One of the Island's biggest reinsurers has gathered 112 of its top employees to talk about the risks that face the sector, after two years of heavy losses from hurricanes hitting the US.

The company, Partner Re Ltd., has been bringing together senior managers every other year since 2002. But this year is a little different, said chief executive Patrick Thiele.

"It is an interesting time in the world-wide reinsurance industry," said Mr. Thiele, who presided over the three-day event that concludes today. "Given some of the circumstances over the last two years we thought we would talk a little more about risk," he explained. The company started its biennial conferences after two large acquisitions transformed it from a small Bermuda property-catastrophe reinsurer into a diversified company selling policies from the US, Europe and Bermuda. The company now employs about 950 people throughout its US and European operations ? 70 of those are based in Bermuda. Mr. Thiele said typically the conference was an interactive event; this year it is seen as an opportunity to impart information. Right now the reinsurance sector is still coming to grips with the full effect of last year's catastrophe losses, including greater capital adequacy controls being installed by the rating agencies, and a higher likelihood of catastrophes being built into models that underwriters use to assess the pricing of policies.

The industry was also hit by sizeable hurricane losses in 2004.

Last year alone, hurricane damage in the US could cost the sector some $80 billion ? and about half of that is expected to be shouldered by reinsurers, which sell policies to insurers to spread the risk of loss.

PartnerRe Ltd., a company with a $3.5 billion market capitalisation trading on the New York Stock Exchange, in the fourth quarter posted a loss of $33.6 million. In total, Partner sustained losses in the region of $900 million from 2005 storm activity, reducing its yearly results to a loss of $51.1 million.

Who did Partner Re gather to discuss the pressing issues facing the sector? Senior managers drawn from throughout the company, including a healthy representation of underwriters and actuaries, Mr. Thiele said.

Helping him to lead the event was Albert Benchimol, chief financial officer, Scott Moore, chief executive of Partner's US operations and Bruno Meyenhofer, chief executive of PartnerRe Global, which comprises business outside the US. The four executives were also helped by senior operating managers.

It was the first year the event was held in Bermuda, something that Mr. Thiele said was decided when he discovered that a large number of employees hadn't ever been to the Island, the company's headquarters. Of those taking part in the conference, 15 are based on the Island.