The value of shareholdings of Bermuda's top 40 reinsurance executives in their respective companies have increased by almost 75 percent over last year, according to maverick newsletter Inside Bermuda's annual stock review.

The average holding among the executives, who work for companies like ACE, Renaissance Re, XL Capital and PartnerRe, is $17.42 million, up from $10 million last year.

The data is based on public proxy filings made from February through April this year with the United States Securities and Exchange Commission. Inside Bermuda's rankings are based on May 31 share prices.

Leading the share valuation list for the second year running was John Charman, who resigned as president and CEO of ACE International Group in March, but still has a stake in the company worth $116.6 million. His share is worth $46 million more than last year, and Mr. Charman now owns 2,971,863 shares. Renaissance president and CEO James Stanard was once again second on the list, with stock worth $93.8 million, up from $57.6 million last year. The executive is widely credited with taking Renaissance up the reinsurance ladder.

According to the list, fourteen executives have holdings worth more than $10 million, and 33 have holdings worth more than a million. The other notable name in the top ten is Brian Duperrault, chairman and CEO of ACE Limited. Mr. Duperrault's holdings in ACE appreciated to $73.8 million, putting him in third place.

The high stakes executives have in these companies are a result of lucrative stock options, and for many executives stock compensation exceeds the value of their salaries and bonuses. For instance, Mr. Stanard, the top-paid reinsurance executive in Bermuda, exercised options worth $12.6 million last year, contributing to a total package of $15.9 million, according to InsideBermuda.

A few of the executives have increased the value of their holdings by buying more shares, but rebounding share prices were the overriding cause of the upward trend. The Bermuda Insurance Index, which tracks the valuation of the Island's reinsurance companies, closed at 981.18 yesterday, almost 300 points over its value last year. But the index is still short of its 1,000 launch value.

Last month, all of the shares in ten Bermuda insurance companies tracked by Inside Bermuda posted gains. The monthly newsletter's editor, David Marchant, said he could not remember the last time that happened.

XL Capital's stock was one of those that propelled the rebound, increasing from $58.25 to $81. Even though CEO Brian O'Hara reduced his holdings by almost half to 358,650 shares, the total value of his XL stock increased by more than $2.5 million stand at $29 million, based the number of shares he owned in February.

But some companies haven't been so successful. Mutual Risk Management's chairman and CEO, Robert Mulderig, ranks 16th, reflecting his company's disappointing results, which was hit hard by lagging prices and a downturn in the workers' compensation market. Based on his April 27 filing, Mr. Mulderig's MRM stock was worth $9.2 million at the close of trading yesterday, with MRM's shares trading for only $8.48 apiece. A year before, Mr. Mulderig's MRM stock was worth $15.6 million and shares in the company cost $15.38. At the time, Mr. Mulderig ranked eighth on Inside Bermuda's list.