The 1992 Statutory Financial Returns filed with the Registrar of Companies, summarising business written by Bermuda's international insurance and reinsurance companies, should read in terms of billions, not millions, as reported in yesterday's paper. Gross premiums written during 1992 were $15 billion; net premiums written were $11.3 billion; total assets were $58.8 billion and capital and surplus was $21.8 billion.

Recently released statistics relating to Bermuda's international insurance and reinsurance companies during 1992 show less business was written than the previous year.

However, the ratio of net premiums written to capital and surplus, which was less than 1:1 in 1992, is indicative of security and confidence in the industry, according to the Registrar of Companies, Mr. Malcolm Butterfield.

"I am pleased with the figures, which reflect the stability and strength of international business in Bermuda, especially in the insurance and reinsurance sector,'' said Mr. Butterfield.

The 1992 Statutory Financial Returns filed with the Registrar of Companies showed a marginal decrease in both gross and net premiums written.

In 1992, gross premiums written amounted to $15,083,989, compared to $15,411,689 in 1991 -- a 2.1 percent decrease.

Net premiums written declined by 4.4 percent from 11,814,254 in 1991, to 11,295,579 in 1992.

Pinpointing reasons for the marginal decline, Mr. Butterfield said: "A few companies wrote less business''. Overall, Bermuda's insurance and reinsurance companies remain strong, he said.

Total assets and capital and surplus rose 11.9 percent and 10 percent respectively over 1991.

Total assets grew from $52,584,568 in 1991, to $58,829,024 in 1992. Capital and surplus also burgeoned with the 1991 figure of $19,863,646 dwarfed by the 1992 figure of $21,855,056.

The ratio of net premiums written to capital and surplus -- less than 1:1 -- demonstrates the continued conservatism of Bermuda's insurance and reinsurance companies, said Mr. Butterfield. The ratio measures the retention and risk level of a market, he said.

"It is an indication that companies are continuing to aim for secure, stable business plans,'' said Mr. Butterfield.

The Registrar of Companies explained that the 1992 figures do not include the tremendous growth that Bermuda has experienced in 1993.

Companies writing property catastrophe risks injected over $4 billion in additional capital and surplus into the Bermuda insurance market, he said.

"It is clear that Bermuda continues to be a highly successful international insurance and reinsurance centre committed to stability'', according to Mr.

Butterfield.