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                            The World’s Risk Capital
               Contents

               Welcome. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
               Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
               Market Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
               Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
               Bermuda Companies with Financial Strength Ratings . . . . . . . . . . . . . . . . . . . . . . 8 - 9

               Insurance and Reinsurance Lines of Business Listings
                   Traditional Insurance Product
                       Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
                       Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

                            Professional Lines
                                Directors and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
                                Errors and Omissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
                                Employment Practices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
                     Non-Traditional Insurance and Reinsurance Products
                        Capped or Structured Insurance and Reinsurance . . . . . . . . . . . . . . . . . . . . . . 21
                        Multi-Line or Integrated Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
                        Captive and Rent-a-Captive Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
                     Specialty Covers
                          Aviation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
                          Certificate of Financial Responsibility (COFR) . . . . . . . . . . . . . . . . . . . . . . . . . . 27
                          Political Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
                          Product Recall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
                          Health Care / Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
                          Terrorism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
                          Liquidated Damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
                          Punitive Damages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
                          Marine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
                          Weather. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
                          Surety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
                     Life Insurance and Reinsurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
                     Program Insurance and Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
                     Treaty Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
                     Facultative Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
                     Financial Insurance and Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

                     Captives
                        Captive Management Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
                        Rent-a-Captives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
                        Rent-a-Captive Facilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
               The Bermuda Insurance Management Association (BIMA) Directory . . . . . . . . . . . 52

               Bermuda Insurance and Reinsurance Brokers Association (BIRBA) Directory . . . 55

               Web Site Addresses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

               Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59



Bermuda Market Solutions
                                                                         The World’s Risk Capital

                                                                                          Welcome




                                                                     Bermuda, April 2006


A WELCOME FROM THE MARKET

On behalf of everyone in the Bermuda Insurance and Reinsurance Market, we are
delighted to present to you the 2006 version, and 6th edition, of Bermuda Market Solutions.

In 2005, we redesigned Bermuda Market Solutions specifically to better help navigate
your way around what has become one of the world’s three leading insurance and
reinsurance markets. Following the success of the new Bermuda Market Solutions,
we proceeded with our planned complete redesign of the Bermuda Market website,
www.bermuda-insurance.org. That went live on 27th March, 2006 and has now become
the database of all information from which we have drawn the contents for the 2006 and
all future editions of Bermuda Market Solutions.

We sincerely hope you find Bermuda Market Solutions a useful source of information.
We also encourage you to visit our website regularly. All our insurance and reinsurance
companies now have real time access to the website in order to continuously update their
product information. In addition you will find copies of all Bermuda Market publications
and details of all industry conferences at which the Bermuda Market will be present.

The website will therefore be, quite simply, the most up to date source of information
on any insurance and reinsurance market in the World. We welcome all feedback on it,
which can be emailed to biminfo@bii.bm.

With Best Wishes




Roger Gillett                                               Alan Waring
Chairperson                                                 Chairperson
Insurance Development Council                               Bermuda Market Solutions Committee




                                                                                Bermuda Market Solutions   1
       Introduction



                               The Market
                               Bermuda Market Solutions is designed specifically to help ‘navigate’ your way around products
                               offered by the leading Bermuda insurance and reinsurance markets.


                               Introduction
                               The Bermuda insurance and reinsurance market has developed in leaps and bounds, starting with
                               the captive industry in the 1970’s. Its growth continued with the excess liability insurance market in
                               the 1980’s and the large capital of the early 1990’s to create catastrophe reinsurance companies.
                               This century brought another wave of substantial capital in response to industry needs after
                               September 11, 2001, and still further capital arrived after the triple hurricane hit in 2005 of Rita, Wilma
                               and Katrina. This unencumbered financial capital and enormous intellectual capital attracted to
                               Bermuda continued the feeding of a financial powerhouse for risk transfer. Keeping track of all this
                               change is a continuous challenge for insurance / reinsurance buyers and their brokers / advisors.
                               This document, Bermuda Market Solutions, was established to help. You will find this review of the
                               huge range of solutions in Bermuda a useful tool in navigating The World’s Risk Capital.


                               Part of a Global Marketplace
                               Bermuda is acknowledged as a key participant in the global insurance and reinsurance markets.
                               The significant number of companies with their head office in Bermuda confirms the Island as a major
                               insurance and reinsurance resource. The number of Bermuda companies with secure financial
                               strength ratings continues to grow, further confirming the strength of the Bermuda Market. Bermuda
                               is also home to a number of subsidiaries of global insurance and reinsurance companies.

           100
                                                                                95.3
                                                                         94.7




            75
                                                                  63.3




            50
                                                           49.0




            40
                                                    38.2




            30
                                             30.4
                                      26.6
                               25.4
                        25.1
                 23.4




            20


            10

             0
                 95 96 97 98 99 00 01 02 03 04


                 Gross Premium Written for all International Insurers
                 U.S. Dollars (in Billions)




2   Bermuda Market Solutions
                                                                                              The World’s Risk Capital

                                                                                                       Market Development




Market Development
Captives
The Island’s international insurance market started in 1947 when AIG founder C.V. Starr selected
Bermuda as the location for his American International Company, Limited. In the 1960’s, Fred Reiss
promulgated the concept of a "captive" an insurer owned by a non-insurance parent, in order to
finance the parent’s insurable exposures. The former fire protection engineer from Ohio chose
Bermuda as the most suitable site for implementation of the captive concept and the Island became
a pioneering domicile for captives.

Today, although over 40 jurisdictions now seek captive business, Bermuda remains the global leader.
Until the early 1980’s, the Bermuda Market was entirely focused on captives and many new concepts
were developed to enable their use for a number of purposes. Group captives were created to enable
smaller companies, and those with similar interests, to benefit from greater control over their
insurance programs by pooling their risks. The largest of these was OIL Insurance Ltd. (OIL), which
was formed by petroleum companies in 1971 in response to difficulties they faced in the property
insurance market.

The rent-a-captive concept was also created at this time to enable                  Bermuda Insurance Companies which are
smaller insureds to benefit from managing their own risks. Rent-a-                  publicly traded include:
captive facilities are now a major part of the market and are being used            Company                                 Symbol
by a wide variety of different companies and association groups.                    ACE Limited                             ACE
Many innovative uses are being made of rent-a-captives with the most                AIG                                     AIG
recent development being their use by agents and underwriting                       American Safety Insurance Group, Ltd.   ASI
                                                                                    Arch Capital Group Ltd.                 ACGL
managers to participate in the profits on their books of business.                  Aspen Insurance Holdings Limited        AHL
                                                                                    Assured Guaranty Ltd.                   AGO
                                                                                    AXIS Capital Holdings Limited           AXS
300                                                                                 Catlin Insurance Company Ltd.           CGL
                                                                                    Endurance Specialty Holdings Ltd.       ENH
                                                                            290.1




                                                                                    Everest Re Group, Ltd.                  RE
250
                                                                                    IPC Holdings Ltd.                       IPCR
                                                                    236.0




                                                                                    Max Re Capital Ltd.                     MXRE
200                                                                                 Montpelier Re Holdings Ltd.             MRH
                                                            204.0




                                                                                    PartnerRe Ltd.                          PRE
                                                    172.7




150                                                                                 Platinum Underwriters Holdings, Ltd.    PTP
                                            146.1




                                                                                    PXRE Group Ltd.                         PXT
                                    131.6
                            116.4




100                                                                                 Quanta Insurance Group                  QNTA
                    111.8
             99.9
      95.0




                                                                                    RenaissanceRe Holdings Ltd.             RNR
                                                                                    Scottish Annuity & Life Holdings Ltd.   SCT
75
                                                                                    White Mountains Insurance Group, Ltd.   WTM
                                                                                    XL Capital Ltd                          XL
50

  0   95 96 97 98 99 00 01 02 03 04
                                                                                    For full company names and listings throughout
                                                                                    this book, please see the Financial Strengths
      Total Insurance Assets for all
                                                                                    Rating list on pages 8 and 9.
      International Insurers
      U.S. Dollars (in Billions)



                                                                                                     Bermuda Market Solutions        3
    Market Development


                                                 Excess Liability
                                                 In the mid 1980’s, large US corporations were finding it difficult to buy excess liability insurance.
                                                 In 1985, ACE Ltd. (ACE) was formed to provide this coverage. ACE was the brainchild of Robert
                                                 Clements of Marsh & McLennan and it was formed by 34 US companies contributing the initial capital
                                                 of over $200 million. ACE only offered excess liability coverage initially, although Directors and
                                                 Officers was a line offered shortly after formation, and only shareholders could obtain coverage.
                                                 In 1986, XL Capital Ltd ("XL") (formerly EXEL Limited) was formed, based on the same principles as
                                                 ACE. XL offered excess liability coverage at lower attachment points than ACE.

                                                 In the same year, Corporate Officers and Directors Assurance Ltd. (CODA) was formed to provide the
                                                 broadest cover for directors and officers of major corporations. CODA was created by Johnson &
                                                 Higgins and a number of its clients in response to the lack of available cover at the time. This was the
                                                 beginning of the next stage of Bermuda’s development as an insurance center.

                                                 Structured Risk Solutions
                                                 In 1988, Centre Re (now Centre Solutions) was formed with $250 million of capital provided by the
                                                 Zurich Insurance Group and a number of other investors. Centre Re was created by Steven
                                                 Gluckstern and the late Michael Palm to change the way reinsurance was written. They are credited
                                                 with bringing structured reinsurance into the mainstream. Centre Re’s success made Bermuda the
                                                 focus for much of the structured reinsurance, and later structured insurance, which developed.
                                                 There are now a number of companies offering these insurance and reinsurance solutions.

                                                                                 Reinsurance
100                                                                              Bermuda continued its role of providing solutions to insurance problems
                                                                                 when Mid Ocean Reinsurance Ltd. ("Mid Ocean") was formed in late 1992
                                                                   84.1




    80
                                                                          82.9




                                                                                 in response to the severe lack of capacity in the property catastrophe
                                                                                 market. Like ACE and XL before it, Mid Ocean was formed to write one line
    60
                                                                                 of business, but this time it was the capital markets which provided most of
                                                            52.4




    40                                                                           the funding. 1993 was a watershed year for Bermuda with an influx of over
                                                     41.4




                                                                                 $4 billion in capital to form a further seven property catastrophe reinsurers.
                                              32.0
                                       23.8
                                21.2




    20
                         20.4




                                                                                 Their innovative, sophisticated modeling techniques have changed the
                  19.8
           18.4




    15
                                                                                 way catastrophe reinsurance is written with other markets following their
                                                                                 lead. Also in 1993, Starr Excess Liability Company Ltd. and Chubb Atlantic
    10                                                                           Indemnity Ltd. were formed to take advantage of the rapidly growing
                                                                                 insurance marketplace on the Island.
    0
           95 96 97 98 99 00 01 02 03 04
                                                                                 Bermuda continued to foster innovation and to expand the number of
         Net Premiums Written for all International                              products and solutions being offered. In the late 1990’s, Bermuda saw the
         Insurers                                                                formation of Goldman Sachs owned Arrow Reinsurance Co. Ltd. and
         U.S. Dollars (in Billions)
                                                                                 Lehman Brothers owned Lehman Re to be transformer companies in the
                                                                                 convergence of insurance and financial markets; Latin American Re to
                                                                                 write reinsurance for the Latin American market; Annuity & Life Re Ltd.
                                                                                 to write life reinsurance; and various financial guaranty companies
                                                                                 including RAM Reinsurance Co. Ltd.


4        Bermuda Market Solutions
                                                                                            The World’s Risk Capital

                                                                                                               Market Development




New Waves of Capital
2001 was another watershed year for the Bermuda insurance market with over 108 new companies
being formed, both captives and commercial insurance companies. It was marked by a number of
major events. Later in the year, the catastrophic destruction of the World Trade Center buildings
removed capacity and eventually led to the raising of significant new capital to replace billions that
left the market. Bermuda, again, was the preferred location for much of the new capital which flowed
into the reinsurance market. Standard & Poor’s reported that over half of the new capital raised,
post September 11, 2001 came to Bermuda. Several new, Class 4 companies were formed, including
Allied World Assurance Company, Ltd, AXIS Specialty Limited, DaVinci Reinsurance Ltd., Endurance
Specialty, Rosemont Re, Montpelier Re and Olympus Reinsurance.

Existing Bermuda companies were also successful in raising significant amounts of additional capital.
Arch Reinsurance, for example, not only raised new capital, but also re-positioned itself to compete
with the new players. ACE, XL Capital, PartnerRe, IPCRe and PXRE also obtained new capital in order
to better position themselves for the new market of 2002.

Bermuda companies offer very significant capacity on all lines of insurance and reinsurance
products. A large number of global, and independent, insurance and reinsurance brokers have
on-Island offices. The financial strength of the market has grown with most companies writing
business at very conservative premium to capital ratios.

The number of Bermuda companies which are publicly traded in New
York or London has grown significantly over the past three years with
                                                                             100




                                                                                                                                                  106.7
Montpelier and Platinum Underwriters launching their IPOs successfully




                                                                                                                                           87.3
in 2002, AXIS, Endurance, Aspen and Alea all following in 2003 and           75

                                                                                                                                    75.6
Quanta in 2004.
                                                                                                                             65.8
                                                                                                                      59.2
                                                                                                               54.4




                                                                             50
                                                                                                        51.2




Still, the Bermuda Insurance Market had grown significantly on the
                                                                                                 48.4
                                                                                          42.5




capital flight which generally took place after significant events. And in   40
                                                                                   36.9




2005, another wave of unencumbered capital was to find its way to the
                                                                             30
Island in the wake of the treble damage from Hurricanes Rita, Wilma and
Katrina.                                                                     20

If some $4 billion arrived after Hurricane Andrew, and the destruction of    10
the World Trade Center led to the arrival of at least another $10 billion,
experts say that about $18 billion came to the Island after the storms in     0
                                                                                   95 96 97 98 99 00 01 02 03 04
2005. It has become clear by the waves of new capital that Bermuda
has been the domicile of choice for new investments in the reinsurance             Capital and Surplus for all International Insurers
                                                                                   U.S. Dollars (in Billions)
business.

The Island has consolidated its position in the world’s insurance / reinsurance industry as a major
market. New companies continue to form, capital and surplus keeps growing and capacity available
to the buyer continues to increase.




                                                                                                          Bermuda Market Solutions                        5
        Regulation



                       Regulation
                       Bermuda’s insurance regulation is designed to facilitate the creation of companies and insurance products
                       while ensuring that companies operate responsibly within specific margins of solvency. The Insurance Act
                       1978 requires registration of all insurers, insurance managers, insurance brokers, agents and sales people
                       doing business in Bermuda. The Act also provided for the establishment of the Insurance Advisory
                       Committee (IAC) which provides a formal way for the Government to obtain advice from the industry on all
                       insurance matters. This cooperation between Government and the private sector has worked so well, it has
                       provided a model for other jurisdictions.

                       In 1995, the Insurance Act was amended in response to the changing marketplace, and new regulations
                       were implemented. The Act created four classes of companies that range from single parent captives
                       (Class 1) to highly capitalized, publicly traded companies such as ACE and PartnerRe (Class 4).

                       The industry is regulated by the Insurance Division of the Bermuda Monetary Authority.

                       The Multi-License System
                       Bermuda has a multi-license system of regulation which categorizes general insurance companies into
                       four classes, and provides for long-term and composite companies.

                       CLASS 1:
                       A single-parent captive insurance company underwriting only the risks of the owners of the insurance
                       company and affiliates of the owners.

                       Class 1 insurers are required to maintain minimum capital and surplus of $120,000.

