including Zurich Global Energy Ltd., has led to new windows of opportunity for Zurich International (Bermuda) Ltd. (ZIB) -- and a tripling of its written premium.

ZIB markets direct life business and direct non-life business from offices at Cedar Avenue, Hamilton. Incorporated in Bermuda in 1977, it has provided structured insurance products, captive management and rent-a-captive facilities to its clients.

ZIB increased its affiliation with the Zurich Group during the year and continues to renew multi-year business and provide financial risk management services to a variety of other Zurich Group companies and clients. ZIB also works closely with Bermuda-based Centre Reinsurance to provide finite risk solutions to clients.

The management report in the 1996 ZIB annual report points out that as the company gets closer to other Zurich companies, it is able to explore new avenues with the various firms to provide expert strategies to support individual clients' risk management objectives.

The company said: "These new strategies will strengthen our existing relationships with customers as well as prepare the foundation for new relationships in the future.'' Zurich Global Energy is an agency set up in the Bermuda market to manage the petrochemical business the Zurich Group is writing.

Last year, the group successfully sought local regulatory approval for a Zurich Insurance Company branch here, and a primary underwriting vehicle in Bermuda to write for ZIB and worldwide petrochemical business for the Global Energy unit.

Gross premiums written for Global Energy last year were $160.4 million, business that pushed ZIB's total assets over $1.4 billion at December 31.

ZIB's gross premiums written rose substantially to $335,495,000 for the year to December 31, 1996, compared $101.3 million in 1995.

The company paid out the traditional $2 million in dividends and declared a profit of $858,000 for the year, an 87.2 percent plunge in net income, when compared with the $6,704,000 recorded for the year before.

The report from management explained: "ZIB continues its affiliation with Zurich Centre Investments Ltd. (ZCIL), maintaining its 35.3 percent equity holding in the company. The equity pick-up of the results of ZCIL declined by $13.4 million in 1996 and is reflected in net investment income of $11 million, as compared with $27.4 million in 1995. This decrease is reflected in net profit of $0.9 million in 1996, as compared to $6.7 million in 1995.

Zurich premium triples "Gross premiums written increased by 231 percent to $335 million, due largely to the new Global Energy business through the Zurich Group. Net premiums written increased by $80.2 million to $130.2 million in 1996. At almost $1.5 billion, total assets increased by 34.4 percent from 1995.

"In addition to its insurance and reinsurance business, investment activities continue to play an important function for ZIB, now managing several Zurich Group investment holding and insurance companies.''