<PAGE>


                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549

                                   FORM 10-Q

[X]    Quarterly report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934.

       For the Quarterly period ended June 30, 2002.

[_]    Transition report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934.

       For the transition period from __________________ to __________________

                             Commission file number

                         AMERINST INSURANCE GROUP, LTD.
                         ------------------------------
            (Exact Name of Registrant as Specified in its Charter)

                 BERMUDA                                98-020-7447
    (State or other jurisdiction of         (I.R.S. Employer Identification No.)
     Incorporation or Organization)
      C/O USA Offshore Management,
          The Vallis Building,
          58 Par-la-Ville Road,
 PO Box HM 1838, Hamilton HMHX, Bermuda
(Address of Principal Executive Offices)                (Zip Code)

Registrant's telephone number, including area code:     (441) 292-4364

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

                             [X] YES       [_] NO

Number of shares of common stock outstanding:


                                                     Number outstanding
                 Class                              as of August 5, 2002
                 -----                              --------------------
COMMON SHARES, PAR VALUE $1.00 PER SHARE                  308,038

<PAGE>


Part I, Item 1

                        AMERINST INSURANCE GROUP, LTD.
                     CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                            (Unaudited)
                                                               As of          As of
                                                              June 30,     December 31,
ASSETS                                                          2002          2001
                                                            -----------    -----------
<S>                                                        <C>            <C>
INVESTMENTS
 Fixed maturity investments, at market value (amortized
  cost $30,548,406 and $28,529,843) ......................  $31,743,430    $29,529,239
 Equity securities, at market value (cost $14,471,788
  and $13,972,736) .......................................   15,431,443     16,556,194
                                                            -----------    -----------
  TOTAL INVESTMENTS ......................................   47,174,873     46,085,433

 Cash and cash equivalents ...............................    2,725,054      2,855,781
 Assumed reinsurance premiums receivable .................       23,902      1,145,874
 Reinsurance balances recoverable ........................      674,223        674,223
 Fund deposit with a reinsurer ...........................      108,000        108,000
 Accrued investment income ...............................      416,399        448,786
 Deferred policy acquisition costs .......................      772,926        891,311
 Federal income taxes receivable .........................            0        504,658
 Prepaid expenses and other assets .......................      190,935        130,427
                                                            -----------    -----------

  TOTAL ASSETS ...........................................  $52,086,312    $52,844,493
                                                            ===========    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
 Unpaid losses and loss adjustment expenses ..............  $30,086,368    $29,242,625
 Unearned premiums .......................................    2,712,023      3,127,409
 Reinsurance balances payable ............................      174,833        174,833
 Accrued expenses and other liabilities ..................      562,471        572,407
                                                            -----------    -----------

  TOTAL LIABILITIES ......................................   33,535,695     33,117,274
                                                            -----------    -----------

STOCKHOLDERS' EQUITY

 Common shares, $1 par value, 500,000 shares authorized,
  2002 and 2001:  331,751 issued and outstanding .........      331,751        331,751
 Additional paid-in capital ..............................    6,801,870      6,801,870
 Retained earnings .......................................   10,073,483      9,747,981
 Accumulated other comprehensive income ..................    2,154,679      3,582,854
 Treasury Stock (22,071 and 20,388 shares) at cost .......     (811,166)      (737,237)
                                                            -----------    -----------
  TOTAL STOCKHOLDERS' EQUITY .............................   18,550,617     19,727,219
                                                            -----------    -----------
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .............  $52,086,312    $52,844,493
                                                            ===========    ===========
</TABLE>

See the accompanying notes to the condensed consolidated financial statements.

                                       2

<PAGE>


                        AMERINST INSURANCE GROUP, LTD.
                     CONDENSED CONSOLIDATED STATEMENTS OF
                       INCOME AND RETAINED EARNINGS
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                    Six Months     Six Months    Three Months    Three Months
                                                                      Ended          Ended          Ended            Ended
                                                                  June 30, 2002  June 30, 2001  June 30, 2002   June 30, 2001
                                                                  -------------  -------------  -------------   -------------
<S>                                                               <C>            <C>           <C>             <C>
Revenue

 Premiums earned ................................................  $ 3,297,468    $ 3,155,618   $ 1,585,148      $ 1,501,212
 Net investment income ..........................................      934,080      1,216,604       500,007          677,766
 Net realized capital gain ......................................      881,868        249,269       588,508           16,718
                                                                   -----------    -----------   -----------      -----------

    Total Revenue ...............................................    5,113,416      4,621,491     2,673,663        2,195,696