                       CLASS 2:
                       Multi-owner captives which are defined as insurance companies owned by unrelated entities, provided that
                       the captive underwrites only the risks of the owners and affiliates of the owners and / or risks related to or
                       arising out of the business or operations of the owners and affiliates.

                       A Class 2 license will also apply to single-parent and multi-owner captives writing no more than 20 percent
                       of net premiums from risks which are not related to, or arising out of, the business or operations of their
                       owners and affiliates.

                       Class 2 insurers are required to maintain minimum capital and surplus of $250,000.




6   Bermuda Market Solutions
                                                                                         The World’s Risk Capital

                                                                                                           Regulation




CLASS 3:
Applies to insurers and reinsurers not included in Class 1, 2 or 4. This includes structured reinsurers;
reinsurers writing third-party business; insurers writing direct policies with third-party individuals;
single-parent, group, association, agency or joint venture captives where more than 20 percent of net
premiums written is from risks which are unrelated to the business of the owners.

Class 3 insurers are required to maintain minimum capital and surplus of $1 million.

CLASS 4:
Insurers and reinsurers underwriting direct excess liability insurance and / or property catastrophe
reinsurance risks.

Class 4 insurers are required to maintain minimum capital and surplus of $100 million.

LONG-TERM:
Insurers and reinsurers whose customary business is that of a life assurance company.

Long term companies are required to maintain minimum capital and surplus of $250,000.

COMPOSITE:
Insurers and reinsurers who are carrying on both general and long-term business.

Composite companies who are Class 1 or 2 are required to have minimum capital and surplus of
$370,000. Class 3 composites are required to have $1,250,000 and Class 4 composites $100,250,000
in capital and surplus.




                                                                                                 Bermuda Market Solutions   7
                                                                                         The World’s Risk Capital

    Company Ratings



    Bermuda Companies with Financial Strength Ratings as at March 31, 2006


          COMPANY                                           BESTS RATING   S&P RATING   MOODY’S RATING   FITCH RATING
          AAA Life Re Ltd.                                        A-
          ACE Bermuda Insurance Ltd.                              A+          A+             Aa3
          ACE INA                                                 A           A
          ACE Tempest Life Reinsurance Ltd.                       A+          A+
          ACE Tempest Reinsurance Ltd.                            A+          A+             Aa3
          Allianz Risk Transfer (Bermuda) Ltd.                                AA-
          Allied World Assurance Company, Ltd                     A                                          BBBq
          American Contractors Insurance Group                    A
          AIG - American International Assurance (Bemuda) Ltd.                AA+            Aa2             AA+
          American Safety Insurance Group, Ltd.                   A
          American Safety Reinsurance Ltd.                        A
          Amerisure Companies                                                                                BBBq
          AmTrust International Insurance Ltd.                    A-
          Arch Insurance (Bermuda)                                            A-
          Arch Reinsurance Ltd.                                   A-          A-             A2              A-
          Argus Insurance Company Ltd.                            A
          Ariel Reinsurance Company Ltd.                          A-
          Aspen Insurance Limited                                 A-          A              A2
          Associated Electric & Gas Insurance                     A                                          A+
          Services (AEGIS)
          Assured Guaranty Re International Ltd.                              AA             Aa2             AA
          Assured Guaranty Re Overseas Ltd.                                   AA             Aa2             AA
          Atlantic Mutual Companies                               B-
          Attorneys' Liability Assurance Society (Bermuda) Ltd.               AA-
          AXIS Specialty Limited                                  A           A              A2
          Bermuda Life Insurance Company Ltd.                     A
          BF&M General Insurance Company Ltd.                     A
          BF&M Life Insurance Company Limited                     A
          BF&M Ltd.                                               A
          Bison Insurance Company Ltd.                            A-
          Blue Ocean Re                                                                      Aa3
          Bluepoint Re                                                        AA             Aa3
          Casting Manufacturers Insurance Ltd.                    B++
          Catlin Insurance Company Ltd.                           A
          Chubb Atlantic Indemnity Ltd.                           A++                        Aa2             AA
          CMG Asia Ltd.                                                       A+
          CNA Insurance Companies                                 A           A-
          Colonial Group                                          A-
          Colonial Insurance Company Limited                      A-
          Colonial Life Assurance Company Ltd.                    A-
          Colonial Medical Insurance Company Ltd.                 A-
          Commercial Guaranty Assurance Ltd.                                                                 AA
          Commercial Risk Reinsurance Co. Ltd.                                                               BBB+
          Corporate Officers & Directors Assurance Ltd.                       A+
          Cyrus Re                                                                           A2
          DaVinci Reinsurance Ltd.                                A           A
          Elwood Insurance Limited                                B+
          Endurance Specialty Insurance Ltd.                      A           A-             A2
          Everest Re Group                                        A+          A-
          Everest Reinsurance (Bermuda) Ltd.                      A+          AA-            Aa3             AA-
          Exporters Insurance Company Ltd.                        A-                                         A-
          Financial Security Assurance Intl. Ltd.                             AAA            Aaa             AAA
          Genesis Limited                                         A
          GeoVera Re Ltd.                                         A-




8   Bermuda Market Solutions
COMPANY                                         BESTS RATING   S&P RATING   MOODY’S RATING   FITCH RATING
Glencoe Insurance Limited                            A-
Hannover Re (Bermuda) Ltd.                           A            AA-
Harbor Point Re                                      A
Heddington Insurance Limited                         A
HSBC Life (International) Ltd.                       A+           AA-
IAT Reinsurance Company Ltd.                         A-
IPCRe Group                                          A
IPCRe Limited                                        A            A
Kingsway Bermuda Reinsurance Ltd.                    A-
Lancashire Insurance Company Limited                 A-
Lantana Insurance Ltd.                               A-
Lehman Re Limited                                    A+
Manulife (International) Ltd.                                     AA+
Max Re Ltd.                                          A-                                          A
Merrill Lynch Credit Reinsurance Ltd.                                            Aa3
Merrill Lynch Reinsurance Solutions Limited                                      Aa3
Montpelier Reinsurance Ltd.                          A-           A-             Baa1            BBB
MS Frontier Reinsurance Ltd.                                      AA-
North Rock Insurance Company Limited                 A
Oil Casualty Insurance Ltd.                                       A-
OIL Insurance Ltd.                                                A-             A2
Omnium Insurance and Reinsurance Co. Ltd.                         AA
Pacific Century Insurance Company Ltd.               A-           BBB-                           A-
PartnerRe Ltd.                                       A+           AA-            Aa3             AA
Platinum Underwriters Bermuda, Ltd.                  A
Platinum Underwriters Group                          A
ProNational Insurance Company                        A-                                          A-
PXRE Group Ltd.                                      B+                                          BB
PXRE Reinsurance Ltd.                                B+           BBB-           Baa3            BB+
Quanta Insurance Group                               B++
Quanta Reinsurance Ltd.                              B++
Quanta Reinsurance U.S. Ltd                          B++
R.V.I. Guaranty Co. Ltd.                                          A              A3              A+
RAM Reinsurance Co. Ltd.                                          AAA            Aa3
Rembrandt Insurance Co. Ltd.                         A
Renaissance Reinsurance Ltd.                         A+           A+             Aa3             A
Renaissance Re Holdings Ltd.                                                                     A-
School Boards Insurance Company                      A-
sEnergy Insurance Ltd.                                                           A2              BB+
Sentry Insurance Group                               A+
Somers Isles Insurance Company Ltd.                  A
Starr Excess Liability Insurance Company Limited     A+           AA+
Steamship Mutual Underwriting Assoc. (Bermuda) Ltd   A-           BBB
Stuart Insurance Group                               A-
Swiss Re                                             A+           AA                             AA+
Tokio Millennium Re Ltd.                             A+           AA-
Top Layer Reinsurance Ltd.                           A+           AA
Transmonde Services Insurance Co. Ltd.               A-
Transport Mutual Ins. Assoc. Ltd.                                 BBBpi
United Kingdom Mutual Steamship Assurance Assoc.                  A
United Insurance Company Ltd.                        A-
Validus Re                                           A-
Western General Insurance Ltd.                       B+
Wilton Reinsurance Bermuda Limited                   A-
XL Capital Ltd                                       A+                                          A+
XL Financial Assurance Ltd.                                       AAA            Aaa             AAA
XL Insurance (Bermuda) Ltd                           A+           A+             Aa3             AA-
XL Re Latin American Ltd                             A+           A+                             AA-
XL Re Ltd                                            A+           A+             Aa3             AA-
Zurich International (Bermuda) Ltd.                               A+




                                                                                    Bermuda Market Solutions   9
                          Insurance and Reinsurance Lines of Business Listings




                 Insurance and Reinsurance
                  Lines of Business Listings




10 Bermuda Market Solutions
                                                                             The World’s Risk Capital

                                                                                Traditional Insurance Products

                                                                                                  Property




Property
ACE Bermuda Insurance Ltd.
  LIMIT                      ATTACHMENT                    FORM   COMMENT
  $50M                       $25M                                 Follow form coverage
  $10M Critical Earthquake
  and Flood

Allied World Assurance Company, Ltd
  LIMIT                      ATTACHMENT                    FORM   COMMENT
  $20M on Energy Risks       Predominately primary
                             market for accounts where
                             client absorbs meaningful
                             retentions to avoid attritional
                             loss activity; typically offers
                             10-15% of individual layer(s)
  $10M on Property Risks     Predominately primary
                             market for accounts where
                             client absorbs meaningful
                             retentions to avoid attritional
                             loss activity

Arch Insurance (Bermuda)
  LIMIT                      ATTACHMENT                    FORM   COMMENT
  $100M                      Excess of loss                       All risk, follow form or reinsurance of front,
                             frequency                            including captives. Quota Share participation
                                                                  preferred
  $10M Critical Earthquake

Ariel Reinsurance Company Ltd
  LIMIT                      ATTACHMENT                    FORM   COMMENT
  $25M                       Various                              Low frequency / high severity

AXIS Specialty Limited
  LIMIT                      ATTACHMENT                    FORM   COMMENT
  Up to $100M                Primary and Excess                   All risk, follow form or reinsurance of front,
  per assured                of Loss                              including captives. We will also write FAC
                             No minimum attachment                Catastrophe / DIC plus worldwide coverage
                             but non-attritional
                             Primary, QS and
                             Excess of Loss

Colonial Group
  LIMIT                      ATTACHMENT                    FORM   COMMENT
                                                                  Transacts business throughout Bermuda and
                                                                  the Caribbean region, covering domestic risks
                                                                  in each territory, through its various subsidiaries
                                                                  and affiliates




                                                                                      Bermuda Market Solutions          11
                                                   Traditional Insurance Products




   Endurance Specialty Insurance Ltd.
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     $50M                         Excess of Loss                                  Insurance and reinsurance of energy,
     $15M in Critical Catastrophe frequency                                       construction and general property risks providing
                                                                                  coverage for all risks of physical damage, flood,
                                                                                  earthquake, windstorm, TRIA and machinery
                                                                                  breakdown

   Everest Reinsurance (Bermuda) Ltd.
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
                                 Primary and Lower          Property              Larger value “risk managed” accounts through
                                 level attachments                                Bermuda Brokers

   Glencoe Insurance Limited
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     $10M                                                                         Principally wind with both primary and
                                                                                  excess completed buildings and builders’ risk
                                                                                  All Risk on an excess basis

   Lancashire Insurance Company Limited
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     Various                     Various

   Max Re Ltd.
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     $25M                        Excess of frequency,                             Large multi-nationals, energy and technical
     $10M Critical Catastrophe   significant SIR or layer                         risks on a worldwide basis

   Montpelier Reinsurance Ltd.
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     $50M Terrorism                                                               Excess of Loss (Worldwide)
     $50M                                                                         Excess of Loss (Worldwide)
     $25M Critical Catastrophe

   OIL Insurance Ltd.
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     $250M                       Minimum $5M                Occurrence            $1 Billion Aggregate limit for multiple claims from
                                                                                  a single occurrence

   sEnergy Insurance Ltd.
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     $200M                       Minimum Attachment         As set forth in the   $200M Aggregation Limit for multiple shareholder
                                 Point $255M                sEnergy Insurance     claims arising from a single occurrence
                                 Business Interruption      Ltd. Shareholders’
                                 greater of $50M            Agreement
                                 or 30 Days

   Swiss Re
     LIMIT                       ATTACHMENT                 FORM                  COMMENT
     Group Capacity $250M        $1M                                              Limits, attachments and forms dependent on
                                                                                  coverage and industry




12 Bermuda Market Solutions
                                                                                         The World’s Risk Capital

                                                                                            Traditional Insurance Products

                                                                                                             Liability


XL Insurance (Bermuda) Ltd
  LIMIT                    ATTACHMENT            FORM                         COMMENT
  $250M - ($20M Critical   Quota Share and       Manuscript all Risk          Global Management Accounts target market is
  Quake) for Global Risk   Excess                                             Fortune 1000 Industrial and Service companies
  Management Accounts                                                         domiciled in North America
  $50M to $150M - ($20M                                                       Energy target market is Oil and Gas, Chemicals,
  Critical Quake) for                                                         PetroChemical, Mining and domiciled in North
  Global Energy Accounts                                                      and South America and the Caribbean



Liability
ACE Bermuda Insurance Ltd.
  LIMIT                    ATTACHMENT            FORM                         COMMENT
  $100M                    $100M - US risk       Follow form of AEGIS         For utility accounts
                           $50M - non-US risks
  $100M                    $100M - US risk       Follow form of               For select accounts
                           $50M - non-US risks   occurrences
  $150M                    $100M - US risk       Occurrence first             $100M limit for integrated occurrence
                           $50M - non-US risks   reported

Allied World Assurance Company, Ltd
  LIMIT                    ATTACHMENT            FORM                         COMMENT
  $50M                     $25M minimum          Follow form occurrence,
                                                 occurrence reported or
                                                 claims made

Arch Insurance (Bermuda)
  LIMIT                    ATTACHMENT            FORM                         COMMENT
  $50M                     $50M                  Occurrence reported,         Limits, attachment and form will depend on
                                                 occurrence or claims made    industry segment

Chubb Atlantic Indemnity Ltd.
  LIMIT                    ATTACHMENT            FORM                         COMMENT
  $50M                     $25M                  Excess follow form           Limits, attachment and form will depend on
                                                 occurrence first reported,   industry segment
                                                 occurrence or claims made

Colonial Group
  LIMIT                    ATTACHMENT            FORM                         COMMENT
                                                                              Transacts business throughout Bermuda and the
                                                                              Caribbean region, covering domestic risks in
                                                                              each territory, through its various subsidiaries
                                                                              and affiliates

Endurance Specialty Insurance Ltd.
  LIMIT                    ATTACHMENT            FORM                         COMMENT
  $50M                     $25M                  Follow form occurrence,      $10M attachment for clients with SIR’s or
                                                 claims made or occurrence    captives and for specialty areas of church and
                                                 first reported               government organizations
                                                 Other policy forms available All policy forms afford cover for punitive damages



                                                                                                 Bermuda Market Solutions          13
                                                Traditional Insurance Products




   Max Re Ltd.
     LIMIT                       ATTACHMENT              FORM                         COMMENT
     $25M                        $10M                    Occurrence reported,         On a case by case basis, underwriters will
                                                         claims made, occurrence      consider attachments below $10 million.
                                                                                      Limit considered will be less than $25 million.
                                                                                      Capacity is available on an annual or multi-year
                                                                                      basis (up to 36-month policy period),
                                                                                      on guaranteed cost and loss sensitive rated
                                                                                      basis. We currently have many policies on a
                                                                                      multi-year basis, and each is tailored to the
                                                                                      client’s particular account, whether on
                                                                                      commutation basis or loss sensitive rated
                                                                                      premium basis

