leading commercial insurers and reinsurers in 1992, according to a survey carried out by Business Insurance magazine.

Leading the local contingent was 67-year-old former XL boss Mr. Michael Kevany, who is now the company's chairman. He was placed 19th on the list with cash compensation of $745,834.

This figure amounted to a 9.5 percent increase on 1991, compared with a 7.2 percent increase in his company's profit to $286.1 million during the same period.

But, as with many company bosses these days, one has to look beyond cash and towards generous stock options to find the true value of Mr. Kevany's rewards.

BI calculated that Mr. Kevany's company stock was worth $4.733 million at August 13, 1993.

Just behind him in 23rd spot is ACE's CEO, Mr. Walter Scott, 56, who received cash compensation of $618,503.

It is not known if this was a cut or an increase over the previous year since Mr. Scott's 1991 compensation has not been disclosed. The amount of stock he held was not available. Over the year, ACE's profit plummeted by 83.9 percent to $10.5 million.

In 28th position comes 40-year-old Mr. Robert Mulderig, head of Mutual Risk Management, who earned cash compensation worth $548,568 for 1992 -- 21.9 percent more than the previous year. At August 13, 1993, Mr. Mulderig held shares valued at $15.28 million.

Mr. Mulderig appears to have been worth every cent, with MRM's profit increasing by an impressive 48.1 percent to $15.4 million during the year.

Top of the pile was Reliance Group Holdings CEO Mr. Saul Steinberg, who took home $5.835 million in 1992 and had shares worth $318.67 million.

While he was raking in mega bucks, Mr. Steinberg's company made a loss of $35.7 million. Proof indeed that salary is not linked to performance. Even 1992's loss was a 75.5 percent improvement on 1991.

Undoubtedly the richest CEO, though, is the man who was paid the least in 1992: Mr. Warren Buffett, head of Berkshire Hathaway.

Although Mr. Buffett received comparatively paltry cash compensation of $100,000, no-one should feel the need to pass around the hat for him since his shares in the company were worth an astonishing $7.835 billion at August 13.

Of the 34 CEOs surveyed, 21 received pay rises in 1992, eight saw their compensation cut and one, Mr. Buffett, was paid the same. Three did not hold the top office in 1991 and Mr. Scott's compensation for 1991 was not available for comparison.

Business Insurance calculated that, excluding Mr. Steinberg's salary, the average insurer CEO made $825,783 in 1992. * * * British jewellery chain Ratners is still struggling to shake off its tarnished image more than two years after its then chairman Gerald Ratner described one of the company's sherry decanters as "total c...'' and compared the price of a set of Ratners gold earrings with that of a prawn sandwich.

Ratners reported fresh losses on Friday and changed its name in an attempt to rid itself of the damage to its business which followed the wisecrack Ratner made to a conference of directors.

Ratners, now called Signet Group, announced a pre-tax loss of 26.95 million ($41.7 million) for the half-year to July 31, 1993.

After Gerald Ratner's clanger made headlines in several British national newspapers, the company's stock price and sales plummeted, prompting Ratner to resign as chairman in January, 1992, and later leave the firm altogether.

Only 140 of the group's 1,800 stores around Britain and the United States now trade under the Ratners name, compared with 250 18 months ago. That number is expected to shrink to 60 over the next few months.