Bank of Butterfield announced that it has appointed Michael Preuss as managing director of Promisant Technology Ltd.

Promisant is the Bermuda-based provider of multi-currency payment processing services to local and international merchants and is a wholly owned subsidiary of the Bank of Butterfield.

Mr. Preuss, joined Promisant in July 2000 after spending eight years with Citibank's Card Services Division in Germany, Greece and Ireland.

In Ireland Mr. Preuss had the responsibility of running a consumer card orientated pan European processing and operations centre, supporting eight different countries.

Mr. Preuss is a graduate of the United States Military Academy and holds an MBA from the International Institute of Management Development in Lausanne, Switzerland.

"I believe we will become an extremely competitive processing force in the years to come, given the bank's extraordinary commitment to the success of Promisant as an independent subsidiary, both locally and internationally," said Mr. Preuss.

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Arch Capital Group Ltd. announced that, effective July 1, 2003, Ralph E. Jones III will join the company as president and chief executive officer of Arch Insurance Group, a division of Arch Capital Group Ltd.

Mr. Jones will be responsible for the management and oversight of Arch's US-based insurance operations and will report to Constantine Iordanou, president of Arch Worldwide Insurance and Reinsurance Group.

Mr. Iordanou said, "Ralph is a proven executive with exceptional insurance industry experience, and will add depth to our senior management team.

"I am very pleased that he is joining us and look forward to working with him in executing Arch's long-term business plan."

Mr. Jones, age 47, has more than 25 years of insurance industry experience. Prior to joining Arch, he was the chief executive officer of Chubb Specialty Insurance, a strategic business unit within the Chubb Group of Insurance Companies.

Previously, he was the managing director of Hiscox Insurance Company, Ltd., the United Kingdom and European property and casualty business of Hiscox, plc. Mr. Jones began his career with Chubb, where he served in various senior executive positions, including chief underwriting officer of Chubb Insurance Company of Europe and worldwide manager of its Executive Protection Department.

Arch Capital Group Ltd., a Bermuda-based company with approximately $1.5 billion in equity capital, provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.

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Jardine Matheson Holdings Ltd. announced that James Watkins will be retiring from his position as the Group General Counsel at the end of the year. Mr Watkins has been with the Jardine Matheson Group since 1997, and was previously a partner of Linklaters & Paines.

Upon his retirement on December 31 2003, Mr Watkins will be stepping down from the boards of Jardine Matheson Holdings Limited, Dairy Farm International Holdings Limited and Group management company Jardine Matheson Limited. He will continue to serve as a director of Mandarin Oriental International Limited.

Jonathan Gould, a senior corporate partner with leading international law firm Allen & Overy, will succeed Mr Watkins as Group General Counsel.

Mr Gould has significant experience in Asia having been based in Hong Kong with Allen & Overy from 1988 to 1996, when he was instrumental in establishing the firm's local operation.

He will join the board of Jardine Matheson Limited upon his appointment.

Jardine Matheson managing director, Mr. Percy Weatherall, said: "James Watkins has made a significant contribution to the development of the Group, for which we are extremely grateful. I am pleased that he will continue his association with Group companies after his retirement as a full-time executive.

"I would also like to welcome Jonathan Gould who brings a wealth of experience to the Group."

Jardine Matheson is an Asian-based conglomerate with extensive experience in the region.

Its business interests comprise Jardine Pacific, Jardine Motors Group, Hongkong Land, Dairy Farm, Mandarin Oriental, Cycle & Carriage and Jardine Lloyd Thompson. These companies are leaders in the fields

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Following its Annual General Meeting in Hamilton, Bermuda, Intelsat announced the election of the following six new members to serve on its board of directors.

They are Carlos Adamo, managing director, Merchant Bankers Asociados S.A., and partner, Proyectos Carlos Pellegrini S.A.;

Fabiola Arredondo, managing partner, FRA Holdings LLC and former managing director of Yahoo! Europe; William Boardman vice chairman of Bank One and chairman and chief executive officer of First USA, Inc., and chairman of the board, Visa International; Didier Delepine president and chief executive officer, Equant N.V., and former president and chief executive officer of Equant Network Services; and Boon Hwee Koh chairman, Singapore Airlines and former chairman of Singapore Telecommunications Ltd.

Ken Miller chief executive officer, Ken Miller Capital, LLC, and former vice chairman of Credit Suisse First Boston Corporation John Sponyoe, a director and chairman of the Board of Intelsat, Ltd. since July 2001, has been re-appointed as chairman of the Board.

He has been a consultant to Lockheed Martin Corporation since February 2002 and had previously served as chief executive officer of Lockheed Martin Global Telecommunications.

More than half of the board is comprised of independent directors, and includes Conny Kullman, current CEO of Intelsat Ltd., who was re-elected as a board member during the meeting.

At the Annual General Meeting, in addition to Mr. Sponyoe and Mr. Kullman, the following existing directors were re-elected to Intelsat's Board: Dr. Brian Dailey senior vice president of Washington Operations, Lockheed Martin Corporation Herbert Fiuza Consultant to SKY Brasil Servicos Ltd., Dr. Hans Fjonse chief technical officer, Telenor Broadcast, Neal Freeman chairman and chief executive officer, The Blackwell Corporation, Gary Howard executive vice president and chief operating officer, Liberty Media Corporation, Cheikh-Tidiane Mbaye chief executive officer, Sonatel S.A., Philippe-Olivier executive director, BNP Paribas Media & Rousseau Telecoms Finance Group, Robin Turner director, BH-SAT Ltd. and Christopher Vonwiller director, Appen Pty Ltd.

"We are pleased to welcome our new directors to the board and congratulate those who are now serving a second term with us," said Mr. Kullman.

"Strong leadership is the foundation of any great business and I am confident that our board has the vision and knowledge to guide Intelsat successfully into the future."

Intelsat, Ltd. offers telephony, corporate network, video and Internet solutions around the globe via capacity on 26 geosynchronous satellites in prime orbital locations.

Customers in approximately 200 countries rely on Intelsat satellites and ground resources for quality connections, global reach and reliability. For more information, visit www.intelsat.com.