Branum as new chairman, the organisation announced.

Mr. Branum, president of the finite risk insurance company Inter-Ocean Reinsurance, replaces ACE Ltd.'s Mr. Bill Loschert.

Mr. Loschert, who chaired the association for the past year, will remain on the executive as immediate past chairman.

The BIUA, which includes Bermuda-based professional underwriters assuming insurance and reinsurance risks, has 34 members.

"The recent growth of the BIUA is an extension of what has been happening in our industry and clearly mirrors the continuing strength of the Island's commercial insurance market,'' said Mr. Branum.

"We have added ten new members over the past two years,'' he added. The latest statistics from the Registrar of Companies show that the capital base of the industry increased 33 percent last year to reach $29 billion in capital and surplus.

New members joining in the last year include, Chubb Atlantic Indemnity, Lexington Insurance, Tempest Reinsurance, General Reinsurance Underwriting Services, and Stockton Reinsurance, according to a released from the Bermuda Insurance Institute (BII).

The BIUA meets monthly to discuss topics germane to the insurance and reinsurance business.

The associations new executive includes; Mr. Neill Currie of Renaissance Re, vice chairman, Mr. Mark Berry of Mid Ocean Reinsurance, treasurer, Mr. Peter Oliver of Colonial Insurance, secretary, and Ms Gail Martin of Global Capital Re, assistant secretary.

NEW CHAIRMAN -- The Bermuda Independent Underwriters Association (BIUA) announced the appointment of Mr. Jay Branum, left, to the position of chairman. Mr. Bill Loschert, centre, will serve as immediate past chairman while Mr. Neill Currie, right, is the BIUA vice chairman.