First Quarter 2004 insurance company incorporations in Bermuda ? by class, name of company and date of incorporation:

South Union Re Ltd. incorporated 1 January, 2004

Hughes Insurance Company, Ltd. incorporated 26 January, 2004

Ovoid Insurance Ltd. incorporated 24 March, 2004

Total class one incorporations for the first quarter, 2004: 3

SMT Insurance Company Ltd. incorporated on 21 January, 2004

Sitnal Insurance Company Ltd. incorporated 4 February, 2004

Hydra Insurance Company Ltd. incorporated 6 February, 2004

South of England Protection and Indemnity Association (Bermuda) Ltd. 11 February, 2004

CST Insurance Company Ltd. incorporated 15 March, 2004

Malibu Insurance Limited incorporated 17 March, 2004

Wheeels Insurance Ltd. 23 March, 2004

Total class two incorporations for the first quarter, 2004: 7

Mandalay Insurance Ltd. 28 January, 2004

American Safety Assurance Ltd. 13 February, 2004

Colonial Re Ltd. 3 March, 2004

Jacana Re Limited, 17 March, 2004

Total class three incorporations for the first quarter, 2004: 4

Quanta Life Reinsurance Ltd. 20 February, 2004

Total class three and long-term incorporations for the first quarter, 2004: 1

AIG Worldwide Life Insurance of Bermuda Ltd. 19 January, 2004

NF Reinsurance Ltd. 30 March, 2004

Total long-term incorporations for the first quarter, 2004: 2

Total number of new insurance ventures incorporated during the first quarter of 2004: 17

CLASS 1: 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.

CLASS 2: 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.

CLASS 3: 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.

CLASS 4: 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.

Long-Term: Life and pension writers with minimum capital and surplus requirements of $250,000

Source: Bermuda Insurance Institute