show a surprisingly healthy growth both in insurance premiums collected by Bermuda's Class 4 insurers and also in terms of capital & surplus for the firms.

The figures are likely to underscore the growth in the size and security of the Bermuda market.

Meanwhile, the Insurance Advisory Committee (IAC), the joint regulatory and industry body that advises government on legislation and other insurance matters, is about to get more aggressive in promoting Bermuda as the insurance domicile of choice.

It comes after growing pressure from other insurance jurisdictions in the search for market share.

IAC member Bob Steinhoff noted: "We are in a very competitive international market right now with insurance pricing being soft. We're looking to step up our generic marketing efforts to really maintain and further improve our leadership position in that marketplace.'' Mr. Steinhoff said that it comes after a 1997 in which the committee did more than ever before, including attending more insurance-related conferences. He said, "We now have an Internet site that promotes Bermuda. We're attracting more insurance conferences here, which is a great way to increase the number of companies in Bermuda, because people actually come to the Island and see first hand the opportunities that exist here.

"And for several years we have had a modest promotional campaign. We will selectively step that up, although it will still remain a modest campaign.

"Our newsletter, Bermuda Market Update, has now become electronically available on services like Reuters, Bloomberg, and Dow Jones Telerate system.

"One of the things we're looking to improve this year is improve our general marketing. I think in the past, we've probably done a better job of promoting the captive sector, as opposed to the commercial reinsurance sector here.

"So we're looking at a better balance for our marketing, to put more emphasis on the reinsurance sector and the commercial insurance sector, or rather the non-captive market.'' Mr. Steinhoff said that the competition has become more intense in the soft market, because with lower rating or pricing, fewer captives tend to be established. Alternatives include a lot of inexpensive insurance in the traditional marketplace.

He said, "People are competing more for the reduced premiums. But we have been very pleased with Bermuda's progress in this type of market. We continue to incorporate new companies at a rate we can continue to be proud of.'' The IAC, which is comprised of officials from both the Registrar of Companies and the Finance Ministry, together with various industry representatives, are set for their annual meeting this month with a broader cross-section of industry officials.

The meeting is generally designed to bring new ideas to the fore, identify market concerns and help establish new strategies to better grow the Bermuda marketplace.

Kymn Astwood BUSINESS BUC