Losses And Expenses
 Losses and loss adjustment expense .............................    2,967,885      3,149,143     1,426,633        1,577,456
 Policy acquisition costs .......................................      968,600        928,777       462,547          437,597
 Operating and management expenses ..............................      447,717        515,827       225,332          250,066
                                                                   -----------    -----------   -----------      -----------

    Total Losses And Expenses ...................................    4,384,202      4,593,747     2,114,512        2,265,119
                                                                   -----------    -----------   -----------      -----------

Net Income (Loss) ...............................................  $   729,214    $    27,744   $   559,151      $   (69,423)
                                                                   -----------    -----------   -----------      -----------

Other Comprehensive Income
   Net unrealized holding gains (losses)
    arising during the period ...................................     (546,307)     1,334,811    (1,228,341)         962,756
   Reclassification adjustment for gains and losses
    included in net income ......................................     (881,868)      (249,269)     (588,508)         (16,718)
                                                                   -----------    -----------   -----------      -----------

Other Comprehensive Income (loss)................................   (1,428,175)     1,085,542    (1,816,849)         946,038
                                                                   -----------    -----------   -----------      -----------

Comprehensive Income (Loss) .....................................  $  (698,961)   $ 1,113,286   $(1,257,698)     $   876,615
                                                                   ===========    ===========   ===========      ===========

Retained Earnings, Beginning Of Period ..........................  $ 9,747,981    $ 9,818,445   $ 9,715,929      $ 9,707,475
Net income (loss) ...............................................      729,214         27,744       559,151          (69,423)
Dividends paid ..................................................     (403,712)      (414,177)     (201,597)        (206,040)
                                                                   -----------    -----------   -----------      -----------

Retained Earnings, End Of Period ................................  $10,073,483    $ 9,432,012   $10,073,483      $ 9,432,012
                                                                   ===========    ===========   ===========      ===========


Per share amounts
   Net income (loss) ............................................  $      2.35    $      0.09   $      1.80      $     (0.22)
                                                                   ===========    ===========   ===========      ===========

   Dividends paid ...............................................  $      1.30    $      1.30   $      0.65      $      0.65
                                                                   ===========    ===========   ===========      ===========

   Weighted average number of shares
    outstanding for the entire period ...........................      310,522        319,088       310,314          317,115
                                                                   ===========    ===========   ===========      ===========
</TABLE>

See the accompanying notes to the condensed consolidated financial statements.

                                       3

<PAGE>

                        AMERINST INSURANCE GROUP, LTD.
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)


<TABLE>
<CAPTION>

                                                                            Six Months          Six Months
                                                                              Ended               Ended
                                                                             June 30,            June 30,
                                                                               2002                2001
                                                                           ------------        -----------
<S>                                                                       <C>                 <C>
OPERATING ACTIVITIES
Net Cash Provided by Operating Activities ................................ $  2,103,122        $   622,054
                                                                           ------------        -----------
INVESTING ACTIVITIES
 Purchases of investments ................................................  (18,375,651)        (7,406,624)
 Proceeds from sales and maturities of investments .......................   16,619,443          7,226,371
                                                                           ------------        -----------
Net Cash Used in Investing Activities. ...................................   (1,756,208)          (180,253)
                                                                           ------------        -----------
FINANCING ACTIVITIES
 Purchase of Treasury shares .............................................      (73,929)           (61,680)
 Dividends paid ..........................................................     (403,712)          (414,177)
                                                                           ------------        -----------
Net Cash Used in Financing Activities ....................................     (477,641)          (475,857)
                                                                           ------------        -----------
DECREASE IN CASH ......................................................... $   (130,727)       $   (34,056)
                                                                           ============        ===========
</TABLE>


See the accompanying notes to the condensed consolidated financial statements.

                                       4

<PAGE>

AMERINST INSURANCE GROUP, LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2002

Basis of Presentation

The condensed consolidated financial statements included herein have been
prepared by AmerInst Insurance Group, Ltd. (AIG) without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission and reflect all
adjustments consisting of normal recurring accruals, which are, in the opinion
of management, necessary for a fair presentation of the results of operations
for the periods shown. These statements are condensed and do not include all
information required by generally accepted accounting principles to be included
in a full set of financial statements. It is suggested that these condensed
statements be read in conjunction with the consolidated financial statements at
and for the year ended December 31, 2001 and notes thereto, included in the
Registrant's annual report as of that date.

