The tenth annual directory of international reinsurance companies lists organizations with a 1997 worldwide net reinsurance premium that exceeds $100 million U.S. dollars. The listings are published free of charge as an editorial service.

All figures are reported in U.S. dollars using average exchange rates for each company's balance sheet fiscal year; a list of the rates used appears on page 35. Fiscal years that differ from the calendar year are noted.

Each listing begins with the company's home office address, telephone and fax numbers and World Wide Web site address. Financial information is provided for 1997 and 1996 and is based on the company's worldwide consolidated (unless otherwise noted) reinsurance operations.

Net premiums written, net premiums earned, total capital and surplus, net income, loss and loss adjustment expenses and underwriting expenses are given. In additon, loss ratios, expense ratios and combined ratios for 1997 and 1996 are listed. The loss ratio is loss and loss adjustment expenses divided by premiums earned. The expense ratio is underwriting expenses divided by premiums earned, except where noted. Comined ratio is the sum of the loss and expense ratios.

The percentage of business written on a treaty basis is provided, along with the percentage written on a facultative basis. In addition, business is broken out by percentage written in domestic vs. foreign markets and percentage written for life vs. non-life lines.

The year founded, parent company and major reinsurance subsidiaries are listed after the financial information. If a company did not include results from subsidiaries in its financial information, a note to that effect follows the list of subsidiaries. The number of employees (in full-time equivalent for year-end 1997) and the number of domestic and foreign locations are also included. The term domestic refers to the country in which the company is based. A list of the risks in which a company specializes is provided under specialties. Names and titles of principal officers, as well as a contact person complete the each listing.

Although BI makes every effort to publish complete and accurate information, we are not able to verify all information provided.