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CAPTIVE REPORT: BERMUDA, LARGEST MANAGERS OF BERMUDA CAPTIVES.

April 13, 1997 Reprints

Largest managers of Bermuda captives.

Premium volume Captives Staff

Manager 1996 1995 1996 1995 1996 1995

Johnson & Higgins

(Bermuda) Ltd. $1,653 $1,750 193 192 141 152

International Advisory

Services Ltd. 925 810 90 83 50 50

Aon Risk Services

(Bermuda) Ltd. 650 600 90 83 30 29

Alexander Insurance

Managers (Bermuda) Ltd. 572 449 85 83 35 32

Marsh & McLennan Management

Services (Bermuda) Ltd. 500 557 97 89 45 43

Sedgwick Management

Services (Bermuda) Ltd. 305 286 56 57 33 33

Skandia International

Risk Management Ltd. 268 255 82 81 15 15

International Risk

Management (Bermuda) Ltd. 240 363 76 82 39 44

AIG Insurance Management

Services (Bermuda) 198 265 23 28 9 9

Mutual Risk Management

(Bermuda) Ltd. $196.6 $143.6 50 58 18 16

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CAPTIVE REPORT: BERMUDA, LARGEST MANAGERS OF BERMUDA CAPTIVES.

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