Bermuda was the toast of San Diego as its risk managers gathered on the terrace of the Omni Hotel in the city centre on Tuesday night.

Professionals from the Island's re/insurance, banking, financial services, legal, accountancy and regulatory sectors as well as existing and prospective clients flocked to the Bermuda Reception hosted by the Bermuda Insurance Development Council (IDC) to celebrate the Risk and Insurance Management Society's (RIMS) 2008 conference. The evening kicked-off with drinks and snacks on the terrace, before Allison Towlson, chairman of the RIMS subcommittee of the IDC, welcomed guests to the event and introduced the main speaker Finance Minister Paula Cox.

Ms Cox, who did the traditional RIMS exhibition hall walkabout earlier in the day, stopping off at the Bermuda Booth to have a brief meeting with RIMS president Janice Ochenkowski and discuss the issue of captives and Bermuda's reputation as a jurisdiction with the RIMS executives, highlighted the Island's importance as a top world financial centre and its rolling out the welcome mat to international business.

"Bermuda has long had a reputation as one of the world's premier international financial centres, and our regulation, business practices, and legal framework, have positioned us as a credible and sound business jurisdiction with a strong reputation," she said.

"Consequently, the Bermuda model continues to attract blue-chip clients, and interest from premier prospective clients like yourselves who choose Bermuda as their preferred domicile.

"Our reputation as a centre of excellence, known for quality not quantity, distinguishes us from the herd.

"Bermuda is considered to be a magnet for insurance and reinsurance companies wanting an innovative, nimble approach, with speed to market. The Bermuda fix is seen as second to none." She went on to remark on the special relationship Bermuda enjoys with the US and the part it plays on the global business stage.

"Former American President William Howard Taft, stated about Bermuda: 'No nation so small has ever played such a large role in world history'.

"In fact, Bermuda has played an historic and dual role in the establishment of the first regional disaster insurance facility - the Caribbean Catastrophe Risk Insurance Facility.

"This further reinforced our blue chip status as a modern developed economy, and leading insurance and reinsurance centre.

"However it is all for naught without you - our existing clients and prospective new clients.

"You are the indispensable ingredient. Our message is simple - we are here to tell the Bermuda story - a story of efficiency and effectiveness."