resigned from the company.

Wolfgang Wand said he had decided to leave his post for medical and personal reasons. He will leave the company September 30.

The chairman John Head III, will take on the role of chief executive officer.

Edward Tilly, a directory of ESG and former chairman and chief executive of an insurance division at General Electric Co, was elected deputy chairman. ESG also plans to take a $7 million charge in the third quarter associated with investments in COMED, a health care association for the German market. ESG decided to expense rather than capitalise its costs associated with supporting COMED, which led to the charge.

Steven Debrovner, who was named chief executive of reinsurance operations, is expected to help the company write about $340 million in 1999 personal lines reinsurance premiums, consistent with the company's business plan.

BRITAIN IS AFTER E-COMMERCE TOO BUC Britain is after e-commerce too British Prime Minister Tony Blair yesterday warned businessmen in the UK that they risked going bankrupt if they did not embrace the commercial opportunities presented by the Internet. In a visit to Cambridge, England, he launched a strategy aimed at establishing Britain as the best place to trade electronically by the year 2002. A British Government report also published this week stated that the best UK companies are world leaders in e-commerce, but that too may lagged behind -- especially small companies.

E-commerce transactions this year are expected to be worth 2.8 billion pounds sterling.

FERGUS MCANN `CLOSE TO DEAL' BUC Fergus McCann `close to deal' Fergus McCann, the former managing director the Scottish football club Glasgow Celtic, who is moving to Bermuda, is reported to be poised to complete the long awaited sale of his 50.3 percent stake in the club in the next two weeks. It is thought the sale could raise up to 45 million for Mr. McCann, who is now a tax exile and is believed to be looking to purchase a property in Tuckers Town. He is expected to offer shares first to existing shareholders and season ticket holders then institutional investors. Mr. McCann, a Scots-Canadian, rescued the then debt-ridden football club in 1994, but said he would stay five years then sell his stake.

He has overseen a revival in the club's fortunes both on and off the pitch and the sale of his stake is expected to increase the liquidity of the shares and reduce the share price volatility.

Written by Mairi Mallon