BEST'S CAPTIVE DIRECTORY.

2001 Edition Update

The Best's captive Directory has added 47 newly licensed captives to the 2001 edition.

Best's Captive Directory is the authoritative reference source for comprehensive information on captive insurance companies world-wide, The directory, published by A.M. Best Co., lists about 4,400 single-parent and group captives as well as governmental pools and group self-insurance funds.

Periodically, the 2001 edition of the directory will be updated in Best's Review to reflect current changes in the captive market. Below is a listing of the newly licensed captives since March 2001.

Best's Captive Directory Update
Insurance Company                          Sponsor
AIG Life Insurance Company (Bermuda) Ltd.
Ame Reinsurance Ltd.
American Constantine Insurance Company
Limited
Big Red Insurance Company Ltd.
Brick Insurance Company Ltd.
Cisco Systems Insurance Services Ltd.
Essenale Ltd.
Gold Eagle 2001 Ltd                        American Re
Grand Central Re Limited
Hampton Re Limited
Harbourlight Reinsurance Limited
Haverford (Bermuda) Reinsurance Ltd.
Huntleigh Insurance Company Ltd.
Lagniappe Insurance Company Ltd.
Lake Park Insurance Ltd.
New World Reinsurance Ltd.
Ordway Indemnity Ltd.
Parker Assurance Ltd.
Pirogue Insurance Company Ltd.
Sinser Limited
Smithfield Insurance Co. Ltd.
SP Re Ltd.
Swan Risk Services Ltd.
Swatch Group Re Ltd. (The)
T.H.O.R. Insurance Company Limited
Trinom Re, Ltd.
UFP Insurance Ltd.
Venisign Reinsurance Company Ltd.
West Cap Insurance Ltd.
Security Warranty (BVI) Ltd.               Product Services Company
Construction Solutions Insurance Ltd.      Construction
Providence Assurance Coyman Limited        Hospital System
Residential Reinsurance 2001 Limited       Charitable Trust
Saambou Int'L. Insurance PCC Ltd.          Saambou Bank
Applied Underwriters Indemnity RAG Ltd.
Heiwa Insurance Inc.
MedAmerica Reinsurance Company Inc.
Pacific Beacon Life Reassurance Inc.
Servco Automotive Insurance Co. Inc.
Sierra Underwriting Company Ltd.
Western States Insurance Co. Inc.
Puracap S.A                                Puratos Group
Foundation Insurance Company
St. Charles Insurance Company RRB
First American Homebuilders Insurance Co   First American Title Ins Co
Incom Insurance Company                    Dycom Industries Inc.
PPH National Insurance Co                  Rotary International
Insurance Company                          Origin
AIG Life Insurance Company (Bermuda) Ltd.
Ame Reinsurance Ltd.
American Constantine Insurance Company
Limited
Big Red Insurance Company Ltd.
Brick Insurance Company Ltd.
Cisco Systems Insurance Services Ltd.
Essenale Ltd.
Gold Eagle 2001 Ltd
Grand Central Re Limited
Hampton Re Limited
Harbourlight Reinsurance Limited
Haverford (Bermuda) Reinsurance Ltd.
Huntleigh Insurance Company Ltd.
Lagniappe Insurance Company Ltd.
Lake Park Insurance Ltd.
New World Reinsurance Ltd.
Ordway Indemnity Ltd.
Parker Assurance Ltd.
Pirogue Insurance Company Ltd.
Sinser Limited
Smithfield Insurance Co. Ltd.
SP Re Ltd.
Swan Risk Services Ltd.
Swatch Group Re Ltd. (The)
T.H.0.R. Insurance Company Limited
Trinom Re, Ltd.
UFP Insurance Ltd.
Venisign Reinsurance Company Ltd.
West Cap Insurance Ltd.
Security Warranty (BVI) Ltd.               U.S.
Construction Solutions Insurance Ltd.      U.S.
Providence Assurance Coyman Limited        U.S.
Residential Reinsurance 2001 Limited       U.S.
Saambou Int'L. Insurance PCC Ltd.          South Africa
Applied Underwriters Indemnity RAG Ltd.    U.S.
Heiwa Insurance Inc.                       Japan
MedAmerica Reinsurance Company Inc.        U.S.
Pacific Beacon Life Reassurance Inc.       U.S.
Servco Automotive Insurance Co. Inc.       U.S.
Sierra Underwriting Company Ltd.           U.S.
Western States Insurance Co. Inc.          U.S.
Puracap S.A                                Belgium
Foundation Insurance Company               U.S.
St. Charles Insurance Company RRB          U.S.
First American Homebuilders Insurance Co   U.S.
Incom Insurance Company                    U.S.
PPH National Insurance Co                  U.S.
Insurance Company                   Managed by
AIG Life Insurance Company          American International Co. Ltd.
(Bermuda) Ltd.
Ame Reinsurance Ltd.                Marsh Management Services
                                    (Bermuda) Ltd.
American Constantine Insurance      Middleton Associates International
Company                             Ltd.
Limited
Big Red Insurance Company Ltd.      Risk Services (Bermuda) Ltd.
Brick Insurance Company Ltd.        Aon Insurance Managers (Bermuda)
                                    Ltd.
Cisco Systems Insurance Services    Marsh Management Services
Ltd.                                (Bermuda) Ltd.
Essenale Ltd.                       Risk Services (Bermuda) Ltd.
Gold Eagle 2001 Ltd                 Becher & Carison Risk Management
Grand Central Re Limited            Max Re Managers Ltd.
Hampton Re Limited                  Self Managing
Harbourlight Reinsurance Limited    Multi-Line Management Ltd.
Haverford (Bermuda) Reinsurance     Marsh Management Services
Ltd.                                (Bermuda) Ltd.
