of approval -- by one of its competitors.

Lloyd's List newspaper, which is published by a subsidiary of the Lloyd's of London Corporation, has brought out a 20-page colour supplement extolling the virtues of Bermuda.

The remarkably flattering series of articles are seen by those in the local industry as confirmation of Bermuda's growing stature as a fully-fledged insurance and reinsurance centre.

All of the important sectors of the Island's insurance industry are covered, as are many of the Island's largest companies.

One of the articles, which focuses on the plethora of new property catastrophe and excess liability companies which are being set up in Bermuda, indicates additional growth is around the corner.

Discussions to open a new facility in Bermuda are currently being held by American Re and US investment house Kohlberg Kravis Roberts, according to the article.

Lloyd's List's insurance editor Mr. Edward Ion was obviously impressed with what he saw the Island when he came over here for the Bermuda Insurance Symposium in May.

In an introductory piece on the front page of the supplement, he wrote: "There is a special atmosphere in Bermuda these days, the kind of which even seasoned insurance professionals say they have never experienced before.

"It has been created by fresh and much-needed capacity for the world's depleted and anxious markets.

"The capacity has come like oxygen to a drowning man -- and there is plenty of it.

"Quite simply, Bermuda has in the past 12 months developed into a major insurance market -- some would say the market.'' Lloyd's List has a daily circulation of between 14,500 and 15,000 and has an estimated readership of some 100,000.

Although most of its readers are in the UK, a significant number of copies are distributed overseas, including most of Bermuda's offshore rivals.

The supplement was included last week as a pull-out in newspapers sold in the UK and was sent independently to overseas subscribers.

Mr. David Ezekiel, president and managing director of International Advisory Services, agreed that the supplement showed Bermuda in a glowing light.

"There's no question that the industry in Bermuda is doing awfully well at the moment,'' he said.

"We will definitely send this supplement out to potential clients who are seeking more information on Bermuda. It is valued publicity for the Island.'' Registrar of Companies Mr. Malcolm Butterfield said: "It is praise from the opposition. You can't beat that, can you?''