insurance company founder Mr. Fred Reiss who died last week and was buried yesterday.

Dr. Saul, speaking at the official opening of Mid Ocean Reinsurance Company's new offices in Richmond House on Par-la-Ville Road, noted it was poignant that the opening took place on the same day Mr. Reiss' funeral.

Mr. Reiss is widely credited with bringing the captive insurance industry to Bermuda some 30 years ago.

Dr. Saul said: "If Fred Reiss had not have been here all those years ago none of us would be here today,'' said Dr. Saul.

The opening also took place on the first anniversary of Mid Ocean, which was Bermuda's first property catastrophe reinsurer.

In August, the company reported a nine-month profit of $44.469 million.