Worldwide Telecom Bermuda Ltd.'s $565 million secured credit facility. A single `B' plus corporate credit rating also was assigned to the telecom company.

Worldwide Telecom is a new wholly owned subsidiary of telecommunications transport provider Worldwide Fiber Inc. and was created to construct and market a transatlantic telecommunications cable.

PARTNER RE RATING UPGRADED BUC Partner Re rating upgraded Bermuda-based Partner Re has had its rating upgraded from buy to outperform by Salomon Smith Barney.

Salomon analyst Ronald Frand said in a research note there was mounting anecdotal evidence of improvement in the reinsurance market, and the limited liquidity in `pure plays' warranted the positioning of Partner Re.

The company said it had upgraded Partner Re because it was a well-positioned, financially strong and attractively priced company in the sector.

And they added on Friday that the price target of $43 looked conservative based upon historical valuation parameters. The company's shares on Friday went up $3.25 to $34.50 on the New York Stock Exchange.

TERRA NOVA DECLARES DIVIDEND BUC Terra Nova declares dividend Terra Nova Holding (Bermuda) on Thursday declared a quarterly dividend of $0.06 per share. This will be payable on December 27, 1999 to shareholders of record at the close of business on December 3, 1999.

Terra Nova is the holding company for five wholly owned operating entities, Terra Nova Insurance Company Ltd in the UK, Terra Nova (Bermuda) Insurance Company Ltd, Corifrance in Paris, Terra Nova Capital Ltd and Octavian Syndicate Management Ltd which manages eight Lloyd's syndicates in which the company has a participation.

Through these subsidiaries the company underwrites property, casualty, marine and aviation insurance and reinsurance around the world.

BFIS HAS GIVEN HALF A MILLION $ BUC BFIS has given half a million $ Over half a million dollars has been awarded by the Bermuda Foundation for Insurance Studies in grants since the charitable organisation was set up.

At the foundation's annual general meeting, it was revealed that since the BFIS was set up in 1996, the foundation has awarded $389,705 to Bermudian students studying insurance and actuarial science.

And so far the BFIS has given $245,000 to the Bermuda Insurance Institute's educational programmes in the form of annual grants to support the professional insurance designation courses.

Altogether $634,700 in grants has been awarded by the BFIS.

FLOYD, LOW RATES CUT CHUBB PROFIT BUC Floyd, low rates cut Chubb profit Damage from Hurricane Floyd and low premium rates halved third-quarter profits, US property and casualty insurer Chubb Corp. said on Thursday.

Chubb said operating income was $74.8 million, or 43 cents per share, down from $149.8 million, or 90 cents per share last year. Net income was down to $77.3 million from $173.4 million in the year-ago third quarter.

Nevertheless, Chubb beat analysts' consensus earnings estimate of 42 cents, as polled by First Call/Thomson Financial, but this estimate was lowered from 93 cents in October after Chubb warned Floyd would cut third-quarter earnings.

The company said that its total catastrophe bill for the quarter was $135 million, almost all from Hurricane Floyd damage in New Jersey, Chubb's home, and New York, Pennsylvania and North Carolina.

The hurricane, along with the effect of low premium rates, cut profits in both personal and commercial insurance lines, Chubb's two core businesses.

ROYAL & SUN TALKS UP SHARES BUC Royal & Sun talks up shares UK composite insurer Royal & Sun Alliance Insurance Group Plc reported a 6.1 percent fall in nine-month profits on Thursday and moved to talk up a share price that has underperformed its peers and the FTSE this year.

Operating profits were 461 million ($759 million) in the nine months to September 30, down from 491 million in the same period a year ago, but this was in line with forecasts which ranged from 450 million to 491 million.

General insurance profits fell 11 percent to 281 million pounds as higher rates were more than offset by the loss of premiums caused by Royal & Sun's shedding of unprofitable business.

AFTER-TAX GAIN FOR CIGNA CORP.

BUC After-tax gain for Cigna Corp.

Cigna Corporation has booked an after-tax gain of $1.2 billion on the sale of its property and casualty operations to ACE Ltd. in a $3.45 billion deal which closed on July 2, 1999 and catapulted ACE to the top league of international insurance companies.

The release of Cigna Corporation's third quarter operating results highlights the effects of the sale.

The company yesterday reported third quarter operating income from continuing operations of $286 million, or $1.47 per share, compared with operating income from continuing operations of $237 million ($1.12 per share) for the third quarter of 1998.

AON THIRD QUARTER PROFITS INCREASE BUC Aon third quarter profits increase Aon Corp., the world's No. 2 insurance broker, reported increased third-quarter profits on Tuesday, but narrowly missed analysts' earnings consensus and warned of declining revenue from the Unicover workers compensation insurance pool.

Aon reported net income up 11 percent in the quarter to $138 million, or 52 cents per diluted share, from $124 million, or 47 cents per share, last time.

Analysts were expecting consensus earnings of 53 cents, as polled by First Call/Thomson Financial.

Overall revenue for the quarter was up 10 percent to $1.8 billion from $1.6 billion.

Compiled by Mairi Mallon and Roger Crombie