   Oil Casualty Insurance Ltd.
     LIMIT                       ATTACHMENT              FORM                         COMMENT
     $150M                       $50M                    Occurrences first reported   Must be an Energy Company
                                                                                      Must buy a minimum of $50M in total limits

   Quanta Insurance Group
     LIMIT                       ATTACHMENT              FORM                         COMMENT
                                                                                      Limits and form vary depending on coverage

   Starr Excess Liability Insurance Company, Limited
     LIMIT                       ATTACHMENT              FORM                         COMMENT
     $150M                       $50M                    Follow form                  Excess General Liability, Products
                                                                                      and Auto Liability

   Steamship Mutual Underwriting Assoc. (Bermuda) Ltd
     LIMIT                       ATTACHMENT              FORM                         COMMENT
     Unlimited Cover             Principally Bluewater   Marine Projection and        Unlimited cover, except for Oil Pollution
                                 Shipping                Indemnity Club               claims, which are limited to US $1 Billion each
                                                                                      accident or occurrence

   Swiss Re
     LIMIT                       ATTACHMENT              FORM                         COMMENT
     Group capacity $250M        $10M                                                 Limits, attachments and forms dependent on
                                                                                      coverage and industry

   XL Insurance (Bermuda) Ltd
     LIMIT                       ATTACHMENT              FORM                         COMMENT
     $100M                       $25M                    XLXS-004                     Target markets are Fortune 1000 companies
                                                                                      Coverage available worldwide. Form features
                                                                                      include integrated occurrence cover broad
                                                                                      pollution wording, broad personal injury
                                                                                      definition, secondary product recall. Punitive
                                                                                      damages explicitly covered. Policy is triggered
                                                                                      by insured’s reporting of occurrences to XLIB
                                                                                      It is a continuous policy

   Zurich Global Energy
     LIMIT                       ATTACHMENT              FORM                         COMMENT
     $100M                       $25M minimum            Will use all Bermuda         Available for Oil, Gas, Mining, Power
                                                         forms and AEGIS form         Generation and PetroChemical risks




14 Bermuda Market Solutions
                                                                                        The World’s Risk Capital

                                                                                           Traditional Insurance Products

                                                                                                     Professional Lines

                                                                                                    Directors and Officers

Directors and Officers
ACE Bermuda Insurance Ltd.
  LIMIT                    ATTACHMENT                FORM                    COMMENT
  $75M Side A              No minimum                                        All industry classes
                           attachment
  $50M Side B              $100M for US risks
                           $25M for privately held
                           companies, charities
                           $35M for non-US
                           exposed risks

Allied World Assurance Company, Ltd
  LIMIT                    ATTACHMENT                FORM                    COMMENT
  $25M Side A,B,C          $10M                                              Predominately excess; all industry classes

Arch Insurance (Bermuda)
  LIMIT                    ATTACHMENT                FORM                    COMMENT
  $25M                     No minimum                                        Can be excess, or excess and DIC
                           attachment

Ariel Reinsurance Company Ltd
  LIMIT                    ATTACHMENT                FORM                    COMMENT
  $25M                     Various                                           Side A and Side A DIC

AXIS Specialty Limited
  LIMIT                    ATTACHMENT                FORM                    COMMENT
  $25M Side A              No minimum
                           attachment
  $25M Side B              No minimum                                        Excess covers, excess Side A, plus excess DIC
                           attachment                                        Policies

Chubb Atlantic Indemnity Ltd.
  LIMIT                    ATTACHMENT                FORM                    COMMENT
  $25M                     $50M Side A,B,C           Excess follow form,     Can lead Side A and Side A DIC or can do
                           Side A no minimum         Side A, Side A DIC,     excess follow form
                           attachment                Independent Directors   All industries except Pharmaceuticals

CODA
  LIMIT                    ATTACHMENT                FORM                    COMMENT
  $75M                     No minimum                Premier                 Comprehensive, predictably-priced cover
                           attachment                                        Can be primary, or excess and DIC
  $75M                     No minimum                Independent Directors   Primary or excess. All industry classes
                           attachment                Liability




                                                                                                Bermuda Market Solutions     15
                                           Traditional Insurance Products




   Endurance Specialty Insurance Ltd.
     LIMIT                    ATTACHMENT             FORM                     COMMENT
     $25M                     $25M                                            Excess, or excess and DIC for all US and
                                                                              International risks

   Max Re Ltd.
     LIMIT                    ATTACHMENT             FORM                     COMMENT
     $25M Side A              $20M                                            Average attachment of $50M
     $15M Side A,B,C          Minimum attachment                              Stand alone fiduciary available
                                                                              Side A DIC available

   Quanta Insurance Group
     LIMIT                    ATTACHMENT             FORM                     COMMENT
                                                                              All industry classes - Can write primary or
                                                                              excess limits and attachments vary depending
                                                                              on client’s needs

   Sargasso Mutual Insurance Company Ltd.
     LIMIT                    ATTACHMENT             FORM                     COMMENT
     $15M primary             Up to $20M in excess                            Coverage is available to eligible US or Canadian
     $15M Excess              coverage available                              domiciled life insurance companies
     $25M Side A only         with minimum
                              attachment of $15M
                              Minimum attachment
                              of $50M for Side A
                              only product

   Starr Excess Liability Insurance Company, Limited
     LIMIT                    ATTACHMENT             FORM                     COMMENT
     $150M                    $25M                   Directors and Officers

   Swiss Re
     LIMIT                    ATTACHMENT             FORM                     COMMENT
     Group capacity $250M     $25M                                            Limits, attachments and forms dependent on
                                                                              coverage and industry

   XL Insurance (Bermuda) Ltd D&O
     LIMIT                    ATTACHMENT             FORM                     COMMENT
     $50M Side A              $0                                              Subject to $50M overall maximum limit
     $25M Side B and C        $20M
     $50M Side A only         $0                                              Can be primary or excess DIC




16 Bermuda Market Solutions
                                                                                 The World’s Risk Capital

                                                                                    Traditional Insurance Products

                                                                                               Professional Lines

                                                                                             Errors and Omissions

Errors and Omissions
ACE Bermuda Insurance Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $100M                                      Follow form policy

Allied World Assurance Company, Ltd
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $10M                                       Follow form policy
                                                                      Focus on large accounts

Arch Insurance (Bermuda)
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $50M                                       Follow form, Law firms, Insurance Brokers and
                                                                      Management Consultants

Attorneys’ Liability Assurance Society (Bermuda) Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
                                                                      Coverage available to large law firms
                                                                      (more than 35 attorneys)

AXIS Specialty Limited
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $50M                                       Excess follow form; Lawyers, Accountants,
                                                                      Consultants and other Miscellaneous

Chubb Atlantic Indemnity Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $15M                     $100M                 Excess follow form   Lawyers Professional Liability, other
                                                                      Miscellaneous. No Architects, Engineers, Attest,
                                                                      Insurance or Reinsurance Intermediaries

Endurance Specialty Insurance Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $25M                                       Cover for all US and International risks except
                                                                      Accountants, Investment Bankers, Insurance
                                                                      Agents / Brokers and Lawyers. Specializes in
                                                                      Insurance Companies, Technology Errors and
                                                                      Omissions and Cyber risks

Max Re Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $20M                                       Accountants, Consultants, Lawyers, Insurance
                                                                      Brokers, Insurance Companies and other
                                                                      Miscellaneous Classes, except Medical and
                                                                      Healthcare




                                                                                           Bermuda Market Solutions      17
                                           Traditional Insurance Products




   Quanta Insurance Group
     LIMIT                    ATTACHMENT           FORM                   COMMENT
                                                                          All industry classes - Can write primary or
                                                                          excess limits and attachments vary depending
                                                                          on client’s needs

   Starr Excess Liability Insurance Company, Limited
     LIMIT                    ATTACHMENT           FORM                   COMMENT
     $150M                    $25M                 Errors and Omissions

   Swiss Re
     LIMIT                    ATTACHMENT           FORM                   COMMENT
     Group capacity $65M      $1M                                         Limits, attachments and forms dependent on
                                                                          coverage and industry

   XL Insurance (Bermuda) Ltd
     LIMIT                    ATTACHMENT           FORM                   COMMENT
     $50M                     $25M                                        XL form or follow form can be used




18 Bermuda Market Solutions
                                                                                 The World’s Risk Capital

                                                                                    Traditional Insurance Products

                                                                                               Professional Lines

                                                                                             Employment Practices

Employment Practices
ACE Bermuda Insurance Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $100M                                      Follow form policy

Allied World Assurance Company, Ltd
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $10M                                       Follow form excess policy

Arch Insurance (Bermuda)
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $50M                                       Follow form excess

Attorneys’ Liability Assurance Society (Bermuda) Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $10M                                                                Only available to large law firms
                                                                      (more than 35 attorneys)

AXIS Specialty Limited
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $50M                                       Follow form excess policy

Chubb Atlantic Indemnity Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $10M                  Excess follow form

Endurance Specialty Insurance Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $25M                                       Follow form excess

Max Re Ltd.
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $25M                     $500,000 SIR                               Primary or Excess follow form

Starr Excess Liability Insurance Company, Limited
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $150M                    $25M                  EPL

Swiss Re
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  Group capacity $250M     $25M                                       Limits, attachments and forms dependent on
                                                                      coverage and industry

XL Insurance (Bermuda) Ltd
  LIMIT                    ATTACHMENT            FORM                 COMMENT
  $100M                    $1M minimum                                Can be primary or excess follow form




                                                                                           Bermuda Market Solutions   19
                              Non-Traditional Insurance and Reinsurance Products




                          “Capital will inexorably flow to those companies and markets that

                                 offer and deliver the best returns. Bermuda has certainly

                          enjoyed an excellent two decades and investors are, on the whole,

                                happy with the returns offered and more or less delivered”.

                                                       Insurance Day




20 Bermuda Market Solutions
                                                                     The World’s Risk Capital

                                                                           Non-Traditional Insurance
                                                                           and Reinsurance Products
                                                                               Capped or Structured
                                                                            Insurance and Reinsurance




Capped or Structured Insurance and Reinsurance
ACE Financial Solutions International
  COVERAGE LINES                                          COMMENT
  All Lines                                               ACE Financial Solutions International provides
                                                          non-traditional insurance and reinsurance
                                                          products. We can consider most exposures
                                                          Our programs are tailored and include property
                                                          and liability retention covers, basket aggregates,
                                                          captive reinsurance and loss portfolio transfers

AIG Risk Finance
  COVERAGE LINES                                          COMMENT
  All lines considered                                    Advancing Corporate Strategy through alternative
                                                          solutions. Providing highly customized insurance
                                                          and financial services solutions for Structured
                                                          Insurance Programs

Allianz Risk Transfer (Bermuda) Ltd.
  COVERAGE LINES                                          COMMENT
  All lines                                               Risk partnership with client providing risk
                                                          transfer at Catastrophe level and / or frequency
                                                          cover

Aspen Insurance Limited
  COVERAGE LINES                                          COMMENT
  Property, Casualty, Marine, Aviation (Excess of Loss,   Will entertain structured programs across the
  Aggregate Excess of Loss, Quota Share programs)         standard Property and Casualty spectrum
                                                          We are only interested in prospective programs
                                                          We provide our brokers with a statement as to
                                                          how we intend on accounting for each of
                                                          transactions prior to binding. Capacity depends
                                                          upon the unfunded limit at risk for each contract
                                                          and certainly overall zonal / regional accumulation
                                                          for the property Catastrophe lines. Territory is
                                                          worldwide

Catlin Insurance Company Ltd.
  COVERAGE LINES                                          COMMENT
  Most Property and Casualty classes                      Prospective multi-year capacity for
                                                          medium / large corporates as well as mutual,
                                                          risk retention groups and captives

Inter-Ocean Reinsurance
  COVERAGE LINES                                          COMMENT
                                                          Writes programs with significant risk transfer,
                                                          including Property Catastrophe Retrocessional,
                                                          Retention funding and basket aggregation
                                                          programs. Also do LPT’s and programs which
                                                          blend retrospective and prospective exposures




                                                                             Bermuda Market Solutions           21
                                  Non-Traditional Insurance and Reinsurance Products




   Max Re Ltd.
     COVERAGE LINES                                                    COMMENT
     Property, Casualty, Specialty and Multi-Line                      Aggregate and Specific Excess of Loss,
                                                                       Quota Share

   Partner Reinsurance Company Ltd.
     COVERAGE LINES                                                    COMMENT
     All Lines except for Retrocession                                 Alternative risk transfer products include:
                                                                       Structured Risk Transfer, Structured Finance,
                                                                       Weather and Financial Guarantee

   Platinum Underwriters Bermuda, Ltd.
     COVERAGE LINES                                                    COMMENT
                                                                       Provide structured reinsurance solutions across
                                                                       most coverage lines

   Quanta Insurance Group
     COVERAGE LINES                                                    COMMENT
                                                                       Provide structured programs for most lines of
                                                                       insurance and reinsurance

   Swiss Re
     COVERAGE LINES                                                    COMMENT
     Property, Casualty, Multi-Line                                    Aggregate, specific Excess of Loss and Quota
                                                                       Share covers

   Tokio Millennium Re Ltd.
     COVERAGE LINES                                                    COMMENT
     Property and Casualty                                             Structured quota shares




22 Bermuda Market Solutions
                                                                                   The World’s Risk Capital

                                                                                          Non-Traditional Insurance
                                                                                          and Reinsurance Products
                                                                                              Multi-Line or Integrated
                                                                                                     Programs




Multi-Line or Integrated Programs
ACE Bermuda Insurance Ltd.
  COVERAGE LINES               ATTACHMENT                               COMMENT
  Various, sizeable            Seeks to attach at catastrophic levels   Any of ACE’s product lines including GL,
  limits depending on          Dependent on lines of coverage           Products, Pollution, Property, Directors and
  combination of coverage                                               Officers and Professional Lines and Marine
                                                                        Can also include Political Risk and some
                                                                        financial exposures

ACE Financial Solutions International
  COVERAGE LINES               ATTACHMENT                               COMMENT
  All Lines                                                             ACE Financial Solutions International provides
                                                                        non-traditional insurance and reinsurance
                                                                        products. We can consider most exposures
                                                                        Our programs are tailored and include property
                                                                        and liability retention covers, basket aggregates,
                                                                        captive reinsurance and loss portfolio transfers

Allianz Risk Transfer (Bermuda) Ltd.
  COVERAGE LINES               ATTACHMENT                               COMMENT
  All Lines                                                             Risk partnership with client providing
                                                                        risk transfer at Catastrophe level and / or
                                                                        frequency cover

Arch Insurance (Bermuda)
  COVERAGE LINES               ATTACHMENT                               COMMENT
  $25M                         $50M                                     Professional Lines only

Aspen Insurance Limited
  COVERAGE LINES               ATTACHMENT                               COMMENT
  Property, Casualty, Marine                                            Will entertain structured programs across the
  Aviation (Excess of Loss,                                             standard Property and Casualty spectrum.
  Aggregate Excess of Loss,                                             We are only interested in prospective programs.
  Quota Share programs)                                                 We provide our brokers with a statement as to
                                                                        how we intend on accounting for each of
                                                                        transactions prior to binding. Capacity depends
                                                                        upon the unfunded limit at risk for each contract
                                                                        and certainly overall zonal / regional accumulation
                                                                        for the property Catastrophe lines. Territory is
                                                                        worldwide

AXIS Specialty Limited
  COVERAGE LINES               ATTACHMENT                               COMMENT
  Property Catastrophe,
  Property Risk Aviation,
  Aerospace and Marine




