Top executives of Bermuda's insurance and reinsurance industries joined their global counterparts yesterday in a live satellite presentation from New York on issues relating to Y2K or the "Millennium Bug''.

Presented by intermediary Guy Carpenter, the live broadcast went out to 22 cities around the world, with an estimated 1,000-plus people at the combined sites.

In Bermuda, the event was staged at the Bermuda Underwater Exploration Institute (BUEI), where some 75 people from the local industries attended.

Guy Carpenter managing director Ed Sweeney said: "It was for the benefit of our clients and market prospects in the insurance and reinsurance industries.

"The Bermuda market is included because it is an important insurance and reinsurance centre. We have many clients here and many markets here. It is as natural to be here as it is to be in New York or London.'' COMPANY GETS UPGRADE BUC Company gets upgrade Bermuda-registered American Safety Insurance Group, Ltd. has received a higher financial size rating (VII) from ratings agency A.M. Best Co.

Best also reaffirmed a rating of "A'' (Excellent) on a group basis with a stable ratings outlook for American Safety, as well as its US subsidiary, American Safety Casualty Insurance Co., and its non-subsidiary affiliate, American Safety Risk Retention Group, Inc.

President and CEO, Lloyd A. Fox, said: "As A.M. Best indicated in their notice to us, the rating reflects our group's conservative operating strategy, excellent loss control and underwriting standards, strong earnings performance and high quality balance sheet.

"The higher rating, together with our increased capital base from our successful initial public offering in February, 1998 and a growing portfolio of specialised insurance programmes, should enable our company to access a broader base of insurance business opportunities.'' American Safety is an insurance holding company, which through its subsidiaries, develops, underwrites, manages and markets primary casualty insurance and reinsurance for environmental remediation risks and staffing industry risks.

EXECUTIVES PROMOTED APP Executives promoted Renaissance Reinsurance Ltd. has promoted Alex Richards to assistant vice president and Diana Petty to assistant controller.

Mr. Richards has been with the firm since November, 1993, after leaving a position at Tillinghast-Towers Perrin, where he was a consultant to the reinsurer.

Mrs. Petty was previously employed by Johnson & Higgins as an account manager, primarily responsible for the accounts of the reinsurer and its subsidiaries, before joining Renaissance Reinsurance in January, 1996.