The newspaper for business people published a survey on risk management in Monday's edition that included an article on captives entitled, "Bermuda is tops.'' It quotes Tillinghast Captive Insurance Company Reports as listing 1173 captives in Bermuda in 1993, by far outstripping its closest competitor, Cayman Islands, with 360 captives domiciled there.

FT quotes figures that showed Bermuda capturing better than 36 percent of the 3225 captives worldwide, but says that Bermuda is overcrowded with such companies. It reports Registrar of Companies, Malcolm Butterfield, as overseeing an influx of property catastrophe reinsurance companies over the last year which he believes enhances the reputation of the Island's captives.

But with overcrowding, he foresaw only a moderate growth in captive numbers in the future.

FT notes that out of the top 100 UK companies, Bermuda takes second place to the Isle of Man.