                                                                                            Bermuda Market Solutions          23
                                 Non-Traditional Insurance and Reinsurance Products




   Catlin Insurance Company Ltd.
     COVERAGE LINES              ATTACHMENT                           COMMENT
     Most Property and                                                Prospective multi-year capacity for
     Casualty classes                                                 medium / large corporates

   Endurance Specialty Insurance Ltd.
     COVERAGE LINES              ATTACHMENT                           COMMENT
     $25M aggregate                                                   Cover for all US and and International risks
     (additional limit of $25M                                        One excess follow form policy with the option of
     may be available for                                             combining two or more coverages: Directors and
     Casualty)                                                        Officers, Employment Practices, Fiduciary
                                                                      Liability, Crime, Errors and Ommissions,
                                                                      General / Products Liability

   Max Re Ltd.
     COVERAGE LINES              ATTACHMENT                           COMMENT
     Various                                                          Property and Casualty, on a single-year or
                                                                      multi-year basis

   Quanta Insurance Group
     COVERAGE LINES              ATTACHMENT                           COMMENT
                                                                      Property, Casualty, Professional lines

   Starr Excess Liability Insurance Company, Limited
     COVERAGE LINES              ATTACHMENT                           COMMENT
     $150M                       $25M                                 OMNI Silver - enables insureds to combine up to
                                                                      five financial lines coverages in a single policy
     $150M                       $25M                                 OMNI Gold - enables insureds to combine up to
                                                                      five financial lines and excess liability cover in a
                                                                      single policy, each for excess general liability and
                                                                      combined financial lines

   Swiss Re
     COVERAGE LINES              ATTACHMENT                           COMMENT
                                                                      Multi-line and multi-year integrated programs




24 Bermuda Market Solutions
                                                                     The World’s Risk Capital

                                                                           Non-Traditional Insurance
                                                                           and Reinsurance Products
                                                                            Captive and Rent-a-Captive
                                                                                   Reinsurance




Captive and Rent-a-Captive Reinsurance
ACE Financial Solutions International
  COVERAGE LINES                                          COMMENT
  All Lines                                               ACE Financial Solutions International provides
                                                          non-traditional insurance and reinsurance
                                                          products. We can consider most exposures
                                                          Our programs are tailored and include property
                                                          and liability retention covers, basket aggregates,
                                                          captive reinsurance and loss portfolio transfers

Allianz Risk Transfer (Bermuda) Ltd.
  COVERAGE LINES                                          COMMENT
                                                          Contingent capital and financing

Aspen Insurance Limited
  COVERAGE LINES                                          COMMENT
  Property, Casualty, Marine, Aviation (Excess of Loss,   Will entertain structured programs across the
  Aggregate Excess of Loss, Quota Share programs)         standard Property and Casualty spectrum
                                                          We are only interested in prospective programs
                                                          We provide our brokers with a statement as to
                                                          how we intend on accounting for each of
                                                          transactions prior to binding. Capacity depends
                                                          upon the unfunded limit at risk for each contract
                                                          and certainly overall zonal / regional accumulation
                                                          for the property Catastrophe lines. Territory is
                                                          worldwide

Catlin Insurance Company Ltd.
  COVERAGE LINES                                          COMMENT
  Most Property and Casualty classes                      Excess of loss treaty capacity for various
                                                          alternative risk financing mechanisms

Max Re Ltd.
  COVERAGE LINES                                          COMMENT
  Property and Casualty                                   On a single-year or multi-year basis

Quanta Insurance Group
  COVERAGE LINES                                          COMMENT
                                                          Traditional and structured programs tailored to
                                                          meet client’s needs

Swiss Re
  COVERAGE LINES                                          COMMENT
  Property, Casualty, Multi-Line                          Aggregate, specific Excess of Loss and quota
                                                          share covers




                                                                             Bermuda Market Solutions           25
                                                   Specialty Covers




                               “A strategic location at the cross roads of the US and Europe,

                         world class infrastructure and keeping one step ahead with flexibility

                              and quality have put Bermuda on par with New York and London

                                           as a sophisticated insurance capital.”

                                                 International Herald Tribune




26 Bermuda Market Solutions
                                                            The World’s Risk Capital

                                                                          Specialty Covers

                                                                                 Aviation

                                                                                   COFR

Aviation
AXIS Specialty Limited
  LIMIT                  ATTACHMENT              COMMENT
  $112.5M                Aviation all Risk       Coverage for Aviation Hull and Liability to
                                                 passengers and third parties and aviation spares
                                                 AXIS book is predominantly airline based
                                                 This class will typically also include an element
                                                 of primary AV52 war liability, a class which AXIS
                                                 Specialty also writes on a stand alone basis
  $285M                  Aviation War            Coverage for Aviation Hulls against war perils
                                                 Staff at AXIS Specialty has significant leadership
                                                 experience and participation in this class
  $112.5M                Aviation AV52           Coverage for third party liability arising from war
                                                 perils. Typically written on a stand alone basis in
                                                 excess of the coverage provided within the main
                                                 all risks policy

Lancashire Insurance Company Limited
  LIMIT                  ATTACHMENT              COMMENT
  Various                Various




Certificate of Financial Responsibility (COFR)
Arvak
  VESSEL TYPE                                    COMMENT
  Tanker                                         Fixed premium per voyage with different rates
                                                 for persistent and non-persistent cargoes
  Dry Cargo                                      Flat annual premium

Shoreline Mutual
  VESSEL TYPE                                    COMMENT
  Tanker                                         Open period coverage with individual voyages
                                                 declared quarterly. Subject to different rates for
                                                 tankers per voyage
  Dry Cargo                                      12 month coverage. Subject to flat annual
                                                 premiums

SIGCo
  VESSEL TYPE                                    COMMENT
  Tanker                                         Fixed premium, 12 month coverage with premium
                                                 based on number of voyages
  Dry Cargo                                      Fixed premium, 12 month coverage with no per
                                                 voyage rating




                                                                    Bermuda Market Solutions           27
                                                                                                    The World’s Risk Capital

    Specialty Covers

       Political Risk




   Political Risk
   AXIS Specialty Limited
     LIMIT                    ATTACHMENT                                                 COMMENT
                                                                                         AXIS offers a wide range of products including
                                                                                         equity sponsored projects, lenders based
                                                                                         policies as well as capital market transactions
                                                                                         and structured credit solutions
                              Currency Inconvertibility and Non-Transfer                 Inability to extract remittances etc. due to FX
                              Coverage Expropriation Coverage Contract                   controls including ability / unwillingness of the
                              Frustration Unfair Calling of Bonds                        host country to authorize transactions. Actions by
                                                                                         foreign governments to prevent access to or use
                                                                                         of assets
                              Political Violence                                         War and / or civil disturbance in the host country
                              Sovereign Default                                          Looks to cover a lender to sovereign guaranteed
                                                                                         entities from the Government’s failure to pay its
                                                                                         obligation

   Catlin Insurance Company Ltd.
     LIMIT                    ATTACHMENT                                                 COMMENT
     Up to $50M               Contract Frustration, Unfair Calling of Bonds,
                              Credit Insurance, Confiscation, Expropriation,
                              Nationalization, Deprivation, Political Risk for Lenders

   Exporters Insurance Company Ltd.
     LIMIT                    ATTACHMENT                                                 COMMENT
                              Investment                                                 Covers currency inconvertibility, expropriation
                                                                                         and political violence in respect of foreign direct
                                                                                         investments
                              Collateral Deprivation                                     Covers asset appropriation or deprivation due
                                                                                         to credit or political circumstances
                              Contract related                                           Contract frustration or repudiation
                              Wrongful Calling of Guarantee                              Cover in respect of bid, advance payment and
                                                                                         performance guarantees
                              Non-payment                                                Covers both commercial and political causes

   Lancashire Insurance Company Ltd.
     LIMIT                    ATTACHMENT                                                 COMMENT
     Various                  Various




28 Bermuda Market Solutions
                                                                        The World’s Risk Capital

                                                                                      Specialty Covers

                                                                                        Product Recall




Sovereign Risk Insurance
  LIMIT                    ATTACHMENT                        COMMENT
                           Currency                          Foreign exchange moratoria or other forms of
                           Inconvertibility / Non-Transfer   exchange controls including foreign exchange
                                                             shortages and / or the inability and / or
                                                             unwillingness of the central foreign exchange
                                                             authority to process transactions
                           Expropriation                     Expropriation or blockage of funds / bank
                                                             accounts in the borrower’s country
                                                             Nationalization or “Creeping” Expropriation,
                                                             including discriminatory legislative actions
                                                             implemented by host government
                           War / Political Violence          War and / or political violence events or forced
                                                             abandonment in the host country
                           Sovereign Non-payment             On loans which have a central government
                                                             guaranty, Sovereign can insure commercial
                                                             lenders against the risk of a foreign
                                                             government’s failure to pay
                           Other                             License Cancellation or trade embargoes
                                                             Non-payment of Arbitration award following the
                                                             breach of a project agreement or other
                                                             contractual obligations. Unfair calling of bonds
                                                             Non-repossession of Aircraft or Mobile equipment




Product Recall
Max Re Ltd.
  LIMIT                    ATTACHMENT                        COMMENT
  $25M                     $10M                              Coverage provided includes recall costs,
                                                             loss profit, additional advertising expense
                                                             and consultant costs

XL Insurance (Bermuda) Ltd
  LIMIT                    ATTACHMENT                        COMMENT
  $50M                     $10M                              Food and Beverage
                                                             Coverage available worldwide. Stand alone
                                                             form; will consider follow form. Coverage for
                                                             malicious tampering or accidental contamination
                                                             exposures only. Annual or multi-year swing
                                                             rated programs available
  $10M                     $10M                              Auto Product Recall
                                                             Coverage available for North American auto
                                                             parts companies (some exceptions). $10M x
                                                             $10M or higher available for companies with
                                                             revenues more than $150M and no design
                                                             exposures; if significant design risk minimum
                                                             attachment point $20M. Stand alone form or
                                                             follow form available




                                                                                Bermuda Market Solutions        29
                                                                  The World’s Risk Capital

    Specialty Covers

   Health Care/Medical




   Health Care / Medical
   ACE Bermuda Insurance Ltd.
     LIMIT                    ATTACHMENT               COMMENT
     $150M                    $100M                    Bermuda form and / or claims made

   Allied World Assurance Company, Ltd
     LIMIT                    ATTACHMENT               COMMENT
     $25M                     $10M HPL                 Follow form
                              $25M Managed Care
                              Professional Liability

   Endurance Specialty Insurance Ltd.
     LIMIT                    ATTACHMENT               COMMENT
     $25M / $25M Maximum      Account Specific         Excess medical professional liability for large
     Capacity (for med mal)                            hospitals, multi-hospital systems and university
                                                       teaching hospitals

   Max Re Ltd.
     LIMIT                    ATTACHMENT               COMMENT
     $25M                     $10 HPL                  Claims made form and / or Bermuda form (004)
                              $1M Long-term care

   Renaissance Reinsurance Ltd.
     LIMIT                    ATTACHMENT               COMMENT
     $25M                     $2M                      Reinsurance only. Limit and attachment points to
                                                       be used as a guide only RenRe will review
                                                       opportunities on an individual basis

   Starr Excess Liability Insurance Company, Limited
     LIMIT                    ATTACHMENT               COMMENT
     $50M                     $25M                     Follow from and Bermuda form

   XL Insurance (Bermuda) Ltd
     LIMIT                    ATTACHMENT               COMMENT
     $100M                    $10M                     Coverage available worldwide. Minimum
                                                       attachment including integrated occurrences is
                                                       $25M. Target markets are hospitals and long
                                                       term care facilities. Excess Named Perils only
                                                       cover is available; subject to a maximum
                                                       combined limit of $100M. Punitive damages
                                                       explicitly covered. Annual or multi-year swing
                                                       rated and / or commutation programs available




30 Bermuda Market Solutions
                                                                           The World’s Risk Capital

                                                                                        Specialty Covers

                                                                                              Terrorism

                                                                                       Liquidated Damages

Terrorism
AXIS Specialty Limited
  LIMIT                  ATTACHMENT           FORM               COMMENT
  $150M                  Primary and Excess   US and Worldwide   AXIS Provide substantial capacity on a stand
                                              Coverage, based    alone basis offering certainty against the
                                              on a T3            backdrop of the US TRIA market. AXIS also
                                                                 offers coverage on a worldwide basis. Generally
                                                                 speaking AXIS offers coverage on a T3 basis,
                                                                 but has the ability to offer more bespoke
                                                                 coverage

Catlin Insurance Company Ltd.
  LIMIT                  ATTACHMENT           FORM               COMMENT
  Up to $50M             Primary and Excess                      Worldwide Terrorism excluding NBC

Hannover Re (Bermuda) Ltd.
  LIMIT                  ATTACHMENT           FORM               COMMENT
  $30M                   Low frequency /      XOL                Worldwide book of business with focus on low
                         high severity        AXL                frequency and high severity layers
                                                                 Normal maximum line = USD 30M

Lancashire Insurance Company Ltd.
  LIMIT                  ATTACHMENT           FORM               COMMENT
  Various                Various

Montpelier Reinsurance Ltd.
  LIMIT                  ATTACHMENT           FORM               COMMENT
  $50M                                                           Excess of loss (Worldwide)




Liquidated Damages
ACE Bermuda Insurance Ltd.
  LIMIT                                                          COMMENT
  $50M                                                           Bermuda form and / or claims made




                                                                                   Bermuda Market Solutions        31
                                                                                   The World’s Risk Capital

    Specialty Covers

    Punitive Damages




   Punitive Damages
   ACE Bermuda Insurance Ltd.
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
     Umbrella Liability,       ACE USA and ACE INA
     Excess Liability,
     Directors and Officers
     and Employment
     Practices Liability

   AXIS Specialty Limited
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
     DO, EPL, Fiduciary,        AXIS USA
     Media Errors and Omissions

   Chubb Atlantic Indemnity Ltd.
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
     GL, Excess Liability,     As per wrapped policy                     Matches trigger of wrapped policy
     Umbrella Liability and                                              Wraps member of Chubb Group of Insurance
     Professional Liability                                              Companies

   European International Reinsurance Company Ltd.
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
                               Swiss Re Group of companies               Claims made or occurrence

   Hanseatic Insurance Company (Bermuda) Limited
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
     Umbrella Liability,       Zurich Group of companies
     Excess Liability
     Directors and Officers
     and EPLI

   Magna Carta Insurance, Ltd.
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
     Umbrella Liability,       Great American, Tamarack, Agricultural,   Claims made or occurrence
     Excess Liability,         American Alliance, American Customs,
     Directors and Officers    Westport and Ohio Casualty
     and EPLI

   Princeton Eagle West
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
                               American Re, Munich Re

   Starr Excess Liability Insurance Company, Limited
     LINES AVAILABLE           COMPANIES POLICIES WRAPPED AROUND         COMMENT
     Umbrella Liability,       AIG companies including National Union,
     Excess Liability,         New Hampshire and Lexington
     Directors and Officers,
     EPC1 and Professional
     Liability




32 Bermuda Market Solutions
                                                 The World’s Risk Capital

                                                              Specialty Covers

                                                                        Marine

                                                                        Weather

Marine                                                                  Surety

Arch Reinsurance Ltd.
  LIMIT                                COMMENT
                                       Worldwide focus
                                       Excess of Loss and Pro-Rata Treaty

Ariel Reinsurance Company Ltd.
  LIMIT                                COMMENT
  Various limits and attachments       Reinsurance only

Hannover Re (Bermuda) Ltd.
  LIMIT                                COMMENT
  $10M                                 Marine Retro (non-elemental) on an XOL basis

Lancashire Insurance Company Limited
  LIMIT                                COMMENT
  Various                              Various




Weather
Swiss Re
                                       COMMENT
                                       Active weather trading desk provides coverage
                                       and develops weather related products




Surety
Platinum Underwriters Bermuda, Ltd.
  LIMIT                                COMMENT
                                       Various reinsurance Structures




                                                          Bermuda Market Solutions     33
                                         Life Insurance and Reinsurance




                              Donald Thorpe, senior director for Fitch in Chicago, said that

                       “Bermuda interest from Lloyd’s is a notable feature of the Class of 2005.”