Part I, Item 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

OPERATIONS
Three months ended June 30, 2002 compared to three months ended June 30, 2001:
A net income of $559,151 was recorded for the second quarter of 2002 in
comparison to a net loss of $(69,423) for the same period of 2001. The more
favorable results are due to an increase in the net realized capital gain for
the period and a decrease in incurred losses. Earned premiums for the second
quarter of 2002 amounted to $1,585,148 as compared to $1,501,212 for the second
quarter of 2001, an increase of $83,936 or 5.6%. Premiums written for the three
months ended June 30, 2002 were $1,078,017, as compared to $957,017 for the
second quarter of 2001, an increase of $121,000 or 12.6%.

The loss ratio for the second quarter of 2002 was 90% for the current treaty, as
compared to 105% for the same period of 2001. The loss ratio of 90% represents
management's current estimated effective loss rate selected in consultation with
the Company's independent consulting actuary to apply to current premiums
assumed and earned. The Company's overall loss ratio for the year ended December
31, 2001 was 94.7%.

                                       5

<PAGE>
AMERINST INSURANCE GROUP, LTD.
OPERATIONS--(Continued)

Policy acquisition costs of $462,547 were expensed in the second quarter of 2002
as compared to $437,597 for the same period of 2001, an increase of $24,950 or
5.7%. Such costs as a percentage of premiums earned are 29.2% and 29.1% for the
quarters ended June 30, 2002 and 2001, respectively. Policy acquisition costs
result from ceding commissions paid to ceding companies determined contractually
pursuant to reinsurance agreements and federal excise taxes paid on premiums
written to ceding companies.

These fluctuations in premiums, losses and expenses combined to result in a net
underwriting loss of $(529,364)for the second quarter of 2002 as compared to
$(763,907) for the same period of 2001, an improvement of $234,543 or 30.7%. The
improvement is due to a decrease in the recorded losses and other operating and
management expenses.

Investment yield for the second quarter of 2002 was 4.0%, consisting of interest
and dividend income, and represents a decrease from the 5.6% return earned in
the second quarter of 2001. Sales of securities during the second quarter of
2002 resulted in realized capital gains of $588,508, as compared to gains of
$16,718 in the second quarter of 2001. Gains recorded in the second quarter of
2002 primarily related to sales of equities. Proceeds from these sales were
subsequently reinvested in other equity securities.

Six months ended June 30, 2002 compared to six months ended June 30, 2001:
Net income of $729,214 was recorded for the six months ended June 30, 2002 in
comparison to a net income of $27,744 for the six months ended June 30, 2001.
The improved results are due to an increase in net realized capital gain, a
decrease of incurred losses and other operating and management expenses.

Sales of securities during the six months ended June 30, 2002 resulted in
realized capital gains of $881,868 as compared to $249,269 in the same period of
2001. Gains recorded in 2002 primarily related to sales of equities, which were
reinvested in other equity securities. Net investment income through June 30,
2002 was $934,080 compared to $1,216,604 for the same period of 2001. Investment
yield for the six months period of 2002 was approximately 3.8% as compared to
5.0% for the first six months of 2001.

Earned premiums for the first six months of 2002 amounted to $3,297,468 as
compared to $3,155,618 for 2001. The change of $141,850 represents a 4.5%
increase. The increase in earned premiums is attributable to the increase in the
number of policies written under the current treaty compared to the same period
in 2001. Premiums written in the six months ended June 30, 2002 were $2,882,082
as compared to $2,942,548 for the same period in 2001. The decrease of $60,466
is due to additional premium of $194,137 included in the first six months of
2001, relating to 2000. Without the adjustment, premium written in the first six
months of 2002 was higher by 4.9%, in comparison to premium written in the first
six months of 2001. The increase is due to the continued growth of the AICPA
Professional Liability Insurance Plan ("AICPA Plan"), an increase in the number
of insureds under the AICPA Plan, and certain rate increases associated with a
"step plan" that was initiated during 1995. Under the step plan, insureds are
offered discounted premium rates for favorable loss experience. However, as
these insureds experience losses their premiums are "stepped up" accordingly.
Because of the use of claims-made policies, as the number of years of coverage
provided increases, CNA's (and AIG's) exposure increases. This additional
exposure results in an increase in premiums charged.

The loss ratio through the first six months of 2002 was 90% as compared to 99.8%
for the same period of 2001. The loss ratio of 90% represents management's
current estimated effective loss ratio selected in consultation with the
Company's independent consulting actuary.

                                        6

<PAGE>

AMERINST INSURANCE GROUP, LTD.

