The next edition of Forbes magazine, due out this week, highlights Bermuda's emergence as a major insurance domicile.

The November 7 edition also pinpoints Bermuda company Mutual Risk Management Ltd. as one of the 100 best small companies in the world.

The article on Bermuda's burgeoning prominence in the insurance world is entitled "It's not just the climate...'' and is sub-titled "Little Bermuda is fast capturing a big share of the world insurance industry. Yes, Bermuda.'' The two-page story highlights Bermudian Mr. Brian Duperreault's move from an American International Group's corporate office in the US to the CEO's chair at ACE Ltd. in Bermuda.

It also quotes Morgan Stanley insurance analyst, Mr. Norman Rosenthal, as saying, "No foreign market possesses as great a competitive threat to US insurers as Bermuda. Bermuda underwriters (have) a cost structure significantly lower than their US counterparts.'' Written by Mr. Robert Lenzner and Mr. Philippe Mao, the article relates the effect of significant losses suffered by the US insurance industry in recent years as a result of Hurricane Andrew, the Guam and Northridge earthquakes, Midwest floods, the bombing of the World Trade Center and California fires.

The US-based insurance industry was hit with a record $23 billion in catastrophe claims in 1992, losing a lot of its capacity at a time when there is a greater demand.

"At the same time,'' it says, "Lloyd's of London, long the world's leading catastrophe reinsurer, has lost so much capital that it is less of a player.'' The article lists the tax, regulatory and climate benefits of Bermuda and quotes Tempest Reinsurance Co. Ltd. chairman Mr. Donald Kramer, saying, "I played golf and tennis all winter when there was snow on the streets of New York.'' In another article in the edition, the risk management services company, Mutual Risk Management Ltd. is listed as one of the 100 fast-growing, profitable smallish companies outside of the US.

The company provides risk-management services to insurance brokers and consultants representing clients seeking an alternative to commercial insurance for their risk exposure. Services offered include design and implementation of an effective risk financing programme, issuance of an insurance policy and brokering to unaffiliated reinsurers.