. Baldricks Bermuda event raised a total of $250,000. $106,000 went to a fund specially set up within the local charity P.A.L.S for childhood cancer care: "Any child that has a cancer problem on the island, that money is available for travel, treatment, anything," said Mr. Fallon.

Asked whether having your head shaved is an embarrassing experience he says "No, it's fun." As for sunburn, "Wear a hat." he suggests.

Bermuda's St Baldricks shavees this year include:

Brad DeLamielleure, Joe Mastromarino, Gary Burnet, Chase Toogood, Tom Gormley, Alexander Reck, Lenny Moniz and Anton Solak from ACE Limited, Chris Downey, Clark Hontz, John Doucette, Keith Haynes, Marco Gervais, Phil Kruse, David Mara and Janet Sinclair from Max Re, Alea Carol Redhan from Alea, Tom Bonarrigo, Chris Powel and Rene Lamer from Endurance, Bill Fisher from AXIS and Chris Jacks from Alliance.