OPERATIONS--(Continued)

Losses recorded through June 30, 2002 do not reflect any development of prior
year reserves. Management expects to make a determination in the fourth quarter
whether an adjustment to reserves for prior years is appropriate. However, based
on information to date, Management believes that no such adjustment is required
as of June 30, 2002.

Policy acquisition costs of $968,600 were expensed in the first six months of
2002 as compared to $928,777 for the same period of 2001, an increase of 4.3%.
Such costs as a percentage of premiums earned are 29.4% for both the six-month
periods ended June 30, 2002 and 2001. Policy acquisition costs result from
ceding commissions paid to ceding companies which are determined contractually
pursuant to reinsurance agreements and federal excise taxes paid on premiums
written to ceding companies. These fluctuations combined to result in a net
underwriting loss of $(1,086,734) for the six month period as compared to
$(1,438,129) for the same period in 2001, an improvement of $351,395. The more
favorable underwriting results in 2002 are due to the loss ratio of 90% in 2002,
compared to 99.8% in 2001.

FINANCIAL CONDITION AND LIQUIDITY

As of June 30, 2002, total invested assets amounted to $49,899,927, an increase
of $958,713 or 2.0% from $48,941,214 at December 31, 2001. Cash and cash
equivalents balances decreased from $2,855,781 at December 31, 2001 to
$2,725,054 at June 30, 2002, a decrease of $130,727, or 4.6%. The amount of cash
and cash equivalents varies depending on the maturities of fixed term
investments and on the level of funds invested in money market mutual funds. The
ratio of cash and invested assets to total liabilities at June 30, 2002 was
1.49:1, compared to a ratio of 1.49:1 at June 30, 2001.

Assumed reinsurance premiums receivable represents current assumed premiums
receivable less commissions payable to the fronting carriers. This balance was
$1,145,874 at December 31, 2001 and $23,902 at June 30, 2002. This balance
fluctuates due to the timing of renewal premiums written. Reinsurance balances
payable represents AIG's estimate of the premiums due to the Company's reinsurer
under the retrocession agreements described above, and amounts currently due for
losses and loss adjustment expenses payable. At December 31, 2001 and at June
30, 2002 the balance was $174,833.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Inflation

The Company does not believe its operations have been materially affected by
inflation. The potential adverse impacts of inflation include: (a) a decline in
the market value of the company's fixed maturity investment portfolio; (b) an
increase in the ultimate cost of settling claims which remain unresolved for a
significant period of time; and (c) an increase in the Company's operating
expenses. However, the Company generally holds its fixed maturity investments to
maturity and currently believes that the yield is adequate to compensate the
Company for the risk of inflation. In addition, the Company anticipates any
increase from inflation in the ultimate cost of settling unpaid claims generally
will be offset by investment income earned during the period that the claim is
outstanding. Finally, the increase in operating expenses resulting from
inflation should generally be matched by similar inflationary increases in the
premium rates.

                                      7

<PAGE>

Market Sensitive Instruments

Market risk generally represents the risk of loss that may result from potential
change in the value of a financial instrument due to a variety of market
conditions. The Company's exposure to market risk is generally limited to
potential losses arising from changes in the level of interest rates on market
values of fixed term holdings and changes in the market values of equity
securities. The Company does not hold or issue derivative financial instruments
for either trading or hedging purposes.

     a)   Interest Rate Risk.

     Interest rate risk results from the Company's holdings in
interest-rate-sensitive instruments. The Company is exposed to potential losses
arising from changes in the level of interest rates on fixed rate instruments
held. The Company is also exposed to credit spread risk resulting from possible
changes in the issuer's credit rating. To manage its exposure to interest rate
risk the Company attempts to select investments with characteristics that match
the characteristics of the related insurance liabilities. Additionally, the
Company generally only invests in higher-grade interest bearing instruments.

     b)   Foreign Exchange Risk.

     The Company only invests in U.S. dollar denominated financial instruments
and does not believe it has any exposure to foreign exchange risk.

     c)   Equity Price Risk

     Equity price risk arises from fluctuations in the value of securities held.
The Company invests in equity securities in order to diversify its investment
portfolio, which Management believes will assist the Company to achieve its goal
of long-term growth of capital and surplus. Management has adopted investment
guidelines that set out rate of return and asset allocation targets, as well as
degree of risk and equity investment restrictions to minimize exposure to
material risk from changes in equity prices.

The tables below provide information about the Company's available for sale
investments that are sensitive to change in interest rates at June 30, 2002 and
December 31, 2001 respectively.

