Stanard has been named as the top executive earner in Bermuda by maverick publication, Inside Bermuda.

The article in May's edition states that he has topped the chart for the fourth consecutive year with a package valued at $15.9 million for 2000.

And the magazine said that due to the company's performance: "Stanard has a strong case that he is worth every cent.'' Stanard's salary is only the 14th highest on the list at $450,000 and puts him on a par with XL Capital's Executive Vice President Henry Keeling.

But the article said he more than made up for this with a performance-related bonus of $2.1 million and by exercising options for a paper profit of $12.6 million.

A close second was Partner Re's then CEO Herbert Haag who got a total compensation of $15.6 million who had his total boosted by a $14.3 million profit in stock options that he exercised as part of his retirement on November 30, 2000.

But the publication expressed surprise that only one officer at XL Capital, as the Island's largest insurer, was in the top five.

This was Brian O'Hara, who came in at number three. His basic pay is logged at $900,000 and got a bonus of $950,000. His total compensation for the year 2000 is recorded at $8.4 million.

His rival Brian Duperreault at ACE came in sixth position, with a lower basic pay of $875,000, but got a bonus of $2 million last year. His total compensation for the year is recorded at $5.6 million.

ACE Ltd.'s stock value rose 158.44 percent during the year.

But there were four Renaissance Re officers in the top ten, three ACE officers and two from Partner Re.

The magazine said that 17 of the officers of Bermuda-based, publicly listed insurers and reinsurers reviewed received more than $1 million in the year 2000.

Four of the Island's senior executives got over $1 million in bonus -- three of whom work for ACE and the other is Mr. Stanard who tops the overall list.

The highest award for "other compensation'' which includes rent and travel allowances went to Mr. Duperreault, who netted $716,175 for the year.

The review took account of salary, bonus, profit from stock options exercised, restricted stock awards granted in the year, pension contributions and allowances including rent and travel.

Nine officers got over $1 million in stock awards from their companies, with four from Renaissance Re. Partner Re's Scott Moore got $4.3 million in stock options.

The lowest compensated officers worked for Mutual Risk Management, IPC Holdings and Stirling Cooke Brown.

CHART James Stanard: Top earners Herbert Haag: Retirement boost Brian O'Hara: Third place