the Standard & Poor's Top Global Business Insurers, as the rating agency ranked the world's leading commercial lines insurers by non-life net premiums written.

ACE ranked number 115 with net premiums of $603 million and adjusted shareholders' funds of $2.244 billion in 1996.

XL followed closely behind at number 118 with premiums of $597 million and adjusted shareholders funds of $2.116 billion.

The rankings of the top companies were published on Monday in Business Insurance, for risk managers and others to put together a global insurance programme.

The list includes 200 firms from 40 companies, up from 100 companies in 38 countries a year ago.

At the top of the list is the Japanese giant, Tokio Marine & Fire Insurance Co. with $12.028 billion in non-life net premiums written and adjusted shareholders funds of $31.051 billion.

The Japanese insurer is followed on the list in order by Lloyd's, CNA Insurance Cos., American International Group, Yasuda Fire & Marine Insurance Co. Ltd., Farmers Insurance Group and Nationwide Group.