first quarter of 1993 compared with the same period in 1992, according to figures published by the industry's leading publication, Captive Insurance Company Reports.

In fact, market-leader Bermuda, which had nine captive formations during the period, had to take second place to Guernsey, with ten.

The full list of new formations, with 1992 first quarter figures in brackets, is: Guernsey, 10 (5); Bermuda, 9 (16); Barbados, 6 (8); the Cayman Islands, 5 (4); Vermont, 4 (6); Luxembourg, 3 (1); the Isle of Man, 3 (5); and Ireland, 1 (5).