insurance industry and forge closer ties with insurers.

Companies are being invited to join "The Premium Club of Bermuda'' in order to more closely identify with the industry, in recognition of a demand amongst non-insurance companies for closer links.

Membership in the Premium Club could range from the $500-associate level to the $5,000-patron membership, with the money going into the Insurance Advisory Committee's (IAC) fund to market the industry.

The IAC provides advice directly to the Minister of Finance on insurance industry matters. Its marketing arm is organising the Club.

Already companies like Cable & Wireless, The Princess Hotels, Conyers, Dill & Pearman and Franklin Travel have signed up. Many more are expected to follow, as membership is available to any firm that takes part in the industry, as an insurer or service provider.

Lawyer and club coordinator Ms Lisa Marshall said the Premium Club represents an unprecedented effort to draw different types of companies together in a cohesive marketing alliance.

Ms Marshall is a member of IAC's marketing committee and a partner with Conyers, Dill & Pearman.

The initiative, she said, marked the insurance industry's recognition of the growing importance of non-insurance entities in the international promotion of the Bermuda insurance market.

They include the banks, law firms and other professional service providers as well as hotels, restaurants, travel firms, utilities, computer distributors and others.

"These companies have played a significant role in the success of the insurance market and we feel it is now time to recognise their contribution and provide a formal vehicle for participation that also offers an inside track on industry affairs,'' said Ms Marshall. "That vehicle will be The Premium Club of Bermuda.'' Members will have access to information about the Bermuda market and its activities.

Regular Club meetings and receptions will start early in the new year and will be attended by a cross section of the Bermuda market. The meetings are expected to result in increased contact and dialogue with the industry, but will allow for detailed briefings on major events such as the biennial Bermuda Insurance Symposium, the largest single insurance event on the local conference calendar.

Information on other local events, together with industry plans for overseas conferences, such as RIMS and Rendezvous des Septembres in Monte Carlo, will also be provided.

Firms will also be able to display the Club's logo and use it in their advertising.