reinsurance companies, whose salaries rank among the highest in the world.

And there were three more who, while their cash payments did not reach the million dollar mark last year, still ranked among the top fifty highest paid in the industry.

A complete listing of the 50 highest paid CEO's among leading insurers, reinsurers and brokers is featured in the August 28 edition of Business Insurance, a leading trade magazine.

Just shy of the top-ten bracket, XL Capital's Brian O'Hara ranked number 12 on the money list, bringing in cash of $2,500,000 last year. The figure represented a 31 percent pay increase for the 51 year-old, whose company realised a 41 percent increase in premiums written last year.

James Stanard, 51, head of Renaissance Re Holdings Ltd, although getting a cash cut of 3.3 percent, still earned more cash than 52-year-old Brian Duperreault of Ace Ltd.

Mr. Stanard made $2,283,807 in cash while Mr. Duperreault pulled in $2,200,000. They ranked 13th and 14th on the list respectively.

Fifty-three year old Herbert Haag, CEO of Partner Re. was the fourth million dollar man linked to Bermuda. Ranking 26th he made $1,050,000 last year. The figure actually represented a significant drop in his earnings over 1998.

The reason for his 14.3 percent pay cut is not clear, as the company's growth in premiums written, at 93 percent, was the highest of the top 25 international reinsurers.

Mutual Risk Management's 47-year-old Robert Mulderig was in 36th place.

Pulling in a paltry $757,775, he suffered a decrease of 32 percent to his cash compensation. In 1998 Mulderig earned $1,114,485.

Guy Hengesbaugh, the head of LaSalle Re Holdings Ltd. at 41 was the youngest man on the entire list. In 39th place he earned $662,000 in cash. His 47 percent increase was due in large part to his promotion to CEO last July.

Mr. Hengesbaugh's compensation reflects that he was CEO for only half of 1999.

PXRE Group Ltd. head, Gerald Radke was in 45th place. Earning a salary of $564,000. Fifty-five-year-old Mr. Radke realised an increase of 18.7 percent over 1998.

While the six and seven figure salaries are envied by most, it is worth noting that they form only the cash compensation of each of the men.

The numbers get even better when stock options are brought into the picture, running to eight and nine figures.

As a result, even at the revised ranking of 36th place, Mr. Mulderig of Mutual Risk Management had a total net income of well over $50 million and Brian Duperreault of Ace earned $364,963,000.

The list was compiled from 1999 annual reports and proxy statements filed with the US Securities and Exchange Commission.

Million dollar mark: (L-R) ACE's Brian Dupperault, Rennaisance Re's James Stanard and Partner Re's Herbert Haag rank among the top fifty highest paid re-insurance CEO's in the world.