organisations in the Annual Reports Competition sponsored by the Bermuda Branch of the Institute of Chartered Secretaries Association of Canada (ICSA).

Belco Holdings Ltd. won the top prize in the local category, PartnerRe Ltd.

won first place in the international category and Bermuda Zoological Society took the highest award in the category for non-profit organisations.

In the local category, Bermuda Monetary Authority was second and Bermuda Home Ltd. placed third.

In the international category, leading Bermuda insurers ACE Ltd. and Exel Ltd.

shared second place prize, while Stockton Reinsurance Ltd. and Terra Nova (Bermuda) Holdings Ltd. shared third prize.

In the non-profit organisations category, Bermuda Biological Station and Bermuda International Business Association (BIBA) were jointly second.

The judges included president and CEO of RSA Services Ltd. Robin Spencer-Arscott, president of Winchester Global Trust Co. Ltd. Tom Davis, Deloitte & Touche partner Mark Smith, Roche International treasurer John Stout and Windward Management president Terry West.

ICSA Bermuda branch vice chairman, Richard Jenkyn, stated, "We like to feel that some influence is created by this competition, in so far as the winning entries provide a standard for others to aspire to.''