BWI said this ongoing intelligence program evaluates shareholder confidence in approximately 550 of the world's largest companies, accounting for about 75 percent of world's stock trading.

The firm said that, compared with firms in all other industries, Progressive was ranked in 76th place. Tops among all categories was Wal-Mart Stores.

Among life insurers, Aflac Inc. was first with an overall ranking of 46, and MetLife Inc., New York was second with an overall rank of 188.

BWI said it compiled its listings after portfolio debriefings with a Shareholder Confidence Panel of over 3,000 leading institutional investors in 26 countries and the advisors who influence their views (analysts and sales professionals at a majority of the world's leading investment banks).

Since the first quarter of this year, BWI said its panel has increased in size by about 35 percent. The firm said global investors have been intensifying their scrutiny of corporate performance, shareholder confidence and governance issues.

BWI said its rating process includes a discussion of why investors have bought, sold, or changed their recommendations on the world's largest companies. Each company is rated on 24 shareholder confidence criteria and attributed an index score; the highest possible score is 1100.

Among the p-c insurers rated, those in the top five after Progressive were Italy's Riunione Adriatica di Sicurta SpA, 79th overall; American International Group, New York, 96th overall; XL Capital Ltd., Bermuda, 98th^h overall; Berkshire Hathaway, Omaha, Neb., 116th overall and Travelers, Hartford, Conn. rated 119th overall.

Switzerland's Swiss Reinsurance Co. was rated first among reinsurers and 174th overall.

BWI's said its "Shareholder Confidence" program is the only corporate governance tool which speaks to over 3,000 money managers who voice the views and concerns of the shareholder.

Brendan Wood, chairman of Brendan Wood International said, "The responsibility of corporations to shareholders has been getting increasing attention in the form of Corporate Governance ratings. Surprisingly, these scores are based on publicly available data without any value attributed to the opinions of the most important constituent?institutional shareholders."

He said the BWI "Shareholder Confidence'' program is an independent audit that measures management performance of based on 24 criteria and monitors a company's relative strengths, providing a link between the board and shareholders.

Mr. Wood said, "Restoring investor confidence can only be accomplished through a credible audit of a Company's interaction with the capital markets community. Only when boards pay attention to these audits, and alter their governance practices accordingly, will companies and shareholders move in tandem for the benefit of all."

No insurers made the companies top 10 companies ranked by its composite corporate governance index, which is part of the confidence index. The governance index was also led by Wal-Mart Stores.

The BWI Composite Corporate Governance Index is based on the following factors:

? Responsible management of shareholder expectations.

? Integrity of CEO and senior management's corporate governance behavior.

? Compliance with the letter and spirit of regulation.

? Quality of annual/quarterly reports.

? Timeliness of disclosure (particularly bad news)

? Frankness/honesty and depth of information.

? Availability of senior management to shareholders

BWI also compiled a top 10 list of companies ranked attractive as a short-term investment target, which also included no insurers. Intuit Inc. was at the top.

The firm said that companies are evaluated on 24 shareholder confidence criteria. Among the criteria are quality of company leadership and management; CEO vision for the business; creativity and innovation; senior management depth; strength and availability of viable succession candidates.

Also, whether the company's competitive positioning is increasing, static or declining, whether the company has the ability to grow earnings organically, expand product range, expand geographically and expand profit margins.

Other factors include the company strength as an acquisitor (consolidator), company price/earnings ratio, dividend yield, value of company assets and debt load.