new international insurance capital which has been pledged to Bermuda will top $2 billion.

Seven new insurance-related companies have incorporated in Bermuda over the past few weeks, although three (Centre CAT, Global Capital Re and Tempest Re) are not yet operational.

And Finance Minister the Hon. David Saul said yesterday more firms are currently looking at setting up in Bermuda.

"There are certainly a few more out there,'' he said. "This is certainly not the end of the new incorporations.

"Some have spoken to me and are floating the idea around of coming here.'' Dr. Saul added: "These new company formations are an absolute seal of approval of Bermuda as an offshore insurance centre. These people look very carefully as to where they're going.

"To get major, quality insurance companies like these is fantastic news for the Island.'' There will be more professional opportunities for young Bermudians, he said, and it will have a positivie effect on the Island's balance of payments figures.

Bank of Butterfield chief general manager Mr. Michael Collier was equally enthusiastic.

"We are looking to make Bermuda attractive for a number of business opportunities,'' he said.

"The new insurance company formations clearly goes to show that, if we set our systems in place and demonstrate to such companies that Bermuda is a good domicile, then new businesses will come here.

"This is the beginning of what could be many more new company formations. It was said not so long ago by one major player that Bermuda could expect to see ten major company formations by the turn of the century. Well, we've seen seven already and people are talking about an awful lot more.

Our two charts, right, illustrate the new capital which has been pledged for the Island. The full list of new companies, and their principal owners, reads as follows: Renaissance Re, whose principal owners are Warburg, Pincus Investors (50 percent), Trustees of General Electric Pension Trust (17.9 percent), GE Investment Private Placement Partners (17.9 percent), and USF&G (14.2 percent); IPC Re, a wholly-owned subsidiary of the American International Group (property catastrophe); Starr Excess, another AIG subsidiary (excess liability); Centre CAT, which is owned by Centre Reinsurance, no official details have been released (property catastrophe); Tempest Re, which is owned by General Re Corporation (20 percent) and undisclosed private investors (property catastrophe); Global Capital Re, which is believed to be partly owned by Goldman Sachs and Johnson & Higgins, although nothing has been officially announced; and Underwriters Capital (Merrett), which is owned by Marsh & McLennan (10 percent) and J.P. Morgan (ten percent) and 30 other investors (reinsurer for the Merrett syndicate of Lloyd's of London).