Enron's bankruptcy is being felt by its Bermuda captives.

Bermuda-based Enron Re was forced in to liquidation earlier this month with a writ being filed against it by the Supervisor of Insurance and the Bermuda Monetary Authority.

Inside Bermuda, a newsletter, has reported that Enron Re, at the time of its wind up, had assets of $9.58 million to meet its liabilities. But it is understood the action followed the company's failure to meet statutory minimum solvency requirements.

Enron Re's capital and surplus, at $651,388, is reported as falling short of the minimum $1 million required margin of solvency. The captive was said to have entered in to 16 different insurance or reinsurance policies including seven direct insurance policies, two inward reinsurance policies and seven outward reinsurance policies.

Business Insurance also reported Enron as being a member of AEGIS, a Bermuda mutual insurer. The company reportedly wrote $35 million in D&O coverage for Enron.

An AEGIS official declined to comment but it is understood from Enron court filings that advances given to Enron officials, by AEGIS, are to be repaid if the executives are found to have committed "dishonest, fraudulent, criminal or malicious acts".