Bermuda's Second Quarter Insurance Incorporations including name, date of incorporation and class:

Class 1:

Master Assurance & Indemnity Ltd., 3 April, 2003

R.K. Carvill (Insurance) Limited, 14 April, 2003

Rmang Assurance Limited, 5 May, 2003

Aberdeen Insurance (Bermuda) Ltd., 13 May, 2003

Quality Assurance Ltd., 13 May, 2003

Ruxton Insurance Company, Ltd., 16 May, 2003

RHS Medinsur, Ltd., 30 May, 2003

Blue Insurance Limited, 6 June, 2003

Panorama Insurance Ltd., 13 June, 2003

Sobral Limited, 20 June, 2003

Total number of Class 1 incorporations last quarter: 10

Class 2:

Reshore Risk Management, Ltd., 14 April, 2003Stewardship Reinsurance, Ltd., 14 April, 2003Network Advantage Insurance Ltd., 8 May, 2003

Total number of Class 2 incorporations last quarter: 3

Class 3:

Banyan Re Ltd. 25 April, 2003Grand Central Credit Insurance Ltd., 1 May, 2003Guaranteed Weather Re Ltd., 5 May, 2003Sirva Insurance & Reinsurance Company Limited, 6 May, 2003HTH Re Ltd., 16 May, 2003Winterthur Integra Ltd., 16 May, 2003Leeward Insurance Company Limited, 23 May, 2003Quanta Reinsurance U.S. Ltd., 6 June, 2003

Biomet Insurance Ltd., 17 June, 2003

Global Reinsurance Capital Ltd., 17 June, 2003

Total number of Class 3 incorporations last quarter: 10

Class 4:

Quanta Reinsurance Ltd., 6 June, 2003

Long-Term:

Jackson National Life (Bermuda) Ltd., 15 April, 2003

Source: Insurance division of the Bermuda Monetary Authority

Glossary:

CLASS 1: A single parent captive insurance company owned by one or more affiliates of a group and underwriting only the risks of the owners of the insurance company and affiliates of the owners. Class 1 insurers are required to maintain minimum capital and surplus of $120,000.

CLASS 2: Multi-owner captives which are defined as insurance companies owned by two or more unrelated persons provided that the captive underwrites only the risks of the owners and affiliates of the owners and/or risks related to or arising out of the business or operations of the owners and affiliates. A Class 2 license will also apply to single parent and multi-owner captives writing no more than 20 percent of net premiums from risks which are not related to or arising out of the business or operations of their owners and affiliates. Class 2 insurers are required to maintain minimum capital and surplus of $250,000.

CLASS 3: Applies to insurers and reinsurers not included in Class 1, 2, or 4. This includes finite reinsurers; reinsurers writing third party business; insurers writing direct policies with third party individuals; and, single-parent, group, association, agency or joint venture captives where more than 20 percent of net premiums written is from risks which are unrelated to the business of the owners. Class 3 insurers are required to maintain minimum capital and surplus of $1 million.

CLASS 4: Insurers and reinsurers underwriting direct excess liability insurance and/or property catastrophe reinsurance risks. Class 4 insurers are required to maintain minimum capital and surplus of $100 million.

Source: Bermuda Insurance Institute