Michael Butt last week returned from an exhilarating trip to Chile -- a country that boasts the most sophisticated domestic financial market in Latin America.

And he barely has time to adjust to home life in Bermuda, before flying to Tokyo for the Far Eastern renewal season.

Asked exactly what were the inspiring features of his Chilean trip, he had no hesitation directing Business Diary to his wife, Zoe.

An effusive Mrs. Butt described the thrill of witnessing one of the largest ice falls ever seen during a trip to a glacier.

"The blue ice looked like a sea creature, and created an immense tidal wave effect,'' said Mrs. Butt. "It was definitely a one-off life experience.'' The Butts, keen travellers, are planning an upcoming holiday in Hong Kong, and will stay at the colony's most illustrious address -- the Governor's residence. * * * NJ BACK in Bermuda, entrepreneurial publisher Mr. Kevin Stevenson has produced a new booklet entitled "Update on Insurance and Reinsurance''.

The booklet, which he said was already selling "like hot cakes'', features more than 64 companies, including the dozen newly listed insurers and reinsurers.

An initial run of 3,000 copies of the Update will be printed. The booklet is available at bookstores in Hamilton, and retails for $10.

The new title is a sister publication to The Bermuda Business Directory. Mr.

Brian Hall, chairman of the Insurance Advisory Committee, said in an introduction to the Update that "annual renewal of this directory is a must, to keep track of rapidly changing developments in the Bermuda business environment''. * * * CON THE Island has seen a huge exodus of its business elite during the last week.

The high profile Davos economic forum attracted such luminaries as Finance Minister the Hon. David Saul, the Bank of Bermuda's president and CEO Mr.

Donald Lines and executive vice president international, Mr. Charles Vaughan-Johnson, and leading lawyer Ms Lynda Milligan-Whyte.

For $14,300 subscription and attendance fees, they get the opportunity to rub shoulders with the world's movers and shakers, such as Helmut Kohl, Yasser Arafat, Shimon Peres, Benazir Bhutto, P.V. Narisimha Rao, Kenneth Clarke, and scores of other top politicians, business leaders and academics.

The gathering, known as the annual meeting of the World Economic Forum, is held at the Swiss ski resort of Davos -- said to offer some of the best skiing in the Alps.

The Financial Times lightheartedly describes the event, which runs from January 27 until February 1, as a chance "to indulge in skiing, public posturing, private conspiring and general networking''.

* * * BUC MOST of Bermuda's reinsurance market chiefs are bound for (or have already returned from) the Far East where the renewal season began in earnest last week.

Those on the move include Global Capital Re's international underwriter Mr.

Stephen Outerbridge, Renaissance Re's senior vice-president Mr. Neil Curry, and vice president Mr. David Eklund. Heading down to Australia and Japan is Mr. Charles Kline, president of Centre Cat.