                 He speculated that a lower cost structure in Bermuda might be attracting this interest,

                                while Moody’s assistant vice president, James Eck said

                       “the draw might be the recognition that Bermuda is becoming the center

                                          for property-catastrophe exposures.”
                                                   National Underwriter




34 Bermuda Market Solutions
                                                                             The World’s Risk Capital

                                                                                         Life Insurance and
                                                                                            Reinsurance




Life Insurance and Reinsurance
ACE Tempest Life Reinsurance Ltd.
  COVERAGE LINES                                                 COMMENT
  Annuity products - embedded risks in variable annuities        Focus on niche markets, especially variable
  such as GMDB and GMIB, single premium deferred                 annuity death and living benefit guarantees
  annuities, single premium immediate annuities, structured      We combine state-of-the art modeling techniques
  settlement annuities, pension buyouts                          and financial analysis to design customized
                                                                 reinsurance solutions that assist our clients
                                                                 with their business challenges
  Traditional mortality risk reinsurance, including stop-loss

AIG Risk Finance
  COVERAGE LINES                                                 COMMENT
  All lines considered                                           Advancing Corporate Strategy through alternative
                                                                 solutions. Providing highly customized insurance
                                                                 and financial services solutions for
                                                                 Unconventional Life Programs

Allianz Risk Transfer (Bermuda) Ltd.
  COVERAGE LINES                                                 COMMENT
  Structured Life Reinsurance                                    953d election

Colonial Group
  COVERAGE LINES                                                 COMMENT
                                                                 Transacts Group Pension and Individual Life
                                                                 business throughout Bermuda and the
                                                                 Caribbean region, covering domestic risks in
                                                                 each territory through its various subsidiaries
                                                                 and affiliates

Everest Reinsurance (Bermuda) Ltd.
  COVERAGE LINES                                                 COMMENT
  Annuities, individual life, guaranteed interest contracts,     Will also write insurance products for Bank
  structured settlements                                         Deposit. Insurance programs, deferred variable
  Acquisitions of blocks of business which are asset intensive   annuities and fixed annuities

Hannover Re (Bermuda) Ltd.
  COVERAGE LINES                                                 COMMENT
  Life Catastrophe Reinsurance                                   Worldwide book of business with focus on low
                                                                 frequency and high severity layers
                                                                 Normal maximum line = USD 30M

Max Re Ltd.
  COVERAGE LINES                                                 COMMENT
  Closed blocks of individual life, immediate                    Will write on traditional or non-traditional
  payout annuities, structured settlements,                      basis, globally
  group life waiver reserves and claims in payout




                                                                                     Bermuda Market Solutions       35
                                                    Life Insurance and Reinsurance




   Partner Reinsurance Company Ltd.
     COVERAGE LINES                                                                 COMMENT
     Longevity and Morality lines in G7 countries (excluding US)                    Clients include life insurers who require capacity,
     and some additional countries                                                  expertise and a range of services including
                                                                                    medical underwriting and product development
                                                                                    Serviced from offices in Paris, Zurich, Mexico
                                                                                    Montreal and Singapore

   Quanta Insurance Group
     COVERAGE LINES                                                                 COMMENT
     Surplus relief on traditional life and selective interest-sensitive products   In-force or new business

   Scottish Annuity & Life Holdings Ltd.
     COVERAGE LINES                                                                 COMMENT
     Life, Annuity and Annuity-type products                                        In-force or new business

   Wilton Reinsurance Bermuda Limited
     COVERAGE LINES                                                                 COMMENT
     Traditional Mortality Risk and Runoff Solutions (stock acquisition or
     reinsurance of discontinued blocks of primary life insurance business)

   XL Life Ltd
     COVERAGE LINES                                                                 COMMENT
     Multiple risk transactions                                                     XL Group is involved in a wide range of Life
     Blocks of in payment annuities. Traditional mortality business                 products spanning both traditional and
     Guaranteed investment contracts. High net worth private                        non-traditional reinsurance methods
     placement business. Life insurance and annuity solutions for                   Large asset transfers can be undertaken
     high net worth and institutional investors

   XL Re Ltd
     COVERAGE LINES                                                                 COMMENT
     Multiple risk transactions                                                     XL Group is involved in a wide range of Life
     Blocks of in payment annuities. Traditional mortality business                 products spanning both traditional and
     Guaranteed investment contract. High net worth private                         non-traditional reinsurance methods
     placement business. Life insurance and annuity solutions for                   Large asset transfers can be undertaken
     high net worth and institutional investors




36 Bermuda Market Solutions
                                                                  The World’s Risk Capital

                                                                          Program Insurance and
                                                                               Reinsurance




Program Insurance and Reinsurance
Catlin Insurance Company Ltd.
  COVERAGE LINES                                       COMMENT
  Casualty                                             Various casualty reinsurance lines and structures

Glencoe Insurance Limited
  COVERAGE LINES                                       COMMENT
  Property and Casualty                                Focus on large program opportunities through
                                                       managing general agents / underwriters

Max Re Ltd.
  COVERAGE LINES                                       COMMENT
  Various Property and Casualty Lines and Structures




                                                                         Bermuda Market Solutions          37
                                                  Treaty Reinsurance




              “I'm a long way from Hampshire,” muses Robert Childs, Chief Underwriting Officer of Hiscox,

         an insurance syndicate at Lloyd's of London, and head of a new company it has just set up in Bermuda.

                Hiscox is one of a string of firms to set up shop recently in the British overseas territory,

                                    nearly 600 miles (965km) off the coast of America,

                       which has emerged as an important force in the global reinsurance market.

                “We cannot avoid Bermuda,” says Mr. Childs. “We've always needed to be at the bazaar.”
                                                       The Economist




38 Bermuda Market Solutions
                                                                               The World’s Risk Capital

                                                                                         Treaty Reinsurance




Treaty Reinsurance
ACE Tempest Reinsurance Ltd.
  COVERAGE LINES                                                   COMMENT
  Property Catastrophe, Workers Compensation                       Multi-year programs available as well as excess
  Catastrophe Excess, Personal Accident, Catastrophe,              frequency covers, options and asset linked
  Life Catastrophe, Stand alone, Terrorism, Crop Reinsurance       Catastrophe protection

Allied World Assurance Company, Ltd
  COVERAGE LINES                                                   COMMENT
  Casualty Proportional, Casualty (including Motor) Risk Excess,   Focus on North America and Europe;
  Casualty Catastrophe Excess, Property Risk                       IPCRe Underwriting Services underwrites
  Excess, Property Pro-Rata, Workers Compensation,                 Property Catastrophe Reinsurannce for Allied
  Accident and Health, Professional Liability,                     World Assurance Company, Ltd on a global basis
  Errors and Omissions Liability

Arch Reinsurance Ltd.
  COVERAGE LINES                                                   COMMENT
  Property-Catastrophe, Per Risk, Pro-Rata, Retro                  US and International, Excess of Loss,
                                                                   Pro-Rata and Retrocessional Treaty Capacity
  Casualty, Directors and Officers and Professional Liability      All third party and professional lines,
                                                                   Pro-Rata and Excess of Loss, prefer leading role
                                                                   in larger transactions
  Marine and Energy                                                Worldwide focus, Excess of Loss and
                                                                   Pro-Rata Treaty
  Specialty Lines - Terrorism, Accident and Health,                Worldwide focus, Excess of Loss and
  Trade Credit, Political Risk, Crop / Hail                        Pro-Rata Treaty

Ariel Reinsurance Company Ltd
  COVERAGE LINES                                                   COMMENT
  Property Catastrophe, Pro-Rata, Risk Excess and Marine           Various limits and attachments

Aspen Insurance Limited
  COVERAGE LINES                                                   COMMENT
  Property Per Risk, Property Catastrophe                          North America and International. Also limited
  Property Proportional, Retrocession                              capacity for Casualty Excess Reinsurance

AXIS Specialty Limited
  COVERAGE LINES                                                   COMMENT
  Property Catastrophe, Property Risk, Aviation,                   Focus on Catastrophe layers. Short-tail products
  Aerospace and Marine, Terrorism Specific
  Excess of Loss, Workers Compensation Catastrophe Covers,
  Life / Personal Accident Catastrophe Covers, Crop Stop Loss,
  Property Catastrophe Retro, Property Pro-Rata

Blue Ocean Re
  COVERAGE LINES                                                   COMMENT
  Fully Collateralized Retrocessional Protection                   Worldwide




                                                                                     Bermuda Market Solutions         39
                                                          Treaty Reinsurance




   Catlin Insurance Company Ltd.
     COVERAGE LINES                                                                 COMMENT
     Property Treaty covering Property Catastrophe,                                 Quote and lead market. US and Worldwide
     Workers Compensation and Terrorism                                             account written on a catastrophe Excess of
                                                                                    Loss and Pro-Rata basis
     Casualty Treaty covering Auto Liability, Medical Malpractice, Lawyers,         Quote and lead market. Target account is
     Accountants, miscellaneous Errors and Omissions, Nursing Home Liability,       normally risk excess of loss; clash;
     Municipal Liability and General Liability                                      ECO/ XPL covering mutuals, risk retention groups
                                                                                    and captives but will provide clash (incl. WCA) to
                                                                                    larger cedants

   DaVinci Reinsurance Ltd.
     COVERAGE LINES                                                                 COMMENT
     Property Catastrophe, Catastrophe-exposed                                      Policies are exclusively underwritten by
     Workers Compensation and Terrorism                                             Renaissance Underwriting Managers Ltd.
                                                                                    DaVinci Re writes companion lines with
                                                                                    Renaissance Reinsurance Ltd.
                                                                                    Per program capacity is limited to 10% of surplus

   Endurance Specialty Insurance Ltd.
     COVERAGE LINES                                                                 COMMENT
     Space and Aviation Risks                                                       Proportional and Excess of Loss Treaty
     Property Catastrophe and Property Per Risk                                     $50M maximum capacity
                                                                                    ($30M working capacity)
                                                                                    $30M maximum capacity - Energy risks
     Casualty Treaty Reinsurance
     Workmen Compensation                                                           $30M Limit
     Clash                                                                          $30M Limit
     Political Risk, Energy, Specialty Casualty

   Everest Reinsurance (Bermuda) Ltd.
     COVERAGE LINES                                                                 COMMENT
     Property, Casualty                                                             All lines and all territories, Pro-Rata and Excess
                                                                                    Property emphasis is on non Catastrophe
                                                                                    Focus is on larger premium transactions

   Fencourt Reinsurance Company Ltd.
     COVERAGE LINES                                                                 COMMENT
                                                                                    Most Lines of Property and Casualty

   Flagstone Reinsurance
     COVERAGE LINES                                                                 COMMENT
     Property Catastrophe - Catastrophe Excess                                      North America and Global
     Property Specialty - Property Risk Excess, Property Pro-Rata,                  North America and Global
     Facultative and Direct, Limited Retrocessional - e.g. Industry Loss Warranty
     Other Specialty - Aviation, Space, Marine, Energy,                             North America and Global
     Personal Accident and Life Catastrophe Excess, Kidnap and Ransom,
     Workers Compensation Catastrophe Excess, Casualty Clash, Crop / Hail,
     Structured Risk, Motor




40 Bermuda Market Solutions
                                                          Treaty Reinsurance




Hannover Re (Bermuda) Ltd.
  COVERAGE LINES                                                               COMMENT
  Property Catastrophe                                                         Center of excellence for the underwriting of the
                                                                               Property Catastrophe business of the Hannover
                                                                               Re Group. Worldwide book of business with focus
                                                                               on low frequency and high severity layers
                                                                               Normal maximum line = Euro 60M
  Personal Accident Catastrophe                                                Worldwide book of business with focus on low
                                                                               frequency and high severity layers
                                                                               Normal maximum line = Euro 30M
  Workers Compensation Catastrophe                                             Worldwide book of business with focus on low
                                                                               frequency and high severity layers
                                                                               Normal maximum line = USD 30M
  Terrorism Specific Covers                                                    Worldwide book of business with focus on low
                                                                               frequency and high severity layers
                                                                               Normal maximum line = USD 30M

Harbor Point Re
  COVERAGE LINES                                                               COMMENT
  Focus is on Property Catastrophe and Retro, but will entertain
  Property Pro-Rata and Per Risk too

Hiscox Insurance Company (Bermuda) Limited
  COVERAGE LINES                                                               COMMENT
  Property: Catastrophe, Per Risk, Pro-Rata                                    Worldwide. $20M Maximum
  Terrorism

IPCRe Group
  COVERAGE LINES                                                               COMMENT
  Property Catastrophe, Property Per Risk                                      Focus on Property Catastrophe and other
  Aviation / Satellite and other short-tail reinsurance                        short-tail property risks

Lancashire Insurance Company Limited
  COVERAGE LINES                                                               COMMENT
  Non-Marine Property Catastrophe Retrocession
  Marine and Energy Excess of Loss

Max Re Ltd.
  COVERAGE LINES                                                               COMMENT
  Workers Compensation                                                         $5M limit. Pro-Rata or XOL. Interested in both
                                                                               Per Risk and Comp Catastrophe. Willing to
                                                                               consider existing programs, start-ups, PEO's
                                                                               and smaller companies
  Professional Lines - Directors and Officers,                                 $5M limit. Pro-Rata or XOL. Willing to consider
  Errors and Omissions and Medical Malpractice                                 both existing programs and start-ups
  General Casualty - GL, AL and Environmental Liability                        $5M limit. Pro-Rata or XOL. Willing to consider
                                                                               both standard company programs and
                                                                               specialty / ART programs
  Accident and Health                                                          $5M. Pro-Rata or XOL. Interested in medical stop
                                                                               loss and personal accident
  Property                                                                     $15M Catastrophe XOL limit, $3M per risk
                                                                               US and international business. Predominantly XOL
  Marine and Energy                                                            $5M limit. Pro-Rata or XOL



                                                                                                  Bermuda Market Solutions        41
                                                            Treaty Reinsurance




   Montpelier Reinsurance Ltd.
     COVERAGE LINES                                                              COMMENT
     Property Catastrophe and Risk Excess                                        Worldwide
     Specialty                                                                   Worldwide Classes Available: Aviation, Casualty,
                                                                                 Crop, Personal Accident and Life, Sabotage and
                                                                                 Terrorism, Workers Compensation
     Property Proportional                                                       Worldwide with occurence limits


   New Castle Reinsurance Limited
     COVERAGE LINES                                                              COMMENT
     Property Catastrophe, Property Risk,
     Workers Compensation Catastrophe,
     Personal Accident Catastrophe and Aviation

   Olympus Reinsurance Company, Ltd.
     COVERAGE LINES                                                              COMMENT
     Property Catastrophe, Per Risk, Property Retro,                             Focus on Property Catastrophe and other
     Marine and Aviation Excess of Loss                                          short-tail lines

   Partner Reinsurance Company Ltd.
     COVERAGE LINES                                                              COMMENT
     Property, Casualty, Motor, Agriculture, Aviation / Space,                   Property, standard casualty, personal and
     Credit / Surety, Engineering / Energy, Marine, Special Risks,               commercial auto
     Life / Annuity and Health and Alternative Risk Transfer Solutions
     Catastrophe                                                                 Property and motor Catastrophe, Excess of Loss
                                                                                 Treaties and proportional and stop loss property
                                                                                 treaties for natural perils

   Platinum Underwriters Bermuda, Ltd.
     COVERAGE LINES                                                              COMMENT
                                                                                 Provide a variety of reinsurance solutions across
                                                                                 most coverage lines

   PXRE Reinsurance Ltd.
     COVERAGE LINES                                                              COMMENT
     Property Catastrophe Excess of Loss, Property Catastrophe                   Focus on high-severity / low frequency lines
     Retrocessional Excess of Loss, Property Risk Excess,                        of business
     Marine Reinsurance, Aviation Reinsurance, Aerospace Reinsurance

   Renaissance Reinsurance Ltd.
     COVERAGE LINES                                                              COMMENT
     Property Catastrophe, Catastrophe-linked securities                         Focus on high severity lines of business
     Workers Compensation Catastrophe, Terrorism Specific Covers,
     Property Per Risk, Surety, Medical Malpractice

   Swiss Re
     COVERAGE LINES                                                              COMMENT
     Property, Casualty and Multi-Line                                           Limits, attachments and forms dependent on
                                                                                 coverage




42 Bermuda Market Solutions
                                                       Treaty Reinsurance




Tokio Millennium Re Ltd.
  COVERAGE LINES                                                            COMMENT
  Property                                                                  Property Catastrophe Treaty Reinsurance
  Crop                                                                      Crop Hall Reinsurance
  Workers Compensation                                                      Workers Compensation Catastrophe
                                                                            Treaty reinsurance
  Terrorism                                                                 Terrorism Insurance and Reinsurance

Top Layer Reinsurance Ltd.
  COVERAGE LINES                                                            COMMENT
  High Layer International (non-US) Property                                Policies are exclusively underwritten by
  Catastrophe, Catastrophe-linked Securities                                Renaissance Underwriting Managers Ltd.

