The executives of publicly listed insurance and reinsurance companies on Bermuda raked in additional millions in bonuses and stock compensation in 1998 according to the US Securities and Exchange Commission.

The wealth seems to be filtering down from the highest levels as companies attempt to keep top executives from being attracted by better offers elsewhere.

ACE Ltd. and XL Capital Ltd. took up most of the top spots on the compensation list for 1998 (see chart). Both ACE and XL went through explosive growth in 1998 and were very active in buying up other companies.

However it's RenaissanceRe's executive vice president William Riker who topped the list in 1998. He received a package worth $4.35 million of which $3.53 million was in restricted stock awards. Mr. Riker received 75,000 restricted shares in connection with an employment contract he entered into in February 1998. The shares vest over five years.

His total package doesn't include the potential value of the options the company assigned him, or the gains he made in exercising options granted him in previous years.

His boss, president and CEO James Stanard earned the fourth highest package.

Mr. Stanard made a total of $3.37 million in 1998. His compensation was made up of $412,000 in salary, a $600,000 bonus, $1.69 million in other annual compensation, a $104,510 incentive bonus, and $533,328 in restricted stock awards. The $1.69 million includes additional bonus, related taxes, and housing.

Still Mr. Stanard's compensation was down from 1997 when he received $5.7 million, of which $4.22 million was in restricted stock awards. He also received options to purchase 66,667 shares in the future.

Renaissance executive vice president David Eklund received $1.21 million.

Keith Hynes, who is no longer with Renaissance, received $1.18 million in 1998.

From July 26 1995, when the company's initial public offering was made, to December 31 when the stock price was $19.50, Renaissance's cumulative total return was 104.6 percent. During the same period the S&P 500 Composite Stock price index had a return of 135.4 percent, and the S&P property-casualty industry group stock price index had a return of 94.9 percent, ACE Ltd.

chairman, president and CEO Brian Duperreault took second spot on the compensation list making a total of $3.76 million in 1998. His compensation was made up of a salary of $622,500, a bonus of $1.4 million, other compensation of $207,758, restricted stock awards worth $1.19 million, and all other compensation of $309,375. He also received options to 120,000 shares.

The options, which expire in 2007, will be worth an estimated $8.61 million to Mr. Duperreault if the company's stock price rises 10 percent per year from the exercise price of $30.

The 1998 earnings represents a cut in pay over 1997 when Mr. Duperreault earned $7.61 million, a figure which included a restricted stock award of $5.4 million. He also received 180,000 options in 1997. In 1999 his base salary rose to $800,000.

A.C.E. Insurance president Dominic Frederico made $3.2 million in 1998. Donald Kramer, vice chairman and president of ACE subsidiary Tempest Re Insurance Co., made $1.44 million. CFO Christopher Marshall collected $1.93 million as did William Loschert, who heads ACE UK.

XL Capital Ltd. president and chief executive officer Brian O'Hara earned a total of $3.37 million in 1998, coming in third on the list. His compensation included $650,000 in salary, a $1.25 million bonus, $123,065 in other compensation, $1.28 million in restricted stock, and an extra $65,000 for a total of $3.37 million.

The 1998 salary represents a 129 percent increase on his 1997 earnings of $1.47 million.

Other XL executives also shared in the company's push to expand its base of operations in 1998. Chief financial officer Robert Lusardi made $2.87 million of which $1.78 million was in restricted stock. Mr. Lusardi also received 130,000 options.

XL executive vice president and chief executive of the Brockbank group Mark Brockbank made $2.16 million in 1998 while XL Insurance Ltd. CEO Robert Cooney made $1.6 million. Henry Keeling, president and chief executive officer of XL Mid Ocean Reinsurance, made $1.34 million.

LaSalle Re Holdings Ltd. chief executive officer and president Victor Blake made $574,000 salary, a bonus of $225,000, other compensation of $137,393, restricted stock awards of $796,601, and more compensation of $188,114 for a total of $1.92 million in 1998. The figure is a 15 percent increase over his earnings in 1997 when he received $1.67 million. While he didn't receive any options in 1998, he was granted 85,218 in 1997.

Executive vice president and chief operating officer Guy Hengesbaugh received $1.77 million in 1998 plus 28,000 stock options. The options are estimated to be worth about $1.15 million to him if they appreciate at 10 percent a year by the time he has the right to buy them at $25.88 a share.

Over at Mutual Risk Management chairman and chief executive officer Robert Mulderig received a salary of $500,000, bonus of $614,485, and an additional $12,500 for a total of $1.13 million in 1998. He also received 60,000 stock options. In 1997 Mr. Mulderig received $940,501. The 1998 figure represents a 20 percent boost in compensation.

