unique opportunity for networking between government officials and those seeking captive services. David Fox reports.

Insurance professionals are being invited to Bermuda to gain cutting edge, practical insight on the most critical elements of captive formation and captive management.

The occasion is IBC's 2nd Annual International Conference on Captives, scheduled for the Hamilton Princess Hotel, May 18-20.

The conference is designed to show how firms can use and operate their own captives and rent-a-captives to manage workers compensation, employee benefits, property & casualty, product and general liabilities.

It also promises a unique opportunity to network with government officials, industry leaders and others seeking captive services.

Conference invitations include a letter from Bermuda Insurance Management Association vice president and Liberty International Management (Bermuda) Ltd.

manager Michael Hardy.

Mr. Hardy said: "The captives industry is constantly evolving, with new opportunities emerging nearly every day. This cutting edge conference provides a unique forum to explore the latest challenges and creative solutions for risk management professionals who are striving to design or maintain a captive programme that successfully meets their companies' needs.'' Participants can expect insight into how captives can successfully compete in the commercial market; learn how to develop captives that can be used in conjunction with other alternative risk vehicles; obtain hard to get details on the best way to return captive profits on a tax-efficient basis; and, hear a unique panel discussion on the legislative similarities and differences between the major captive domiciles.

The conference is being opened by Premier Pamela Gordon and is being co-chaired by KPMG Bermuda associate, Malcolm Butterfield. It will include a "State of the Bermuda Market'' address by Registrar of Companies Kymn Astwood, who will analyse securitisation of risk and what it means for Bermuda; discuss the role that electronic commerce will play in the future of insurance; review the impact of "merger-mania''; and, give a statistical overview of the Bermuda insurance market. KPMG Bermuda partner and captive tax expert Jim Blankenship will participate on a panel discussion focusing on the next generation of captives. Issues will include: understanding the operational, strategic and international uses of captives; utilising captives to capitalise on the customer base; discovering true benefits for captives with third party business; and learning how a captive can "create magic'' on the balance sheet by converting debt to equity.

Centre Solutions (Bermuda) Ltd. vice president, underwriting, George F.

Hutchings, will be on a panel examining the various, and emerging types of alternative risk vehicles and how they can be used in conjunction with captives to strengthen the overall risk management programme.

Another interesting discussion includes an in-depth examination of how, when and why a group captive would make a securities offering.

Corporate partner at Appleby, Spurling & Kempe, F. Chesley White, will examine multi-owner captives and the operation of securities laws in the US which may require certain types of participation in the captive to undergo a regulated offering.

Vice chairman, president and CEO of Attorneys Liability Assurance Society (ALAS) (Bermuda) Ltd., Kenneth L. Hammond will explain critical factors for captive success and why ALAS succeeded in the highly competitive insurance market, where some other captives have failed.

Other speakers include Peter J. Willitts, senior vice president of Sedgwick Management Services (Bermuda) Ltd. who will address the conference on the future for feasibility studies for the "new world captive''. Conference organisers IBC is a conference, training and publishing company listed on the London Stock Exchange and with offices in 15 countries.

KEY SPEAKER -- Kymn Astwood BUSINESS BUC