The Bank of Bermuda, for the first time in years, does not have an exhibit booth at the RIMS Conference, a development that this week has raised more than a few eyebrows.

Yet David Hyland, the bank's vice president, corporate banking, said that the institution was re-examining its strategy with respect to the conference, trying to determine what value the bank derived from having a large booth, space which they had shared in recent years with the Bermuda Biological Station for Research.

One insurance executive was overhead stating: "They dropped the ball, pure and simple.'' But if the institution was uncertain what was being obtained by having a physical corporate presence at RIMS, it was not something that was lost on their domestic competitors.

Bank of Butterfield senior manager, international business development, Diane Brewer noted, "I started with the Bank of Butterfield a little over two years ago and there were $440 million in our money market fund. We're now at $1.5 billion. The majority of those assets are from captive insurance companies.

"Historically, those companies incorporated in Bermuda, but then took the funds out of the Island. We're encouraging them to leave the assets in Bermuda. Our funds are equal or better than the US entities. And there are tax advantages to our offshore products.'' Bermuda Commercial Bank (BCB) managing director, Peter Roberts, pointed out, "Our marketing focus at BCB is exclusively on the Bermuda market place. The insurance business is a big part of that. Conferences are for relationship building. It's a matter of showing an interest and being seen. This is a major show.

"There's a great deal of people selling risk management services within the insurance industry. We don't get business from them, but we are being identified with the major players of the Bermuda insurance business. It's about seeing and being seen.'' BCB consultant, Robert Osgood, who formerly worked at State Street Bank in Boston said, "Our presence is valuable to help Bermuda as a domicile and to identify ourselves as a bank that firms can do business with on the Island.

And the response has been good.

"We like to be recognised by those attending this conference that we are supporting firms in the industry. Besides, you pick up intelligence about what is going on in the industry -- who is talking to who -- and that is valuable.'' Mr. Hyland from the Bank of Bermuda, said, "We have been an exhibitor for a number of years and I'm not saying we won't be back. We've always been cognisant of the fact that the insurance industry is a large part of our corporate business, but it's not a segment of business we have concentrated on exclusively.

"We've come to the events like RIMS because we accept insurance is important to us. But we've never followed up to determine how important the conference was to us.'' The Bank of Bermuda has undergone a profound restructuring at the senior management level, which has probably impacted at middle management levels within the bank.

Mr. Hyland said the current corporate banking management team is a new one, without a long history of RIMS attendance. They are now seeking to evaluate the strategy pursued by the bank in the insurance industry.

It may have had an unintended effect.

Bank decides against booth at RIMS The Bank of Bermuda still came to RIMS intending to meet and greet clients and potential clients at a reception they hosted on Monday evening. But it was very poorly attended. A dinner the following night was better attended.

Standing next to a room on Monday evening with less than a handful of invited guests, Mr. Hyland offered: "The notification by RIMS of this reception was mistakenly omitted. I'm sure that led to some confusion.'' Unfortunately, there was no booth for people to stop by and learn about the reception's location. By comparison, a Butterfield reception that same evening attracted a large number of people over the evening.

Ms Brewer from Butterfield's explained, "RIMS is a good opportunity to renew our relationships with intermediaries like J&H Marsh Mac, AON and A&A, Sedgwick and others. But it also helps to meet with some of our clients. We've also met people who are heading to Bermuda to set up captives. They liked the fact that they could put a face to our name.

"They go through the captive management firms, and then consider us to be their banker, and maybe asset manager. We encourage them to also put money with us longer term for discretionary management purposes.

"We use our Standard & Poor's triple A rated Butterfield Money Market and Liquid Reserve Funds. That helps keep a lot of the money in Bermuda. They see that we have top rated, top performing products in Bermuda and they are less apt to move that money back onshore.'' WARM WELCOME -- Premier Pamela Gordon shakes hands with ACE USA President and CEO Dennis Reding at RIMS conference this week.