CAPTIVE REPORT: VERMONT, LARGEST MANAGERS OF VERMONT CAPTIVES

Manager premiumn volume captives staff

1996 1995 1996 1995 1996 1995

Johnson & Higgins Services Inc. $661.6 605.1 72 62 37 32

M&M Insurance Management Services Inc. 633.4 770.7 38 33 11 10

American Risk Management Corp. 428.1 397.0 38 36 5 16

Yankee Captive Management Inc. 273.7 38.9 4 3 4 4

Alexander Insurance Managers 257.8 258.2 36 35 11 10

SB&T Captive Management Co. 129.5 131.7 13 14 8 8

AIG Insurance Management Services Inc. 127.5 129.8 12 12 7.5 8

Vermont Insurance Management Inc. 115.8 211.2 25 29 19 26

Willis Corroon Management (Vermont) Ltd. 57.9 48.1 9 6 7 6

Skandia International Risk Management (Vermont) 36.4 28.4 19 18 5 5

Source: BI survey