The cost of last week's terrorist attacks on the United States continued to rise for the Bermuda insurance industry yesterday, with more reinsurers declaring the latest estimates of their liability to the huge amount of damage done in the United States.

The bill in Bermuda has gone up to between $1.581 billion and $1.761 billion after the attacks on the United States last Tuesday, and is expected to continue to rise as businesses calculate their exposure.

The latest to declare liability is Everest Re, which put an estimated figure of $75 million on its exposure. ESG Re also made its liability public, estimating a minimal impact of $1 million.

On Friday, Partner Re said that its claims for the terrorist attacks were expected to be for between $350 million and $400 million, IPC Re predicted $75 million, PXRE between $30 and $35 million and Trenwick, which owns La Salle Re, between $50 and $75 million.

This adds to the bills faced by Bermuda insurance giants ACE Ltd and XL Capital Ltd who will between them bear more than $1 billion of the claims from the terrorist attacks in New York and Washington, both companies announced last Thursday.

Other Bermuda insurers and reinsurers are expected to release their exposure to claims in the coming week and others to revise their initial estimates as more information.

Ratings agencies have now upped their estimates of the cost of the total damage from $15 million to between $20 and $30 million.

Everest Re Group, Ltd. said it has made a preliminary estimate that its losses from the attacks will be approximately $75 million after tax and reinsurance.

The company said that as of June 30, 2001, it had total assets of $7.3 billion and shareholders' equity of $1.7 billion, and in a release said: "Our customers and shareholders can be assured of the company's financial strength. All of us at Everest extend our deep sympathies to those touched by this tragedy."

Everest Re Group, Ltd. is a Bermuda holding company that operates through Everest Reinsurance Company and provides reinsurance to property and casualty insurers in both the US and international markets.

Other companies in this group include Everest Reinsurance (Bermuda), Everest National Insurance Company, Everest Indemnity Insurance Company, Everest Security Insurance Company and Mt. McKinley Insurance Company.

Bermuda-based ESG Re Ltd. announced yesterday it has completed its initial portfolio analysis of its exposures and liability.

ESG Re, which underwrites medical and accident exposures that may cover individuals affected by the events last week in the US, said it believes that its total exposure will be less than $1 million gross before reinsurance.

Based on a preliminary analysis of its exposure, Mutual Risk Management announced yesterday that it does not expect any material adverse impact on earnings from Tuesday's events.

"All of us at Mutual Risk Management are shocked and saddened by the unparalleled tragedy that took place in the United States on Tuesday. Our thoughts and prayers go out to all the families and friends of the victims," said Robert Mulderig, Chairman and CEO of MRM.

Mr. Mulderig added: "As a large commercial insurer in the United States, we will pay claims related to the World Trade Center tragedy in both our Corporate Risk Management and Specialty Insurance business segments.

"These claims will arise from workers' compensation coverage, limited business interruption coverage, as well as a participation on an aviation policy that provided liability coverage to one of the airlines involved.

"However, we expect that these claims will be fully covered by reinsurance provided by a combination of our Insurance Profit Center "rent-a-captive" operations and the commercial reinsurance market."

Mutual Risk Management Ltd. provides risk management services to clients in the United States, Canada and Europe.

The Bermuda contingent join US insurers Berkshire Hathaway Inc., Chubb Corp. and American International Group Inc. in acknowledging exposure to insurance claims related to the World Trade Center attack.

Several European insurers and reinsurers have also said they will see claims.

Overall, a variety of types of insurance claims are likely to affect dozens of insurers worldwide.

The highest pay outs at the moment appear to fall to Munich Re, $900 million and Swiss Re, at $730 million.

In Britain, Lloyd's of London insurance market, whose member syndicates handle many US and aviation insurance policies, said it had "substantial involvement" but has so far refused to put a figure to this.

And Berkshire Hathaway said it would face between three and five percent of industry losses.