Huntleigh Insurance Company Ltd.    JLT Risk Solutions Management
                                    (Bermuda) Ltd.
Lagniappe Insurance Company Ltd.    Aon Insurance Managers (Bermuda)
                                    Ltd.
Lake Park Insurance Ltd.            Sinser (Bermuda) Ltd.
New World Reinsurance Ltd.          Marsh Management Services
                                    (Bermuda) Ltd.
Ordway Indemnity Ltd.               Marsh Management Services
                                    (Bermuda) Ltd.
Parker Assurance Ltd.               Powerscourt Management Limited
Pirogue Insurance Company Ltd.      Aon Insurance Managers (Bermuda)
                                    Ltd.
Sinser Limited                      Sinser (Bermuda) Ltd.
Smithfield Insurance Co. Ltd.       Marsh Management Services
                                    (Bermuda) Ltd.
SP Re Ltd.                          JLT Risk Solutions Management
                                    (Bermuda) Ltd.
Swan Risk Services Ltd.             Sinser (Bermuda) Ltd.
Swatch Group Re Ltd. (The)          Zurich International (Bermuda)
                                    Ltd.
T.H.0.R. Insurance Company Limited  Marsh Management Services
                                    (Bermuda) Ltd.
Trinom Re, Ltd.                     Codan Services Limited
UFP Insurance Ltd.                  Marsh Management Services
                                    (Bermuda) Ltd.
Venisign Reinsurance Company Ltd.   Intemational Advisory Services
                                    Ltd.
West Cap Insurance Ltd.             Intemational Advisory Services
                                    Ltd.
Security Warranty (BVI) Ltd.        Belmont Insurance Management Ltd
Construction Solutions Insurance    Marsh
Ltd.
Providence Assurance Coyman         Marsh
Limited
Residential Reinsurance 2001        HSBC
Limited
Saambou Int'L. Insurance PCC Ltd.   Willis Mgmt.
Applied Underwriters Indemnity RAG  Aon Insurance Mgrs.
Ltd.
Heiwa Insurance Inc.                Becher& Carlson Risk Management
MedAmerica Reinsurance Company      Aon Insurance Mgrs.
Inc.
Pacific Beacon Life Reassurance     Marsh
Inc.
Servco Automotive Insurance Co.     Risk Services, Hawaii
Inc.
Sierra Underwriting Company Ltd.    Willis
Western States Insurance Co. Inc.   Aon Insurance Mgrs.
Puracap S.A                         Aon Insurance Mgrs.
Foundation Insurance Company        The Tarheel Group
St. Charles Insurance Company RRB   USA Risk Group
First American Homebuilders         Marsh
Insurance Co
Incom Insurance Company             Willis
PPH National Insurance Co           Aon
Insurance Company                          Domicile
AIG Life Insurance Company (Bermuda) Ltd.  Bermuda
Ame Reinsurance Ltd.                       Bermuda
American Constantine Insurance Company     Bermuda
Limited
Big Red Insurance Company Ltd.             Bermuda
Brick Insurance Company Ltd.               Bermuda
Cisco Systems Insurance Services Ltd.      Bermuda
Essenale Ltd.                              Bermuda
Gold Eagle 2001 Ltd                        Bermuda
Grand Central Re Limited                   Bermuda
Hampton Re Limited                         Bermuda
Harbourlight Reinsurance Limited           Bermuda
Haverford (Bermuda) Reinsurance Ltd.       Bermuda
Huntleigh Insurance Company Ltd.           Bermuda
Lagniappe Insurance Company Ltd.           Bermuda
Lake Park Insurance Ltd.                   Bermuda
New World Reinsurance Ltd.                 Bermuda
Ordway Indemnity Ltd.                      Bermuda
Parker Assurance Ltd.                      Bermuda
Pirogue Insurance Company Ltd.             Bermuda
Sinser Limited                             Bermuda
Smithfield Insurance Co. Ltd.              Bermuda
SP Re Ltd.                                 Bermuda
Swan Risk Services Ltd.                    Bermuda
Swatch Group Re Ltd. (The)                 Bermuda
T.H.0.R. Insurance Company Limited         Bermuda
Trinom Re, Ltd.                            Bermuda
UFP Insurance Ltd.                         Bermuda
Venisign Reinsurance Company Ltd.          Bermuda
West Cap Insurance Ltd.                    Bermuda
Security Warranty (BVI) Ltd.               BVI*
Construction Solutions Insurance Ltd.      Cayman Islands
Providence Assurance Coyman Limited        Cayman Islands
Residential Reinsurance 2001 Limited       Cayman Islands
Saambou Int'L. Insurance PCC Ltd.          Guernsey
Applied Underwriters Indemnity RAG Ltd.    Hawaii
Heiwa Insurance Inc.                       Hawaii
MedAmerica Reinsurance Company Inc.        Hawaii
Pacific Beacon Life Reassurance Inc.       Hawaii
Servco Automotive Insurance Co. Inc.       Hawaii
Sierra Underwriting Company Ltd.           Hawaii
Western States Insurance Co. Inc.          Hawaii
Puracap S.A                                Luxembourg
Foundation Insurance Company               S. Carolina
St. Charles Insurance Company RRB          S. Carolina
First American Homebuilders Insurance Co   Vermont
Incom Insurance Company                    Vermont
PPH National Insurance Co                  Vermont
(*)BVI - British Virgin Islands