largest insurance company, according to the latest Bermudian Business/Deloitte & Touche survey said.

The 1997 survey, the magazine/accounting firm's third, lists Bermuda's insurance companies by capital and surplus, assets, premium earned and net income. AIR again finished first in all four (capital and surplus $4.3 billion, assets $22.2 billion, premium earned $6.3 billion and net income $775.6 million).

Next largest by capital and surplus was ACE Ltd. which jumped three spots to number two with $2.2 billion -- edging out EXEL Ltd.'s $2.1 billion. By assets, EXEL finished second with $5.0 billion compared to ACE's $4.6 billion.

By capital and surplus, Overseas Partners Ltd. and Oil Insurance Ltd. were fourth and fifth respectively. Rounding out the top ten were American International Underwriters Overseas, Ltd., PartnerRe Ltd., Centre Reinsurance (Bermuda) Ltd., Mid Ocean Ltd. and Renaissance Reinsurance Ltd.

Capital and surplus is considered the leading indicator of overall strength.

A record number of 47 companies participated in this year's survey. Their capital and surplus totalled $23.9 billion, assets were over $62.8 billion, premium earned was $13.4 billion, and net income of $3.7 billion.

Most companies shuffled positions in the four top ten categories.

The largest move was by Terra Nova (Bermuda) Holdings Ltd.

Terra Nova jumped to nine from 24 by assets. The specialty insurer also filled the eighth spot after an earlier 22nd place ranking by premium earned.

In other moves into a top ten, Renaissance Reinsurance Ltd. jumped from 12 to ten by capital and surplus. RenaissanceRe was nine by premium earned and eighth by net income in the latest survey.

LaSalle Re Holdings Ltd. broke into the top ten, up two spots from 12 a year earlier.