attracting international insurers and reinsurers to Bermuda, Registrar of Companies Kymn Astwood has confirmed that at least 90 new companies came onto the register last year.

He said: "We exceeded 90 as a result of a surge at the end of the year.'' A record number of 125 were registered in 1986 and the second best year was 1994 when 95 companies were registered, followed by 1995 when 90 companies came onto the register.

The government is expected to soon release figures detailing the significant growth in the market in the year to the end of 1995.

Mr. Astwood, has confirmed that he will complete a review and release details of the Bermuda market's 1995 growth later this week.

He said: "We released in September details of the 1995 growth in Class 3 and 4. We intend to add to that results from the statutory financial returns of Class 1 and 2 companies. Shortly after we announce those results, we want to issue figures on the actual incorporation activity of 1996.'' Industry sources said that while official figures have not yet been released, all indications are that the market enjoyed healthy growth through 1995.

The last complete figures available were for 1994. They showed a market of net premiums of $14.9 billion, gross premiums written of $18.8 billion, total assets of $76.1 billion, and, capital & surplus of $29.8 billion.

Those figures were released a year ago, resulting from the statutory financial returns that insurers and reinsurers are expected to file on an annual basis within a period that could be up to six months after the audited balance sheet date.

Registered international insurers and reinsurers in Bermuda today should easily exceed 1,400.

Mr. Astwood said: "In terms of captives, competition is certainly heating up.

The Bermuda market is still very interested in captives and we are seeing good growth.'' President of the Bermuda Insurance Management Association, Alan Cossar, said: "For the past several years, Bermuda has been well ahead of any of the other domiciles in terms of captive incorporations. There are more domiciles out there than ten years ago, but I think our numbers are very healthy considering the continuing soft market.

"There are more choices in terms of captive domiciles, but Bermuda is still significantly ahead of the second largest captive market, the Cayman Islands.

"We are continuing to see a lot of interest from US health care entities in forming captives here, although Cayman is viewed as the health care specialist domicile.'' The Tillinghast captive insurance directory for 1996 lists 1,245 Bermuda captives and 424 Cayman captives at the beginning of 1996.

Mr. Cossar said: "There is some business that has come in over the last year from South Korea, and a facility from the Philippines. There is some interest being shown from that region and how big it can get is anyone's guess.'' Yukong, one of South Korea's largest manufacturers, formed a captive to deal with property exposures following a relaxation of South Korean regulations.

Said Mr. Cossar: "The Asian region can be an emerging area for business.

Latin America is certainly emerging as an area for our captive business.'' And one of the largest Filipino oil companies, Petron Corporation, also set up a captive to cover property risks.

Mr. Cossar is the executive director of Alexander Insurance Managers, the captive management arm of Alexander & Alexander Services Inc.

He said: "If you look for captives through Bermuda's system of classification of insurers, Class 1 and 2 are very much captive insurance companies. But to my mind, in Class 3 there are also insurers that are viewed as captives.'' BERMUDA STILL POPULAR -- Alan Cossar