Class, name and date of incorporation.

Class 1 ? Carter Insurance Company, Ltd. 25 November, 2003

Class 1 ? General Security Insurance Company, Ltd. 10 October, 2003

Class 1 ? Pasha Bermuda Ltd. 3 November, 2003

Class 1 ? Rivid Insurance Company (Bermuda) Ltd. 1 October, 2003.

Class 2 ? Assurex Global Reinsurance Ltd. 3 October, 2003

Class 2 ? AWCI Insurance Company, Ltd. 17 October, 2003

Class 2 ? Electronics Technology Insurance Company Ltd. 14 November, 2003

Class 3 ? ABIC Insurance, Ltd. 20 October, 2003

Class 3 ? Greenwich Knight Insurance Company, Ltd. 7 November, 2003

Class 3 ? Mayfair Reinsurance Company Ltd. 7 November, 2003

Class 3 ? Poseidon Re Ltd., 18 November, 2003

Class 3 ? Residual Solutions International, Ltd., 18 November, 2003

Class 3 ? Roundstone Insurance Ltd., 20 October, 2003

Class 3 ? Royal Crest Insurance Company Ltd., 25 November, 2003

Class 3 ? Wind River Insurance Company (Bermuda) Ltd., 20 October, 2003

Class 3 and long-term ? CTFS Bermuda Ltd., 25 November, 2003

Class 3 and long-term ? St. James Insurance Company Ltd., 24 November, 2003

Long-term ? AXA Financial (Bermuda) Ltd., 25 November, 2003

Long-term ? Manulife Reinsurance (Bermuda) Limited, 4 November, 2003 A single parent captive insurance company owned by one or more affiliates of a group and underwriting only the risks of the owners of the insurance company and affiliates of the owners. Class 1 insurers are required to maintain minimum capital and surplus of $120,000. Multi-owner captives which are defined as insurance companies owned by two or more unrelated persons provided that the captive underwrites only the risks of the owners and affiliates of the owners and/or risks related to or arising out of the business or operations of the owners and affiliates. A Class 2 license will also apply to single parent and multi-owner captives writing no more than 20 percent of net premiums from risks which are not related to or arising out of the business or operations of their owners and affiliates. Class 2 insurers are required to maintain minimum capital and surplus of $250,000.Applies to insurers and reinsurers not included in Class 1, 2, or 4. This includes finite reinsurers; reinsurers writing third party business; insurers writing direct policies with third party individuals; and, single-parent, group, association, agency or joint venture captives where more than 20 percent of net premiums written is from risks which are unrelated to the business of the owners. Class 3 insurers are required to maintain minimum capital and surplus of $1 million. Insurers and reinsurers underwriting direct excess liability insurance and/or property catastrophe reinsurance risks. Class 4 insurers are required to maintain minimum capital and surplus of $100 million. Life and pension writers with minimum capital and surplus requirements of $250,000

Captive companies are entities set up to insure their owners, and began to be set up in Bermuda from the 1960s and were the original backbone of the Island's insurance sector. Today captives remain an integral part of the Bermuda market with two-thirds of the island's insurance companies falling into this category.