DIRECTORY OF ALTERNATIVE RISK-FINANCING FACILITIES (B)

B

Bankers Insurance Co. Ltd.

Powerscourt Management Ltd., P.O. Box HM 2267, Hamilton HM DX, Bermuda; 441-295-8495

Domicile: Bermuda.

Risks: D&O liability.

Limits: $15 million primary or $15 million excess of various retentions.

Minimum retention: Various dependent on asset size.

Policy form: Claims-made.

Access: Bermuda brokers, direct.

First policy: May 1986.

1996 premium volume*: ($57,000).

1996 assets: $96 million.

1996 capital/surplus: $49 million.

Policyholders: 16 in 1996; 16 estimated in 1997.

Membership: Financial institutions with minimum of $2 billion in assets.

Contact: Steven Western.

**BICL has a three-year prepaid policy, which results in an unusually low written premium in a softening market due to rebates at renewal of prepaid premiums. Earned premium is $2 million.