the global insurance industry's ten most influential people, according to the magazine, Risk and Insurance.

American-born Mr. Gluckstern received the honour in the latest edition of the monthly US magazine, which covers risk management, benefits, insurance and reinsurance on an international scale.

An introduction to the magazine's article stated: "While it may not be a definitive list to end all lists, we think you will agree that our picks are influencing major issues affecting the industry's future course.'' Mr. Gluckstern, 41, has been phenomenally successful in his business career since leaving teaching 12 years ago because it didn't pay enough. In that time he has gone from being poorly paid to being a multi-millionaire.

He formed Centre Re in 1988 after raising more than $250 million from mainly blue-chip investors in the US and the company became the world's leading financial reinsurer almost overnight.

By 1990, Centre Re had more than $1.6 billion in total assets, a premium volume of $600 million and net profit of $41 million.

He has widely been given the credit for transforming financial reinsurance into a mainstream insurance product.

Mr. Michael O'Halleran, chairman and CEO of Aon Risk Services Bermuda said: "I would give accolade to Steven Gluckstern for creating non-traditional solutions in a traditional world.

"Centre Re has been one of the leading companies in respect of being creative and one of the best executing companies in terms of final completion.''