Bermuda's emergence as the world's largest offshore reinsurance centre was outlined to the Tillinghast seminar participants by top insurance regulator, Mr. Malcolm Butterfield, the Registrar of Companies.

Mr. Butterfield opened the conference by stating that the formation of the property catastrophe reinsurers in 1992 and 1993 was what brought real credibility to Bermuda's insurance marketplace.

He said, "Bermuda plays a prominent role in the worldwide reinsurance scene.

From a statistical viewpoint, it is estimated that the capital and surplus of the Bermuda reinsurance market now stands at well over $25 billion.

"There are over 1300 reinsurance companies which make up the entire Bermuda insurance industry.'' Mr. Butterfield acknowledged that most of the reinsurance companies were captives, but he said, "Bermuda is now regarded as a highly respected and stable offshore international reinsurance market, providing much needed global capacity to many corporate insurance buyers.'' He referred to the new initiative to beef up insurance regulations and the innovative aspect of it that establishes a class four category of licensing with capital and surplus requirements of $100 million.

In including the Island's property catastrophe reinsurance companies, the new requirements would establish a new standard in the industry, worldwide.

Mr. Butterfield said, "Bermuda's new regulations have earned us a sterling reputation as a reinsurance jurisdiction.''