increased significantly during 1992, according to new figures released by Government.

Of 59 new international insurance and reinsurance companies formed in Bermuda last year, 27 percent (16) originated from Europe, compared with just six percent in 1990.

In total, the number of international insurance and reinsurance companies based in Bermuda increased by one during 1991.

As of December 31, 1992, there were 1,324 companies registered with Bermuda's Registrar of Companies.

Although 59 new insurance-related companies were formed during 1992, 58 were removed from the register.

The largest source of new companies continued to be the United States but its overall share of new company formations fell from 80 percent in 1991 to 61 percent last year.

Apart from Europe, the beneficial owners of other new companies were Canada (1), the Far East (1) and "others'', which accounted for eight percent of new formations.

The "pure'' captive continued to be the most popular type of new company, with a 34 percent share (20) of the formations.

The new companies were formed to write various classes of risks, with property, casualty, workers compensation and professional liability being the most popular.

Mr. Malcolm Butterfield, Bermuda's Registrar of Companies, said: "It is readily apparent that Bermuda continues to be the leading offshore insurance domicile with a majority of new captives worldwide choosing Bermuda as their place of incorporation.'' He explained the number of company departures by stating: "Since Bermuda is a mature insurance domicile, each year certain of our companies, for various business reasons, are removed from the register.'' Mr. Butterfield released a summary of business written by Bermuda's international insurance and reinsurance firms, based on 1991 statutory financial returns.

The figures, which represent Bermuda's position as of October 31, 1992, show that gross premiums written in 1991 went up by 18.3 percent ($2.38 billion) to $15.41 billion compared with 1990.

Net premiums written increased by 16.8 percent ($1.7 billion) to $11.81 billion.

Total assets went up by 14.4 percent ($6.6 billion) to $52.58 billion and capital and surplus increased by 9.3 percent ($1.69 billion) to $19.86 billion.

Mr. Butterfield said: "These increases over 1990 indicate the commitment of our companies to stability, their confidence in Bermuda and its attractiveness as a domicile for the larger insurance entities marketing a variety of innovative insurance products.'' He added: "In 1992, Bermuda continued to attract a number of significantly capitalised insurers writing excess layers of risks.

"An interesting result was the increase in European companies choosing Bermuda as their insurance domicile, some of which already had a presence in Bermuda.

"The future impact of this development on the Bermuda insurance industry appears promising.'' Mr. Butterfield said both Government and the private sector continued to closely monitor ongoing legislative moves in the United States involving insurance regulation which could negatively impact on the Island's activities.

He said he was pleased with the success of the local insurance industry's bi-monthly newsletter "The Bermuda Insurance Update'', which was launched last year by the Insurance Advisory Committee's Marketing Sub-Committee.

He also welcomed the Bermuda Insurance Symposium, which is being held for the first time this May.