With analysis by Standard and Poor's

Contents

Front Page

Tables and charts are available for the following sectors of Bermuda's insurance industry:

Bermuda Goes Global

How the survey was done

Five Year Analysis

Property Catastrophe
Reinsurers

Excess Liability
Insurers

Bermuda's Insurers
and Reinsurers

Balance Sheet, 1997

Operating Data, 1997

Finite Reinsurers

Standard and Poor's
Bermuda Company Coverage
Rating List

Legal Information

Standard and Poor's
Bermuda Company Coverage Rating List

Company Rating
ACE Insurance Co. Ltd A+
American Diversified Insurance Ltd. A
American Excess Insurance Ltd. A
American Inernational Assurance
(Bermuda) Ltd.
AAA
Associated Electric & gas Ins. Services Ltd. A pi
Attourney's Libility Assurance Soc. (Bda) Ltd. AA
Brittany Insurance Company Ltd. BBB pi
Capital Credit Reinsurance Co. Ltd A+
Cedar Insurance and Reinsurance Co. Ltd. BB pi
Centre Solutions (Bermuda) Ltd. AA
Centreline Ltd AA
CODA Ltd. A+
European Specialy Insurance (Bermuda) Ltd. A-
Finas Co. Ltd. BBB pi
Heddington Insurance Ltd. BBB pi
Inter Ocean Reinsurance Co. Ltd. A
International Property and
Catastrophe Reinsurance Ltd.
A+
KOT Insurance Co. Ltd. BBB+
KRE Reinsurance Ltd. AA
LaSalle Re Ltd. A
Manulife (International) Ltd. AA+
Mid Ocean Reinsurance Co. Ltd. AA
Oil Casualty Insurance Ltd. A+
Overseas Partners Ltd. AA pi
Partner Reinsurance Co. Ltd. AA
RVI Gauranty Co. Ltd. A
RAM Reinsurance Co. Ltd. AAA
Renaissance Reinsurance Ltd. A
Rhine Reinsurance (Bermuda) Ltd. A-
Scandanavian Reinsurance Co. Ltd. A+
Sphere Drake Insurance (Bermuda) Ltd. A-
Tate and Lyle Reinsurance Ltd. BBB pi
Tempest Reinsurance Co. Ltd A
Terra Nova (Bermuda) Insurance Co. Ltd. A
Through Transport Mutual
Insurance Assoc. Ltd.
BBB pi
XL Insurance Co. Ltd. AA
XL Global Reinsurance Co. LTD. AA
Zurich International (Bermuda) Ltd. AA

Ratings as of March 23, 1998

Standard and Poor's Finacial Rating Definitions

Secure Ratings Vulnerable Ratings
AAA Superior BB Somewhat Vulnerable
AA Excellent B Vulnerable
A Good CCC Very Vulnerable
BBB Satisfactory



Standard and Poor's ratings are based solely on public
information are designated with a pi subscript