Validus Reinsurance, Ltd.
  COVERAGE LINES                                                            COMMENT
  Property Catastrophe, Property Per Risk, Property Pro-Rata,
  Property Retro, Marine and Offshore Energy, Aviation and Satellite,
  War Risk, Terrorism, Workers Compensation Catastrophe
  and Other, Principally Short-Tail, Specialty Lines

XL Re Ltd
  COVERAGE LINES                                                            COMMENT
  Marine, Energy, Aviation, Space, Casualty,                                Coverage provided mainly on a Pro-Rata basis
  Political Risk and Trade Credit
  Property                                                                  US and non-US coverage provided mainly for
                                                                            catastrophe perils




                                                                                              Bermuda Market Solutions     43
                                                                                  The World’s Risk Capital

Facultative Reinsurance




   Facultative Reinsurance
   Allied World Assurance Company, Ltd
     LIMIT                       ATTACHMENT                            COMMENT
     $2M                         $500,000 Minimum Attachment           Exclusively casualty lines except professional
                                                                       lines and management liability; predominately
                                                                       US cedents and risks

   Ariel Reinsurance Company Ltd
     LIMIT                       ATTACHMENT                            COMMENT
     $25M                        Various                               Low frequency / high severity, Property Risk only

   Endurance Specialty Insurance Ltd.
     LIMIT                       ATTACHMENT                            COMMENT
     $25M / $25M Limit           $10M                                  Excess Casualty Insurance / Reinsurance -
                                                                       Excess Liability Insurance / Facultative
                                                                       Reinsurance: Third party liability coverage for all
                                                                       industry groups

   Everest Reinsurance (Bermuda) Ltd.
     LIMIT                       ATTACHMENT                            COMMENT
                                 Primary and Lower level attachments   Larger value “risk managed” accounts through
                                                                       Bermuda Brokers. Property only

   Montpelier Reinsurance Ltd.
     LIMIT                       ATTACHMENT                            COMMENT
     $50M                                                              Property Excess of Loss (Worldwide)
     $25M Critical Catastrophe
     $50M Terrorism                                                    Property Excess of Loss (Worldwide)

   Partner Reinsurance Company Ltd.
     LIMIT                       ATTACHMENT                            COMMENT
                                                                       Various depending on line and client need

   Swiss Re
     LIMIT                       ATTACHMENT                            COMMENT
     Group capacity $250M                                              Limits, attachments and forms dependent on
                                                                       coverage and industry




44 Bermuda Market Solutions
                                                         The World’s Risk Capital

                                                                     Financial Insurance
                                                                      and Reinsurance




Financial Insurance and Reinsurance
ACE Tempest Reinsurance Ltd.
                                              COMMENT
                                              Can transfer risk under bond and derivative
                                              structures in addition to reinsurance contracts

AIG Risk Finance
                                              COMMENT
                                              Advancing Corporate Strategy through alternative
                                              solutions. Providing highly customized insurance
                                              and financial services solutions

Allianz Risk Transfer (Bermuda) Ltd.
                                              COMMENT
                                              Alternative solutions to inefficient or dislocated
                                              Property and Catastrophe or Life markets
                                              with significant risk transfer component
                                              Securitization of insurance risks

Assured Guaranty Re Ltd.
                                              COMMENT
                                              Assured Guaranty Re Ltd. is a Bermuda Class 3
                                              long-term and general insurer focused on
                                              providing financial guaranty reinsurance to
                                              triple-A rated bond insurers

Assured Guaranty Re Overseas Ltd.
                                              COMMENT
                                              Assured Guaranty Re Overseas Ltd. is a
                                              Bermuda Class 3 long-term and general insurer
                                              focused on providing financial guaranty and
                                              mortgage reinsurance

BluePoint Re Limited
                                              COMMENT
                                              BluePoint was funded with $300 million in equity
                                              from the company’s wholly owned parent,
                                              Wachovia Corporation. The company will
                                              underwrite all lines covered by the major primary
                                              monolines including US public finance and
                                              structured finance

Merrill Lynch Reinsurance Solutions Limited
                                              COMMENT
                                              Interested in taking measured, selective and
                                              intelligent financial risk positions




                                                                  Bermuda Market Solutions         45
                                Financial Insurance and Reinsurance




   Quanta Insurance Group
                                                              COMMENT
                                                              Provide structured programs for most lines of
                                                              insurance and reinsurance including life surplus
                                                              relief

   RAM Reinsurance Co. Ltd.
                                                              COMMENT
                                                              Reinsurance of major primary monolines

   Swiss Re
                                                              COMMENT
                                                              Actively develops products that integrate
                                                              insurance and capital market techniques
                                                              including the securitization of risk and a variety
                                                              of contingent equity programs

   Tokio Millennium Re Ltd.
                                                              COMMENT
                                                              Property catastrophe risk transfer via financial
                                                              instruments in addition to reinsurance contracts

   XL Financial Assurance Ltd
                                                              COMMENT
                                                              Provides AAA-rated financial guarantee
                                                              reinsurance. Focus on asset-backed
                                                              securitizations, as well as project finance,
                                                              future flow and municipal transactions




46 Bermuda Market Solutions
                                                                                  The World’s Risk Capital

                                                                                                    Captives

                                                                                      Captive Management Overview




Captive Management Overview
Bermuda has been the leading captive domicile since the inception of the captive concept in
Bermuda in the late 1960’s. Bermuda continues to have the most experienced captive management
companies of any of the domiciles and many of the largest global captive management companies
have their head office in Bermuda.

Captive management companies provide many services to their clients and these services are
tailored to meet the needs of the captive.

The services include:

• Company formation services including drafting business plans, completion of regulatory
  questionnaires and coordination of the company formation submissions

• Insurance and claims administration services, including underwriting, policy issuance,
  contracting reinsurance and claims settlement

• Financial services including management accounting, financial reporting and financial analysis

• Treasury services including fund transfers, short-term financial investing and coordination of
  letters of credit

• Corporate and administration services including the arrangement of corporate meetings, liaison
  with the company secretary, filing statutory statements and payment of government fees

• Provision of the Principle Representative required by the Insurance Act

• Advice on the best uses for the captive and appropriate program structures

Many of Bermuda’s captive managers have created innovative products and services to meet the
needs of their clients. One example involves a program, centrally administered from Bermuda,
for multi-national companies who wish to control their global exposures through one “master”
program. The Bermuda company handles all the premium collections, claims payments, local policy
issuance and reinsurance and accounting documentation. This service can be provided via captives,
rent-a-captives and deductible funding programs. Captives are also re-emerging as profit centers for
customer business of financial institutions and other service companies.

Other new uses for captives continue to evolve, including use as transformer companies to expand
risk capacity by converting insurance exposures into derivative and other financial products and vice
versa. The risks can be co-mingled to form investment pools for, say, catastrophe bond funds,
or treated separately in segregated accounts or “cell” companies.




                                                                                          Bermuda Market Solutions   47
                                                                                                     The World’s Risk Capital

         Captives

     Rent-a-Captives




                  Rent-a-Captives
                  The rent-a-captive represents an evolution of the captive concept and has been in use for almost as
                  long as captives have been in operation. Bermuda is also the leading domicile for rent-a-captive
                  facilities. A rent-a-captive is an insurance or reinsurance company organized to insure or reinsure
                  risks of unrelated shareholders, and which is controlled by:

                  • An organization seeking to profit from fees paid by participants

                  • An insurance company seeking to enhance its insurance products, or

                  • An insurance broker seeking to enhance its client service

                  The sponsor company sets up a separate entity and then "rents" its capital, surplus and insurance
                  company license to insureds who are not its voting shareholders. The advantage of this to the insured
                  is that they have the benefits of a captive without the capital outlay and management time
                  commitment required of a wholly-owned captive. Rent-a-captives keep the results of each of their
                  insureds separate, either by way of contract or in Separate Accounts, so that an individual insured’s
                  funds are not diminished by the claims of another insured. The rent-a-captive usually retains no risk
                  in the participant’s business, and returns most of the underwriting profit and investment income to the
                  participant. Accordingly, the sponsor company earns its income from fees associated with “renting”
                  the capacity rather than from the underwriting profits arising from the insured programs.




48 Bermuda Market Solutions
                                                        The World’s Risk Capital

                                                                           Captives

                                                                       Rent-a-Captives

                                                                 Rent-a-Captive Facilities

Rent-a-Captive Facilities
ACE Bermuda Insurance Ltd.
  FACILITY                                   COMMENT
  Paget Reinsurance International Ltd.       Access to licensed capacity in all major markets
                                             Risk taking ability
  ACE INA Overseas Insurance Company         (AIOIC) 953(d) election

Allegro Insurance & Risk Management Ltd.
  FACILITY                                   COMMENT
  Ausable Insurance Company Ltd.             Owned by The Treiber Group
  Futuro Insurance Company Ltd.              Parent specializes in medical malpractice
                                             Owned by Physician Reciprocal Insurers
  Professionals National Insurance Co. Ltd   Parent specializes in medical malpractice risks
                                             Owned by Proassurance Group
  Parker Assurance Limited                   Private Act with protected cells
                                             Owned by Sentry Insurance Group
  St. Paul (Bermuda) Ltd.                    Private Act with protected cells
                                             Owned by St. Paul Travelers Companies
  Amerisure Re (Bermuda) Ltd                 Private Act with protected cells
                                             Owned by Amerisure Companies
  Gettysburg Indemnity (SAC) Ltd.            Registered under the SAC Act 2000
                                             Owned by Saucon Insurance Group

Allegro Insurance Management, Ltd.
  FACILITY                                   COMMENT
  Lansdowne Insurance Company, Ltd.          Owned by Camlann Holdings Ltd.
                                             Lansdowne Insurance operates under the
                                             Lansdowne Insurance Company, Ltd Act 2000
                                             and facilitates Rent-a-Captive programs through
                                             segregated accounts
  Wyndham Insurance Company (SAC) Ltd.       Owned by Camlann Holdings Ltd.
                                             Wyndham Insurance Company (SAC) Ltd.
                                             operates under the Segregated Accounts
                                             Companies Act 2000 and facilitates Rent-a-
                                             Captive programs through segregated accounts
  British Indemnity Limited                  Owned by Camlann Holdings Ltd.
                                             British Indemnity Limited operates under the
                                             British Indemnity Limited (Separate Accounts) Act
                                             1997 and facilitates Rent-a-Captive programs
                                             through segregated accounts

American Physicians Capital
  FACILITY                                   COMMENT
  AP Indemnity Ltd.                          Parent specializes in medical malpractice risk




                                                               Bermuda Market Solutions          49
                                                Captives



   Aon Insurance Managers (Bermuda) Ltd.
     FACILITY                                              COMMENT
     White Rock Insurance (SAC) Ltd                        Composite company with both general and
                                                           long-term licenses

   Arlington Insurance Company
     FACILITY                                              COMMENT
     Arlington Insurance Company Ltd.                      Segregated accounts company insuring and
                                                           reinsuring commercial liability lines
     The Stuart Insurance Group Ltd.                       Non-controlled foreign corporation reinsuring
                                                           commercial liability lines
     Wausau (Bermuda) (SAC) Ltd.                           Section 953(d) Segregated Accounts company
                                                           insuring and reinsuring commercial liability lines

   Artex Underwriting Managers Ltd.
     FACILITY                                              COMMENT
     Artex Insurance Company Ltd.                          Segregated cell, NCFC. Specializes in program
                                                           business

   Atlantic Security Limited
     FACILITY                                              COMMENT
     Magna Carta Insurance, Ltd.                           Non-controlled foreign corporations
     Hanseatic Insurance Co. (Bermuda) Ltd.                Non-controlled foreign corporations

   Bott & Associates Limited
     FACILITY                                              COMMENT
     ICW Ltd.                                              Owned by Insurance Company of the West

   Capital Management Services Ltd.
     FACILITY                                              COMMENT
     Captech Reinsurance Company Ltd.

   CNA Insurance Companies
     FACILITY                                              COMMENT
     North Rock Insurance Company Limited

   Glenmede Corporation
     FACILITY                                              COMMENT
     Rittenhouse Square Indemnity Limited

   Hartford Management, Ltd.
     FACILITY                                              COMMENT
     Hartford Insurance, Ltd.                              A segregated accounts company

   Horseshoe Management Ltd.
     FACILITY                                              COMMENT
     Horseshoe Re Ltd.

   HSBC Insurance Solutions (Bermuda) Ltd.
     FACILITY                                              COMMENT
     HSBC Insurance SPC Ltd. - Bermuda Branch              Non-controlled foreign corporation domiciled in
                                                           the Cayman Islands, operated and administered
                                                           from Bermuda under a branch license



50 Bermuda Market Solutions
                                                     Captives



Independent Management Group Ltd.
  FACILITY                                                      COMMENT
  Uberrimae Fidei Insurance Company Ltd.                        Non-controlled foreign corporation with protected
                                                                cells. Owned by IMG International Ltd.

International Advisory Services Ltd.
  FACILITY                                                      COMMENT
  Hurst Holme Insurance Company Limited

JLT Risk Solutions Management (Bermuda) Ltd.
  FACILITY                                                      COMMENT
  Isosceles Insurance Ltd.                                      Available for Jardine Lloyd Thompson clients’
                                                                programs

Leading Edge Holdings
  FACILITY                                                      COMMENT
  Independent Agents Insurance Company Ltd.

