industry, has been taken over by Mr. Colin James, who was previously a minority shareholder.

Mr. James has assumed the roles of president and chief executive officer, while Mr. Richard Witkowski has been promoted to senior vice president and has become a shareholder in the company.

Mr. James acquired his controlling interest from Mr. Hal Forkush, who had owned the company for 20 years.

Mr. Forkush will remain with the firm as chairman for a period of at least three years and will hold a minority shareholding. He has retained control of the rent-a-captive Universal Reinsurance Company Ltd.

Atlantic Security, which has a staff of 10 and is based at Windsor Place, on Queen Street, Hamilton, provides captive management, broking and rent-a-captive services to the insurance industry.

Mr. James said: "I would like to expand in the more profitable areas, which are the broking and rent-a-captive segments of our business, because they don't have the same level of overheads as captive management.

"The company remains committed to providing the highest level of professional services to all of its clients in all of its fields of business and maintaining its role as a leading independent company within the insurance industry in Bermuda.'' Atlantic Security was currently negotiating to acquire another rent-a-captive company, most of whose business was based in the west coast of the United States, he said.

"It will fit in nicely with our current portfolio of rent-a-captives,'' he added.

Mr. James, a 35-year-old Welshman, was previously a civil engineer and chartered accountant.

He came to Bermuda ten years ago to work for Touche Ross accountancy firm, for whom he worked in London.

He joined Atlantic Security in 1983 and became a shareholder in the company in 1987.

Mr. Colin James.