months to July 31, and by a total of 40 during the last 12 months -- and there could be more to come.

Additions during the seven month period were placed at 39, compared to 50 that came on line during the same period last year. There were 16 removals so far this year, while 23 were taken off the register during the same period last year.

Registrar of Companies, Kymn Astwood, said: "During the month of August, there were quite a few applications to incorporate insurers appearing before the admissions committee.

"So I'm not overly concerned at the fact that at the end of July, there are less than the 50 recorded for the same period last year.

"A second point is that last year was an extremely good year and it is not possible to maintain that level of growth every year.

"But it is too early to tell whether or not 1996 will be a bad or good year for us in terms of incorporations. I've seen years were we have incorporated some 48 companies.

"These figures are only to July 31 and the number is 39. So I certainly don't think it is going to be our worst year, although it may not be our best year.

It would be more interesting to know how company formations compare to other, competing domiciles.'' The total number of international insurers on the register at July 31 was 1,424, compared to 1,384 at the end of July, 1995.

A total of 16 new incorporations this year were listed as significantly sized Class 3 companies, while just one was listed as a Class 4. There were 15 companies incorporated during this period as Class 1 insurers, and five as Class 2 insurers.

Mr. Astwood said that there was some evidence of diversification in the type of business being attracted.

The sole Class 4 company is EpiCentre Reinsurance (Bermuda) Limited, set up by Bermuda-based Centre Re. It is focusing on property catastrophe programmes, providing alternative solutions to catastrophe risks that include the securitisation of risks or derivatives.

The company spins off existing Centre Re programmes with premium writings that could exceed more than $100 million in multi-year plans that could include other high severity, low probability events other than hurricanes and earthquakes.

GOVERNMENT GVT