Primary Group
  FACILITY                                                      COMMENT
  Primary (SAC) Limited                                         Non-controlled foreign corporation licensed to
                                                                write general and long term business

Quest Management Services Ltd.
  FACILITY                                                      COMMENT
  Quest Insurance Solutions Limited                             An independent Captive Management company
                                                                providing incorporation and management
                                                                services since 1979. A non-controlled foreign
                                                                corporation, Rent-a-Captive facility
  Quest SAC Limited                                             A non-controlled foreign corporation segregated
                                                                cell facility

Sumitomo Corporation
  FACILITY                                                      COMMENT
  Bluewell Reinsurance Company (Bermuda) Ltd.

Symphony Management Ltd.
  FACILITY                                                      COMMENT
  Aria (SAC) Ltd.                                               Segregated account and traditional Rent-a-
                                                                Captive programs

United Insurance Company Ltd.
  FACILITY                                                      COMMENT
  United Risk Solutions Limited

Universal Group Holdings Ltd.
  FACILITY                                                      COMMENT
  Universal Reinsurance Company Ltd.                            Private Act with protected cells; all lines
  Universal International Reinsurance Company Ltd.              Private Act with protected cells;
                                                                Section 953(d) election; all lines

Willis Re
  FACILITY                                                      COMMENT
  Meridian Insurance Company Limited                            Class 3, protected cell non-controlled foreign
                                                                corporation


                                                                                    Bermuda Market Solutions        51
                                                                                          The World’s Risk Capital

     BIMA Directory




                    Insurance Management
                    Association
                              BIMA is an association of professional insurance management
                               companies in Bermuda. It exists to protect the interests of its members
                                and their clients. The clients under management consist mainly of
                                 captives but also include large mutuals, rent-a-captives and
                                 commercial insurers and reinsurers.

                    BIMA’s principal role is to liaise with the Bermuda Government and other bodies on
                    matters affecting the insurance industry.




52 Bermuda Market Solutions
                                           BIMA Membership Directory 2006



Allegro Insurance & Risk Management Ltd.    Arthur J. Gallagher Management                  Cranham Management Limited
Mr. Andrew McComb                           (Bermuda) Limited                               Mr. Stephen W. Pearce
                                            Mr. Peter Mullen
P.O. Box HM 2904, Hamilton HM LX                                                            P.O. Box HM 397, Hamilton HM BX
Burnaby Building                            P.O. Box HM 2000, Hamilton HM HX                The Armoury Building, 2nd Floor
16 Burnaby Street, Hamilton HM 11           Swan Building, 1st Floor                        37 Reid Street, Hamilton HM 12
Tel: (441) 295-8495 Fax: (441) 292-1196     26 Victoria Street, Hamilton HM 12              Tel: (441) 295-8441 Fax: (441) 292-1210
E-mail: andy.mccomb@allegro.bm              Tel: (441) 292-4654 Fax: (441) 292-8231         E-mail: spearce@captivemanagers.com
                                            E-mail: peter_mullen@ajg.com
Allegro Insurance Management, Ltd.                                                          Hartford Management, Ltd.
Mr. Andrew McComb                           Atlantic Security Ltd.                          Ms Kathleen Barker
                                            Mr. Colin James
P.O. Box HM 2904, Hamilton HM LX                                                            P.O. Box HM 2087, Hamilton HM HX
Burnaby Building                            P.O. Box HM 2078, Hamilton HM HX                Par-la-Ville Place
16 Burnaby Street, Hamilton HM 11           Windsor Place, 2nd Floor                        14 Par-la-Ville Road, Hamilton HM 08
Tel: (441) 295-8495 Fax: (441) 292-1196     18 Queen Street, Hamilton HM 11                 Tel: (441) 295-5243 Fax: (441) 295-4460
E-mail: andy.mccomb@allegro.bm              Tel: (441) 295-5425 Fax: (441) 295-5444         E-mail: kbarker@hartford.bm
                                            E-mail: cjames@asl.bm
Alternative Re Limited                                                                      Horseshoe Management Ltd.
Mr. Gavin Collery                           Beecher Carlson Management Ltd.                 Mr. Andre Perez
                                            Ms Grace Worthington-White
P.O. Box HM 929, Hamilton HM DX                                                             P.O. Box HM 397, Hamilton HM BX
Wessex House                                P.O. Box HM 2461, Hamilton HM JX                The Armoury Building, 1st Floor
45 Reid Street, Hamilton HM 12              Wessex House, 1st Floor                         37 Reid Street, Hamilton HM 12
Tel: (441) 278-9246 Fax: (441) 278-9249     45 Reid Street, Hamilton HM 12                  Tel: (441) 295-8441 Fax: (441) 292-1210
E-mail: gavin.collery@alternative-re.bm     Tel: (441) 295-0519 Fax: (441) 295-0933         E-mail: andre@horseshoe.bm
                                            E-mail: gworthington-white@beechercarlson.com
American and Overseas Reinsurance                                                           HSBC Insurance Solutions
Management Co., Ltd.                        Bott & Associates Ltd.                          (Bermuda) Limited
Mr. Ian Fox                                 Mr. Michael Bott                                Mr. Robert Eastham
P.O. Box HM 1072, Hamilton HM EX            P.O. Box HM 1087, Hamilton HM EX                P.O. Box HM 3033, Hamilton HM NX
The Armoury Building, 1st Floor             Washington Mall I, 1st Floor                    Continental Building
37 Reid Street, Hamilton HM 12              7 Reid Street, Hamilton HM 11                   25 Church Street, Hamilton HM 12
Tel: (441) 295-8441 Fax: (441) 292-1210     Tel: (441) 292-6564 Fax: (441) 292-5796         Tel: (441) 292-7505 Fax: (441) 292-1243
E-mail: ian.f.fox@gsk.com                   E-mail: bott@ibl.bm                             E-mail: Robert.Eastham@hsbc.bm

American International Company Limited      Capital Management Services Ltd.                Independent Management Group Ltd.
Mr. James Bohan                             Mr. Lawrence Dixon                              Mr. Peter Strong
American International Building             P.O. Box GE 28, St. George’s GE BX              P.O. Box HM 2070, Hamilton HM HX
29 Richmond Road, Hamilton HM 08            Channel House, Longfield Road,                  Wellesley House, 2nd Floor
Tel: (441) 295-2121 Fax: (441) 292-7969     Southside, St. David’s DD 03                    90 Pitts Bay Road, Pembroke HM 08
E-mail: james.bohan@aig.com                 Tel: (441) 293-5970 Fax: (441) 293-5962         Tel: (441) 295-1646 Fax: (441) 292-8062
                                            E-mail: ldw@warpaint.bm                         E-mail: pstrong@img.bm
Aon Insurance Managers (Bermuda) Ltd.
Mr. Philip Barnes                           Cedar Management Limited                        ING Risk Management (Bermuda) Limited
                                            Mr. Thomas McMahon                              Mr. Angus Hyslop
P.O. Box HM 2450, Hamilton HM JX
Craig Appin House, 3rd Floor                P.O. Box HM 824, Hamilton HM CX                 P.O. Box HM 1978, Hamilton HM HX
8 Wesley Street, Hamilton HM 11             Continental Building                            Continental Building, 2nd Floor
Tel: (441) 295-2220 Fax: (441) 292-0217     25 Church Street, Hamilton HM 12                25 Church Street, Hamilton HM 12
E-mail: philip_barnes@agl.aon.com           Tel: (441) 295-6015 Fax: (441) 295-1702         Tel: (441) 295-8270 Fax: (441) 292-8611
                                            E-mail: tmcmahon@cedar.bm                       E-mail: angus.hyslop@ing-re.bm
APManagement Ltd.
Mr. Andrew McComb                           Charles Taylor & Co. (Bermuda)                  International Advisory Services Ltd.
                                            Mr. Norman Long                                 Mr. David Ezeikiel
P.O. Box HM 2904, Hamilton HM LX
16 Burnaby Street, Hamilton HM 11           Dallas Building, 5th Floor                      P.O. Box HM 1760, Hamilton HM HX
Tel: (441) 295-8495 Fax: (441) 292-1196     7 Victoria Street, Hamilton HM 11               44 Church Street, Hamilton HM 12
E-mail: andy.mccomb@allegro.bm              Tel: (441) 295-4864 Fax: (441) 292-8992         Tel: (441) 295-3688 Fax: (441) 295-1697
                                            E-mail: norman.long@ctcplc.com                  E-mail: dezeikiel@ias.bm
Argonaut Limited
Mr. Michael Collins                         Codan Management Ltd.
                                            Mr. Greg Pereira
Argonaut House
5 Park Road, Hamilton HM 09                 P.O. Box HM 1022, Hamilton HM DX
Tel: (441) 292-7979 Fax: (441) 292-4069     Richmond House
                                            12 Par-la-Ville Road, Hamilton HM 11
E-mail: collins@argonaut.bm
                                            Tel: (441) 292-3434 Fax: (441) 292-0865
                                            E-mail:
                                            greg.pereira@conyersdillandpearman.com
                                                                                                        Bermuda Market Solutions      53
                                               BIMA Membership Directory 2006



                                                Paget Reinsurance International Ltd.          Symphony Management Ltd.
                                                Mr. Roger Gillett                             Mr. John Neal
                                                P.O. Box HM 1015, Hamilton HM DX              P.O. Box HM 1538, Hamilton HM FX
                                                ACE Global Headquarters                       Pearman Building, 3rd Floor
                                                17 Woodbourne Avenue, Hamilton HM 08          3 Gorham Road, Hamilton HM 08
   JLT Risk Solutions Management                Tel: (441) 295-5200 Fax: (441) 292-8635       Tel: (441) 295-2447 Fax: (441) 292-0511
   (Bermuda) Ltd.                               E-mail: roger.gillett@ace.bm                  E-mail: John.Neal@symphony.bm
   Mr. Kilian Whelan
                                                Primary Group Services (Bermuda)              Uni-Ter International Management Ltd.
   P.O. Box HM 1838, Hamilton HM HX             Limited                                       Mr. Andrew McComb
   Cedar House                                  Mrs. Tracy Keill
   41 Cedar Avenue Hamilton HM 12                                                             P.O. Box HM 2904, Hamilton HM LX
                                                P.O. Box HM 1571, Hamilton HM GX              Burnaby Building
   Tel: (441) 292-4364 Fax: (441) 295-3982
                                                26 Victoria Street, Hamilton HM 12            16 Burnaby Street, Hamilton HM 11
   E-mail: kilian_whelan@jltgroup.bm
                                                Tel: (441) 296-6298 Fax: (441) 296-1537       Tel: (441) 295-8495 Fax: (441) 292-1196
   Kast Financial Management Ltd.               E-mail: tkeill@primary.bm                     E-mail: andy.mccomb@allegro.bm
   Mr. Harry Kast
                                                QBE Management (Bermuda) Limited              USA Risk Group (Bermuda) Ltd.
   Gibbons Building, 1st Floor                  Mr. Nick Frost                                Mr. Murray Nicol
   10 Queen Street, Hamilton HM 11
                                                P.O. Box HM 1234, Hamilton HM FX              P.O. Box HM 1601, Hamilton HM GX
   Tel: (441) 295-4274 Fax: (441) 295-8075
                                                Swan Building                                 Windsor Place, 2nd Floor
   E-mail: kfml@ibl.bm                          26 Victoria Street, Hamilton HM 12            18 Queen Street, Hamilton HM 11
   Liberty Mutual Management                    Tel: (441) 292-5105 Fax: (441) 292-5302       Tel: (441) 296-3973 Fax: (441) 296-1023
   (Bermuda) Ltd.                               E-mail: nfrost@questgroup.bm                  E-mail: mnicol@vim.usarisk.com
   Mr. Peter Willitts
                                                Quest Management Services Limited             W. A. Taft & Co.
   P.O. Box HM 2455, Hamilton HM JX             Mr. Nicholas Dove                             Mr. Richard Winchell
   Maxwell Roberts Building, 4th Floor
   1 Church Street, Hamilton HM JX              P.O. Box HM 2062, Hamilton HM HX              P.O. Box HM 3103, Hamilton HM NX
                                                Skandia International House                   Continental Building, 3rd Floor
   Tel: (441) 296-2131 Fax: (441) 296-8846
                                                16 Church Street, Hamilton HM 11              25 Church Street, Hamilton HM 12
   E-mail: peter.willitts@libertybermuda.com
                                                Tel: (441) 295-2185 Fax: (441) 292-1143       Tel: (441) 292-5939 Fax: (441) 295-7475
   Marsh Management Services                    E-mail: ndove@questgroup.bm                   E-mail: richard.winchell@strategicrisks.com
   (Bermuda) Ltd.
   Mr. Rory Gorman                              Reid Management Limited                       Welbeck Management Ltd.
                                                Ms Carol Feathers                             Mr. Jonathan Richmond
   P.O. Box HM 1826, Hamilton HM HX
   Victoria Hall                                P.O. Box HM 1179, Hamilton HM EX              P.O. Box HM 2446, Hamilton HM JX
   11 Victoria Street, Hamilton HM 11           Argyle House                                  International Centre, Room 504
                                                41a Cedar Avenue, Hamilton HM 12              26 Bermudiana Road, Hamilton HM 11
   Tel: (441) 298-6617 Fax: (441) 294-1690
                                                Tel: (441) 298-3580 Fax: (441) 296-3328       Tel: (441) 295-2240 Fax: (441) 295-2269
   E-mail: rory.gorman@marsh.com
                                                E-mail: cfeathers@reidman.bm                  E-mail: welbeck@northrock.bm
   Meadowbrook Risk Management Ltd.
   Mr. James P. Kelly                           Richmond Financial Managers Ltd.              Willis Management (Bermuda) Limited
                                                Ms Lynda Milligan-White                       Mr. J. Oliver Heyliger
   Belvedere Building
   69 Pitts Bay Road, Pembroke HM 08            P.O. Box HM 1913, Hamilton HM HX              P.O. Box HM 1995, Hamilton HM HX
                                                Ram Re House, 2nd Floor                       The Vallis Building, 3rd Floor
   Tel: (441) 292-7569 Fax: (441) 292-3299
                                                46 Reid Street, Hamilton HM 12                58 Par-la-Ville Road, Hamilton HM 11
   E-mail: jpk@ibl.bm
                                                Tel: (441) 295-1302 Fax: (441) 295-8555       Tel: (441) 295-1272 Fax: (441) 295-4143
   NG Insurance Management Company Ltd.         E-mail: lmw@richmond.bm                       E-mail: oliver.heyliger@willis.com
   Mr. Andrew McComb
                                                Risk Services (Bermuda) Ltd.                  Windward Management Ltd.
   P.O. Box HM 2904, Hamilton HM LX             Mrs. Toni E. Johnson                          Mr. Terrett West
   Burnaby Building
   16 Burnaby Street, Hamilton HM 11            P.O. Box HM 397, Hamilton HM BX               P.O. Box HM 892, Hamilton HM DX
                                                The Armoury Building, 1st Floor               23 Rosemont Avenue, Pembroke HM 08
   Tel: (441) 295-8495 Fax: (441) 292-1196
                                                37 Reid Street, Hamilton HM 12                Tel: (441) 296-3777 Fax: (441) 292-0979
   E-mail: andy.mccomb@allegro.bm
                                                Tel: (441) 295-8441 Fax: (441) 292-1210       E-mail: twest@windward.bm
   Novus Management Limited                     E-mail: tjohnson@captivemanagers.com
   Mr. Michael Swain                                                                          Zurich International (Bermuda) Ltd.
                                                Strategic Risk Solutions (Bermuda) Ltd.       Mr. Michael Deevy
   P.O. Box HM 3044, Hamilton HM NX             Mr. Richard Winchell
   Mechanics Building, 3rd Floor                                                              P.O. Box HM 2268, Hamilton HM JX
   12 Church Street, Hamilton HM 11             P.O. Box HM 3103, Hamilton HM NX              Wellesley House, 3rd Floor
                                                Continental Building, 3rd Floor               90 Pitts Bay Road, Pembroke HM 08
   Tel: (441) 296-2299 Fax: (441) 295-9659
                                                25 Church Street, Hamilton HM 12              Tel: (441) 294-2400 Fax: (441) 294-2401
   E-mail: mswain@novus.bm
                                                Tel: (441) 292-5939 Fax: (441) 295-7475       E-mail: mike.deevy@bm.zurich.com
                                                E-mail: richard.winchell@strategicrisks.com
54 Bermuda Market Solutions
                                                                   The World’s Risk Capital

                                                                               BIRBA Directory




Insurance & Reinsurance
Brokers Association
The Bermuda Insurance and Reinsurance Brokers Association (BIRBA) is an
association of Bermuda based insurance and reinsurance brokers who actively
engage in the procurement and placement of international business on the Island.
The organization meets regularly to foster networking opportunities and to
facilitate the presentation of the brokers perspective to Government bodies,
market associations and other stakeholders in the Bermuda Insurance industry.




