Bermuda Angle: a life re player emerges from the Bermuda hothouse.

Bermuda's insurance and reinsurance sector has traditionally concentrated on the property/casualty lines. Lately, however, life, health and annuity lines have been cropping up more frequently. Many of the large Bermuda companies --14 now have capital and surplus in excess of a billion dollars -- have operations or investments on the life side. Among the smaller companies are several whose main business is life-related.

One such company is the up-and-coming Scottish Antiuity & Life Holdings Ltd. Formed in the Cayman Islands, where it is still registered, Scottish moved