Company president John Kessock, Jr. received $1.2 million in 1998 plus 60,000 share options. The options are awarded to employees at market price on the date issued with 25 percent becoming exercisable each year.

Mutual Risk has had a total return since December 1993 of 365.6 percent compared to the S&P 500 index return of 293.91 percent. The company has also outperformed a selected peer group of insurance companies -- such as Chubb Corp, and American International Group Inc. -- which had a combined total return of 314.44 percent.

Terra Nova (Bermuda) Holdings Ltd. chairman John Dwyer made a $383,333 salary, a $475,000 bonus, other compensation of $138,000 for a total of $996,333 in 1998. He didn't receive any options. The 1998 earnings represented a $307,333 or 45 percent increase over 1997 when he made $689,000. Mr. Dwyer also received 255,700 options in 1997.

In its first year of operation Annuity and Life Re Holdings paid president and chief executive Lawrence Doyle a salary of $322,550, a bonus of $400,000, other compensation of $79,166, and an additional $26,250 in 1998 for a total of $827,966. Mr. Doyle also received options to purchase 764,999 shares in the company. By December 31 Mr. Doyle's options had gained $9.18 million above the exercise price of $15 a share.

From April 9, 1998 to December 31 the company's stock had a total return of 80.3 percent compared to 12.8 percent for the S&P 500 index and 13.17 percent for the company's peer group.

IPC Holdings, Ltd. paid president and chief executive officer John Dowling $425,000 salary, $300,000 bonus, $79,096 in other annual compensation, and an extra $21,250 for a total of $825,346 in 1998. He also received options on 12,000 shares.

PartnerRe Ltd. paid president and chief executive officer Herbert Haag $550,000, a $675,000 bonus, other annual compensation of $87,211, and extras of $20,625 for a total of $1.33 million in 1998. Mr. Haag also received 60,000 options.

Missing from the top 25 are executives at Stirling Cooke Brown Holdings Ltd.

Nicholas Brown, the managing director, made $589,753 during a year when the stock price plummeted. In 1997 he made $500,281. Company president and chief executive officer Nicholas Cooke received $375,000 in salary, and $30,000 in additional compensation in 1998 for a total of $405,000. He made $374,625 in 1997.

WHAT THEY EARN 1998 Compensation of top executives of publicly-listed insurance and reinsurance companies based in Bermuda.

Name Position Company Compensation William Riker evp Renaissance $4.35 million B Duperreault C,P,ceo ACE $3.76 million Brian O'Hara P, ceo XL $3.37 million James Stanard P, ceo Renaissance $3.23 million Dominic Frederico P ACE sub. $3.2 million Robert Lusardi cfo XL $2.87 million Mark Brockbank ceo XL sub. $2.16 million Christopher Marshall cfo ACE $1.93 million William Loschert C ACE UK $1.93 million Victor Blake ceo, P LaSalle $1.92 million G Hengesbaugh evp, coo LaSalle $1.77 million Robert Cooney P,ceo XL sub. $1.6 million Donald Kramer P ACE sub. $1.44 million Henry Keeling P,ceo XL sub. $1.34 million Herbert Haag ceo PartnerRe $1.33 million John Kessock Jr. P Mutual Risk $1.2 million David Eklund evp, P Renaissance $1.2 million Keith Hynes Renaissance $1.18 million Robert Mulderig C, ceo Mutual Risk $1.13 million John Dwyer C Terra Nova $996,333 Nigel Rogers P, ceo Terra Nova $889,515 Lawrence Doyle P, ceo Annuity $827,966 John Dowling P, ceo IPC $825,346 S Moore P, ceo PartnerRe USA $731,454 R Turner evp Mutual Risk $723,656 (P) president; (CEO) chief executive officer; (C) chairman; (CFO) chief financial officer; (EVP) executive vice president; (COO) chief operating officer; (SUB) subm sidiary.

The companies are ACE Ltd., XL Capital Ltd., Renaissance Holdings Ltd., Mutual Risk Management Ltd., Annuity & Life Re Holdings Ltd., LaSalle Re Holdings Ltd., IPC Holdings Ltd., Terra Nova (Bermuda) Holdings Ltd.

The total compensation includes salary, bonus, other annual compensation, re stricted stock awards, and all other compensation in 1998 for the company's fiscal year. Other annual compensation may include a housing allowance, car allowances.

All other compensation may include pension contributions, life insurance premiums, health insurance, relocation expenses, tax services. The compensation amounts do not include the increased potential value of options granted to the executives.

All the information above is from the companies' proxy statements filed with the US Securities and Exchange Commission.