Ace Ltd. has become the first company in Bermuda to gain the new, updated Investors In People (IIP) standard.

At a reception at the global insurer's Woodbourne Avenue offices, chief executive officer Evan Greenberg said IIP principles were in line with what Ace was doing anyway and the certification stood to highlight that.

Guest speaker, Immigration and Housing Minister David Burch, commended Ace for its achievement and added that investment in people was an important part of ensuring that economic growth and success was shared by all.

"Ace did not wonder, as has been done by some others, what if we train them and they leave?" Minister Burch said. "Instead Ace reflected on what if we don't train them and they stay?"

IIP is an international standard that establishes a level of good practice for training and developing employees so that they may achieve their business goals. Ace says it is the only international insurance company in Bermuda to have attained it.

Eric Jenkinson, IIP adviser to Ace, explained that assessors looked for key characteristics, based on a "plan, do and review" framework.

"Planning is knowing where your business is going and communicating that to staff," Mr. Jenkinson said.

"Doing involves the encouragement and development of staff and reviewing is about looking at the value of the implementation of that."

Ace attained IIP certification in 2005 and successfully renewed it in January this year under a more vigorous standard.

Minister Burch announced that his Ministry would follow Ace's lead on IIP and that "Immigration will be the first beneficiary of our renewed participation".

David Dale, director of IIP's International Quality Centre corroborated Mr. Greenberg's remarkl that IIP principles reflected Ace principles.

Mr. Dale said his assessor had found that "behaviours associated with the IIP standard are embedded in everything Ace does".