                                       Market Value  Market Value
                                       06/30/2002     12/31/2001
                                       -----------   -----------
Fixed Income Portfolio
----------------------
Due in 1 year or less                  $ 1,527,092   $ 2,034,652
Due after 1 year through 5 years         3,741,440     3,724,912
Due after 5 years through 10 years       2,653,051     4,435,397
Due after ten years                      1,464,775     1,419,268
                                       -----------   -----------
            Sub-total                  $ 9,386,358   $11,614,229
Mortgage backed securities and
  Obligations of U.S. government
  Corporations and agencies            $22,357,072   $17,915,010
                                       -----------   -----------

          Total Fixed-Income           $31,743,430   $29,529,239
                                       ===========   ===========
          Total Equities               $15,431,443   $16,556,194
                                       ===========   ===========


                                        8

<PAGE>

FINANCIAL CONDITION AND LIQUIDITY

On June 1, 2000, the Board of Directors of Investco, which holds almost all of
the Company's investment portfolio, authorized Investco to spend up to $1
million to purchase outstanding Common Shares of the Company. On September 8,
2000, the Bermuda Monetary Authority authorized the purchase of up to 15,000
Common Shares pursuant to the June 1 Board authorization. Such purchases are
effected through privately negotiated transactions and are in addition to
Investco's practice of redeeming the shares of individuals who have died or
retired from the practice of public accounting. Subsequently, on July 19, 2002,
the Bermuda Monetary Authority authorized blanket permission for Investco to
purchase Common Shares from individuals who have died or retired from the
practice of public accounting and on a negotiated case-by-case basis without
limit. To date, Investco has purchased 13,022 Common Shares for a purchase price
of $402,771. In addition, to date Investco has purchased 10,691 Common Shares of
individuals who have died or retired for a purchase price of $468,393. The
Company paid its twenty-eighth consecutive quarterly dividend of $0.65 per share
during the second quarter of 2002.

Part II, Item 4

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

On May 30, 2002, the Company held its Annual General Meeting of Shareholders. At
the meeting, the following matters were approved by a majority of the
shareholders:

1.   The proposal to elect Jeffrey I. Gillman, Irvin F. Diamond and Jerrell A.
Atkinson as directors of the Company to serve for a term expiring at the 2005
Annual General Meeting of Shareholders and to elect Stuart Grayston as director
of the Company to serve for a term expiring at the 2004 Annual General Meeting
of Shareholders; and

2.   The proposal to re-appoint Deloitte & Touche as the Company's independent
auditors.

The following table provides the number of votes cast for or against,
as well as the number of abstentions, as to each matter submitted to a vote of
stockholders at the meeting.

Matter                                   For        Against          Abstain
------                                  -----       -------          -------
Election of each of the following
individuals as directors of the
Company:

  Jeffry I. Gillman                     121,795        0               6,179
  Irvin F. Diamond                      121,737       58               6,179
  Jerrell A. Atkinson                   121,767       28               6,179
  Stuart Grayston                       120,856      939               6,179

Appointment of Deloitte & Touche
as the Company's independent auditors   118,286    6,538               3,150

Part II, Item 6.

EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits

     See Index to Exhibits immediately following the signature page.
     (b)  Reports on Form 8-K


     No reports on Form 8-K were filed during the quarter ended June 30, 2002

                                       9

<PAGE>

                                  SIGNATURES
                                  ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                     AMERINST INSURANCE GROUP, LTD.
                                     ------------------------------
                                               (Registrant)



August 14, 2002   /s/ Richard Lowther
                --------------------------------
                Richard Lowther
                (Vice President and Chief Financial Officer,
                duly authorized to sign this Report in such
                capacity and on behalf of the Registrant.)