                                                                          Bermuda Market Solutions   55
                                                   BIRBA Directory 2006




   Bermuda Insurance and Reinsurance Brokers Association (BIRBA)

   Aon (Bermuda) Ltd.                        BMS Bermuda Ltd.                          Independent Brokers Ltd.
   Mr. Paul Markey                           Mr. Mark Terrey                           Mr. Simon Everett
   P.O. Box HM 2020, Hamilton HM HX          P.O. Box HM 2953, Hamilton HM MX          P.O. Box HM 2070, Hamilton HM HX
   Cumberland House, 8th and 9th Floor       Spithead Cottage                          Wellesley House South, 2nd Floor
   1 Victoria Street, Hamilton HM 11         45 Harbour Road, Warwick WK 04            90 Pitts Bay Road, Pembroke HM 08
   Tel: (441) 295-0265 Fax: (441) 292-8053   Tel: (441) 232-3784 Fax: (441) 232-3783   Tel: (441) 295-1646 Fax: (441) 292-8062
   E-mail: Paul_Markey@agl.aon.com           E-mail: mark.terrey@bmsgroup.com          E-mail: severett@img.bm

   Aon Re Bermuda                            Carvill (Bermuda) Ltd.                    JLT Risk Solutions (Bermuda) Ltd.
   Mr. Robert Johnston                       Mr. Nigel Clark                           Mr. Gareth Davies
   P.O. Box HM 2020, Hamilton HM HX          P.O. Box HM 816, Hamilton HM CX           P.O. Box HM 958, Hamilton HM DX
   Cumberland House, 7th Floor               83-85 Front Street, Hamilton HM 08        Cedar House
   1 Victoria Street, Hamilton HM 11         Tel: (441) 278-7600 Fax: (441) 295-6658   41 Cedar Avenue, Hamilton HM 12
   Tel: (441) 295-0265 Fax: (441) 292-8053   E-mail: nclark@carvill.bm                 Tel: (441) 292-4364 Fax: (441) 292-4496
   E-mail: Robert_Johnston@agl.aon.com                                                 E-mail: gareth_davies@jltgroup.bm
                                             Crump International Ltd.
   Arthur J. Gallagher & Co (Bermuda) Ltd.   Alan Waring                               John B. Collins Associates
   Mr. David McManus                         P.O. Box HM 1943, Hamilton HM HX          (Bermuda) Ltd.
                                             Par-la-Ville Place, 4th Floor             Mr. Tony Fox
   P.O. Box HM 2000, Hamilton HM HX
                                             14 Par-la-Ville Road, Hamilton HM 08      61 Front Street, Hamilton HM 11
   Swan Building, 1st Floor
   26 Victoria Street, Hamilton HM 12        Tel: (441) 279-6239 Fax: (441) 292-6257   Tel: (441) 295-0601 Fax: (441) 295-0603
   Tel: (441) 292-4654 Fax: (441) 292-8231   E-mail: alan.waring@crumpins.com          E-mail: tony.fox@jbcollins.bm
   E-mail: David_McManus@ajg.com             Fintra International Ltd.                 Kirkway International Ltd.
                                             Mr. John Walsh                            Mr. Michael Woodroffe
   Beecher Carlson Brokerage
   Mr. Tony Bibbings                         Belvedere Building, 3rd Floor             P.O. Box HM 413, Hamilton HM BX
                                             69 Pitts Bay Road, Pembroke HM 08         Belvedere Building
   P.O. Box HM 2461, Hamilton HM JX
   Wessex House, 1st Floor                   Tel: (441) 295-3320 Fax: (441) 292-3877   69 Pitt’s Bay Road, Pembroke HM 08
   45 Reid Street, Hamilton HM 12            E-mail: jwalsh@fintra.bm                  Tel: (441) 296-5829 Fax: (441) 292-5914
   Tel: (441) 295-0519 Fax: (441) 295-0933                                             E-mail: mw@kirkwayintl.com
                                             Guy Carpenter & Co., Inc.
   E-mail: tbibbings@beechercarlson.com      Mr. Norbert Golinski                      Kitson Brokerage Services Ltd.
   Benfield (Bermuda) Ltd.                   Victoria Hall                             Mr. Stephen Dean
   Mr. John Jenks                            11 Victoria Street, Hamilton HM 11        P.O. Box HM 449, Hamilton HM BX
   Wessex House                              Tel: (441) 297-9717 Fax: (441) 295-4874   Kitson Building
   45 Reid Street, Hamilton HM 12            E-mail: norbert.c.golinski@guycarp.com    5 Reid Street, Hamilton HM 11
   Tel: (441) 296-4546 Fax: (441) 296-4547                                             Tel: (441) 298-2325 Fax: (441) 292-4136
                                             HSBC Insurance Solutions (Bermuda)        E-mail: steve@kitson.bm
   E-mail: John.Jenks@BenfieldGroup.com
                                             Limited
                                             Mr. Roy Fellowes                          Marsh Global Markets (Bermuda) Limited
                                             P.O. Box HM 3033, Hamilton HM NX          Mr. Christopher Reeves
                                             Continental Building, 1st Floor           P.O. Box HM 2444, Hamilton HM JX
                                             25 Church Street, Hamilton HM 12          Craig Appin House
                                             Tel: (441) 292-7505 Fax: (441) 292-1243   8 Wesley Street, Hamilton HM 11
                                             E-mail: roy.fellowes@hsbc.bm              Tel: (441) 295-3454 Fax: (441) 292-5731
                                                                                       E-mail: christopher.w.reeves@marsh.com




56 Bermuda Market Solutions
                                                 BIRBA Directory 2006




Miller Bermuda Limited                     SRS Access Ltd.
Mrs. Julia Mather                          Mr. Richard Winchell
P.O. Box HM 1740, Hamilton HM GX           P.O. Box HM 3103, Hamilton HM NX
Jardine House                              Continental Building, 3rd Floor
33-35 Reid Street, Hamilton HM 11          25 Church Street, Hamilton HM 12
Tel: (441) 295-5570 Fax: (441) 295-8790    Tel: (441) 292-5939 Fax: (441) 295-7475
E-mail: Julia.mather@miller-bermuda.com    E-mail: richard.winchell@strategicrisks.com

Napco of Bermuda Ltd.                      Swift Intermediaries Limited
Mr. Salvatore Tucci                        Mr. Neil Hitchcock
The Commerce Building, Suite 302a          Suite 570
54 Reid Street, Hamilton HM 12             12 Church Street, Hamilton HM 11
Tel: (441) 292-9266 Fax: (441) 292-9302    International Centre, Suite 404
                                           26 Bermudiana Road, Hamilton HM 11
E-mail: stucci@napcobermuda.com
                                           Tel: (441) 297-9438 Fax: (441) 296-2543
North Atlantic Brokers                     E-mail: nhitchcock@swiftbermuda.com
Mr. Giles North
                                           Symphony Broking Ltd.
P.O. Box HM 2078, Hamilton HM HX
                                           Mr. John Neal
Windsor Place, 2nd Floor
18 Queen Street, Hamilton HM 11            P.O. Box HM 1538, Hamilton HM FX
Tel: (441) 292-7801 Fax: (441) 295-5444    Pearman Building, 3rd Floor
                                           3 Gorham Road, Hamilton HM 08
E-mail: gnorth@asl.bm
                                           Tel: (441) 295-2447 Fax: (441) 292-0511
Paragon Brokers (Bermuda) Ltd.             E-mail: John.neal@symphony.bm
Mr. Martyn Svensen
                                           Willis (Bermuda) Ltd.
LOM Building
                                           Mr. Henry Scully
27 Reid Street, Hamilton HM 11
Tel: (441) 292-0875 Fax: (441) 292-8343    P.O. Box HM 1995, Hamilton HM HX
                                           The Vallis Building, 3rd Floor
E-mail: msvensen@paragonbrokers.com
                                           58 Par-la-Ville Road, Hamilton HM 11
Park (Bermuda) Limited                     Tel: (441) 295-1272 Fax: (441) 295-4143
Mr. Paul Scope                             E-mail: henry.scully@willis.com
P.O. Box HM 1616, Hamilton HM GX
                                           Willis Re
IAS & Park Building (West)
                                           Mr. James Kent
44 Church Street, Hamilton HM 12
Tel: (441) 295-7396 Fax: (441) 295-4622    P.O. Box HM 1995, Hamilton HM HX
                                           The Vallis Building, 3rd Floor
E-mail: pscope@park.bm
                                           58 Par-la-Ville Road, Hamilton HM 11
R.K. Harrison Insurance Brokers Ltd.       Tel: (441) 295-1272 Fax: (441) 295-4143
Mr. Gary Shertenlieb Jr.                   E-mail: james.kent@willis.com
Suite 599
12 Church Street, Hamilton HM 11
2 Reid Street, 3rd Floor, Hamilton HM 11
Tel: (441) 296-4545 Fax: (441) 296-4712
E-mail: gary.shertenlieb@rkharrison.bm




                                                                                         Bermuda Market Solutions   57
                                                                                                     The World’s Risk Capital

  Web Site Addresses


       Profile on Insurance site
       The Bermuda Insurance Market web site can be found at www.bermuda-insurance.org. To obtain information on the
       market and Bermuda, news releases and ‘The Bermuda Insurance Update’, a periodical journal about the market go to our
       web site.

       Web sites for Insurance/Reinsurance companies in the Bermuda market include:

       COMPANY                                    WEB SITE URL
       ACE Limited                                 acelimited.com     Swiss Re                                       swissre.com
       Allianz Risk Transfer (Bermuda) Ltd.         art.allianz.com   Tokio Millennium Re Ltd.                tokiomillennium.com
       American Safety Assurance Ltd.                                 Wilton Reinsurance Bermuda Limited              wiltonre.bm
                                      americansafetyinsurance.com     XL Capital Ltd                                 xlcapital.com
       Arch Reinsurance Ltd.                   archreinsurance.bm
       Ariel Reinsurance Company Ltd                   arielre.com    Web sites for BIMA/BIRBA companies include:

       Assured Guaranty Re Ltd.               assuredguaranty.com     COMPANY                                    WEB SITE URL
       AXIS Capital Holdings Limited                        axis.bm   Aon Insurance Managers (Bermuda) Ltd aoncaptives.com
       BF&M Ltd.                                            bfm.bm    Arthur J. Gallagher Management (Bermuda) Limitedajg.com
       Catlin Insurance Company Ltd.                    catlin.com    Atlantic Security Ltd.                               asl.bm
       Chubb Atlantic Indemnity Ltd.             chubbatlantic.bm     Beecher Carlson Brokerage               beechercarlson.com
       Endurance Specialty Insurance Ltd.           endurance.bm      Benfield (Bermuda) Ltd.                  benfieldgroup.com
       European International Reinsurance Company Ltd.                Carvill (Bermuda) Ltd.                           carvill.com
                                                      swissre.com     Cedar Management Limited               cedarmanagement.bm
       Everest Reinsurance (Bermuda) Ltd.                             Codan Management Ltd.                               cdp.bm
                                            everestre.com/re-group    Crump International Ltd.                      crumpins.com
       Exporters Insurance Company Ltd.                               Horseshoe Management Ltd.                     horseshoe.bm
                                           exportersinsurance.com     HSBC Insurance Solutions (Bermuda) Limited       HSBC.com
       Hannover Re (Bermuda) Ltd.                  hannover-re.bm     Independent Managment Group Ltd.                    img.bm
       Hiscox Insurance Company (Bermuda) Limited hiscox.bm           International Advisory Services Ltd.                 ias.bm
       Innova                                           innova.bm     JLT Risk Solutions (Bermuda) Ltd.                     jlt.bm
       Investors Guaranty Fund, Ltd.                         igf.bm   Liberty Mutual Management (Bermuda) Ltd.
       IPCRE Group                                         ipcre.bm                                  libertymutual.com/captives
       Max Re Ltd.                                      maxre.bm      Marsh Management Services (Bermuda) Ltd.
       Montpelier Reinsurance Ltd.                montpelierre.bm                                         marshmanagement.com
       Nephila Capital                          nephilacapital.com    Park (Bermuda) Limited                     theparkgroup.bm
       Oil Casualty Insurance, Ltd.                         ocil.bm   Reid Management Limited                         reidman.bm
       Oil Insurance Limited                                 oil.bm   Richmond Financial Managers Ltd.               richmond.bm
       Olympus Reinsurance Company, Ltd.          olympus-re.com      R. K. Harrison Insurance Brokers Ltd.        rkharrison.com
       PartnerRe Ltd.                               partnerre.com     Strategic Risk Solutions (Bermuda) Ltd. strategicrisks.com
       Platinum Underwriters Group                 platinumre.com     Symphony Management Ltd.            symphonybermuda.com
       PXRE                                                pxre.com   USA Risk Group (Bermuda) Ltd.                   usarisk.com
       Quanta Capital Holdings Ltd.           quantaholdings.com      W. A. Taft & Co.                                taftcos.com
       RenaissanceRe Holdings Ltd.                      renre.com     Willis Management (Bermuda) Limited       williscaptives.com
       sEnergy Insurance Ltd.                          senergy.bm     Zurich International (Bermuda) Ltd.      zurichbermuda.com
       SIGCo                                               cofr.com
       Starr Excess Liability Insurance Company, Limited              ASSOCIATED WEBSITES                 WEB SITE ADDRESS
                                                  starrexcess.com     BII - Bermuda Insurance Institute                   bii.com
       Steamship Mutual Underwriting Assoc. (Bermuda) Ltd             BFIS - Bermuda Foundation for Insurance Studies     bfis.bm
                                                        simsl.com     BMA - Bermuda Monetary Authority                    bma.bm


58 Bermuda Market Solutions
The World’s Risk Capital

              Notes




    Bermuda Market Solutions   59
                             Perspectives
                                       The Bermuda Factor
                      “Bermuda’s defining identity as a center for innovation,
              creativity and substantial intellectual capital, combined with the Island’s
               flexible regulatory environment continue to fuel its impressive growth.”
                       Laline Carvalho, Director, Standard & Poor’s Insurance Ratings

           “It seems faintly absurd. How can Bermuda, an island the size of Manhattan,
            with just 65,000 people, have a consistently more vibrant insurance industry
                         than the US or London, the other market leaders?”
                                               BusinessWeek

              “Following its growth during the 1990s, Bermuda is now acknowledged
                   as one of the key global insurance and reinsurance centres.”
                                                 Benfield




                           Bermuda Insurance Market
P.O. Box HM 2911, Hamilton HM LX, Bermuda • Tel: (441) 292-9829 • Fax: (441) 295-3532
            E-mail: biminfo@bii.bm • Website: www.bermuda–insurance.org

				
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