told a conference of international insurers this week.

Speaking at the opening of the Ninth Annual Reinsurance Conference at the Princess Hotel, Dr. Saul said he was aware thatmany people connected to Bermuda's international business were relieved that the question of Independence "had been put to rest''.

"As far as I'm concerned in my Cabinet, the matter is behind us and we can now once again concentrate on measures which are designed specifically to enhance the peace, prosperity and welfare of these islands,'' he said.

Dr. Saul, who spoke mainly on the need for Bermuda to remain on the cutting edge of international business, also said he was concerned that the tourism industry's growth was lagging behind that of international business.

He said that it was "a serious matter'' that the Island must address. He could not be reached for further comment yesterday.

Dr. Saul said the insurance industry was the single largest foreign currency earner for Bermuda.

In 1994, resident and non-resident insurance companies alone earned $230 million in foreign currency for the Island, while international business as a whole raised $540 million.

He said that between 1985 and 1994, earnings in the international business sector grew 110 percent in nominal terms.

Presented by Coopers & Lybrand in association with Hawksmere Plc at the Princess Hotel, the conference has attracted nearly 200 delegates from various jurisdictions over the last three days.

Dr. Saul made the point that Bermudians had always lived by their wits in international business by anticipating change and being one step ahead, ever since the first international company was established here in 1935.

The Premier said that new insurance regulations, enacted this year, have the Island on the cutting edge of the industry, readying the Bermuda for change.

"It is only stringent changes in regulations that keep us in the enviable position in the business world, particularly the insurance world, that we have achieved,'' he said.

"We work with overseas regulators. We work with those who are in the business. Indeed, we cooperate at every turn, because it is in our mutual best interest.

"We believe these new regulations will position us to not only bring in new business, but at the same time to protect our reputation in the world of insurance in the coming years.'' This morning, corporate lawyer, Jan Woloniecki with Milligan-Whyte & Smith will discuss arbitration at the conference. This is just one topic in a series dealing with lawyers of the next Century in matters relating to alternative dispute resolution.