1996 and managed to collectively increase their capital and surplus position by 13 percent to $8.9 billion.

Gross premiums written by the 19 companies registered as Class 4 insurers increased ten percent to $3.4 billion. Net premiums remained the same as the previous year at $3 billion. Total assets rose 12 percent to $16.5 billion in 1996.

Kymn Astwood, Registrar of Companies, said the statistics indicated an increasingly "ultra conservative'' approach to underwriting.

"We believe that the latest data attests to the remarkable level of insurance expertise that exists among the big commercial undertakings in our industry,'' he said.

Class 4 companies are excess liablity and property catastrophe firms underwriting non-related, open market riskes and are required to maintain mainimu capital and surples of $100 million. The group includes companies such as ACE Insurance Co., CAT Ltd., Global Capital Reinsurance, Mid Ocean Reinsurance Co., Partner Reinsurance Co., Renaissance Reinsurnace, and XL Insurance Co.

"It seems to us that the conservative nature of the underwriting strategies of these companies clearly demonstrates a commitment to security and claims paying ability and a laudable policy of resisting the temptation to write business at the wrong price,'' Mr. Astwood stated.

BUSINESS BUC