companies, according to the April edition of The Review-Worldwide Reinsurance.

Of the 14, three have AA ratings, two have AA- ratings, three have A ratings, one has an A rating, one has an A- rating, one has a BBB rating, one has a B rating and three are unrated.

Top of the list of Bermuda companies in 1999 is XL Mid Ocean Re, at no. 33 with AA rating.

The other two AAs are Partner Re at no. 35 and Centre Solutions at no.36.

The top 125 table was compiled from the Classic database of S&P's insurance ratings, which contains information collated from annual reports and statutory returns.

A S&P insurer financial strength rating is a current opinion of the financial security characteristics of an insurance organisation, with respect to its ability to pay under its insurance policies and contracts in accordance with their terms.

Ratings are based on information furnished by rated organisations or obtained by S&P from other sources it considers reliable.

S&P does not perform an audit in connection with any rating and may on occasion rely on unaudited financial information.

Ratings are not a recommendation to purchase or discontinue any policy or contract issued by an insurer or to buy, hold or sell any security issued by an insurer.

A rating is not a guaranty of an insurer's strength or security.

An insurer rated BBB or above is regarded as having financial security characteristics that outweigh any vulnerabilities, and is highly likely to have the ability to meet financial commitments.

Those rated BB or lower are regarded as having vulnerable chracteristics that may outweigh strengths.

The ratings: AAA -- has extremely strong financial security characteristics.

It is the highest insurer financial strength rating assigned by S&P.

AA -- has very strong financial security characteristics, differing only slightly from those rated higher.

A -- has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than those with higher ratings.

BBB -- has good financial security characteristics, but is more likely to be affected by adverse business conditions.

BB -- has marginal financial security characteristics.

Positive attributes exist but adverse business conditions could lead to insufficient ability to meet financial commitments.

B -- has weak financial security characteristics.

Adverse business conditions will likely impair its ability to meet financial commitments.

CCC -- has very weak financial security characteristics and is dependent on favourable business conditions to meet financial commitments.

CC - has extremely weak financial security characteristics and is not likely to meet some of its financial commitments.

R - has experienced a regulatory action regarding solvency.

NR - is not rated, which implies no opinion about its financial security.

Plus or minus signs following ratings show relative standing within that category.

CHART S&P's Top 100 by rating (1999) (Millions of dollars) Rating Company Shareholders New Written Funds Premiums Top 5 1 AAA Allianz $45,561 $3,309 2 AAA Nat'l Indemnity $27,563 $881 3 AAA Munich Re $6,809 $9,677 4 AAA General Re $4,642 $2,574 5 AAA Swiss Re $4,426 $4,598 Bermuda 33 AA XL Mid Ocean Re $2,009 $395 35 AA PartnerRe $1,246 $467 36 AA Centre $1,063 $374 37 AA- Everest Re* $1,147 $1,108 53 AA- ScandinavianRe $312 $200 56 AA- Commercial Risk $210 $320 59 A Tempest Re $1,151 $145 61 A IPC Re $506 $93.3 62 A LaSalle Re $382 $110 76 A RenaissanceRe $622 $205 94 A Latin Amer Re $100 $33