                                      10

<PAGE>


AMERINST INSURANCE GROUP, LTD.
INDEX TO EXHIBITS

Quarterly Period Ended June 30, 2002


Exhibit
Number    Description
-------   -----------

3(i)      Memorandum of Association of the Company (1)
3(ii)     Bye-laws of the Company (1)
4.1       Section 47 of the Company's Bye-laws -- included in Exhibit 3(ii)
          above
4.2       Statement of Share Ownership Policy, as Amended (9)
10.1      Reinsurance Treaty between AIIC and Virginia Surety Company, Inc. (2)
10.2      Agreement between Country Club Bank and AIIC (2)
10.3      Agreement between Country Club Bank and AIIG (2)
10.4      Reinsurance Treaty between AIIC and CNA Insurance Companies (3), 1994
          placement slip (4), 1995 placement slip (5), 1996 placement slip (6),
          1997 placement slip (9), and 1998 placement slip (10) and Endorsement
          No. 1 to the Treaty effective July 1, 1999 (11)
10.5      Revised Management Agreement between Vermont Insurance Management,
          Inc. and AIIC dated May 1, 1997 (7), Addenda to Management Agreement
          dated July 1, 1997 (8), Addenda to Management Agreement dated July 1,
          1998 (10), Management Agreement between USA Offshore Management, Ltd.
          and AmerInst Insurance Company Ltd. dated as of December 2, 1999 (12)
          and Addenda to Agreement between AmerInst Insurance Company Ltd. and
          USA Offshore Management, Ltd. dated June 2, 2000 (12).
10.6      Escrow Agreement among AIIC, United States Fire Insurance Company and
          Harris Trust and Savings Bank dated March 7, 1995 (5)
10.7      Security Trust Agreement among AIIC, Harris Trust and Savings Bank
          and Virginia Surety Company, Inc. dated March 9, 1995 (5)
10.8      Investment Advisory Agreement For Discretionary Accounts between
          Amerinst Insurance Company and Harris Associates L.P. dated as of
          January 22, 1996, as amended by the Amendment to Investment Advisory
          Agreement for Discretionary Accounts dated as of April 2, 1996 (10)
          10.9 Exchange Agreement between the Company the AIG Ltd., dated as of
          January 20, 1999 (1)
10.10     Reinsurance Treaty between AIC Ltd. and CNA Insurance Companies,
          effective December 1, 1999 (11)
10.11     Value Plan Reinsurance Treaty between AIC Ltd. and CNA Insurance
          Companies, effective December 1, 1999 (11)
10.12     Trust Agreement among AIC Ltd., Continental Casualty Company and
          Chase Manhattan Bank dated as of December 21, 2000 (13)
10.13     Investment Counsel Agreement between AIC Ltd. and Northwest Investment
          Management, Inc. dated August 1, 2000 (13)
10.14     Registrar and Transfer Agent Agreement between AIC Ltd. and
          Butterfield Corporate Services Limited dated as of January 1, 2001
          (14)
10.15     Reinsurance Treaty between AIC Ltd. and CNA Insurance Companies,
          effective January 1, 2002 (15)
10.16     Value Plan Reinsurance Treaty between AIC Ltd. and CNA Insurance
          Companies, effective January 1, 2002 (15)
21        Subsidiaries of the Registrant (1)

---------------------------

(1)  Filed with the Company's Registration Statement on Form S-4, Registration
     No. 333-64929 and incorporated herein by reference.

(2)  Filed with the AIIG's Annual Report on Form 10-K for the year ended
     December 31, 1992 and incorporated herein by reference.

<PAGE>

(3)  Filed with the AIIG's Annual Report on Form 10-K for the year ended
     December 31, 1993 and incorporated herein by reference.

(4)  Filed with the AIIG's Annual Report on Form 10-K for the year ended
     December 31, 1994 and incorporated herein by reference.

(5)  Filed with the AIIG's Quarterly Report on Form 10-Q for the quarter ended
     September 30, 1995 and incorporated herein by reference.

(6)  Filed with the AIIG's Quarterly Report on Form 10-Q for the quarter ended
     September 30, 1996 and incorporated herein by reference.

(7)  Filed with the AIIG's Quarterly Report on Form 10-Q for the quarter ended
     June 30, 1997 and incorporated herein by reference.

(8)  Filed with the AIIG's Quarterly Report on Form 10-Q for the quarter ended
     September 30, 1997 and incorporated herein by reference.

(9)  Filed with AIIG's Annual Report on Form 10-K for the year ended December
     31, 1996 and incorporated herein by reference.

(10) Filed with AIIG's Quarterly Report on Form 10-Q for the quarter ended
     September 30, 1998 and incorporated herein by reference.

(11) Filed with the Company's Annual Report on Form 10-K for the year ended
     December 31, 1999.

(12) Filed with AIIG's Quarterly Report on Form 10-Q for the quarter ended June
     30, 2000 and incorporated herein by reference.

(13) Filed with the Company's Annual Report on Form 10-K for the year ended
     December 31, 2000 and incorporated herein by reference.

(14) Filed with the Company's Annual Report on Form 10-K for the year ended
     December 31, 2001.

(15) Filed with the Company's Quarterly Report on Form 10-Q for the quarter
     ended March 31, 2002 and incorporated herein by reference.