LOM (Holdings) yesterday advised the Bermuda Stock Exchange that The Hon. Dr. Ewart Brown had stepped down as a director of the company. LOM managing director Scott Lines told The Royal Gazette that Dr. Brown's decision, which became effective as of 30 July, 2003, was based on time constraints following his appointment to the post of Deputy Premier.

The BSX also announced yesterday that it had been notified that the administration and shareholder services for FMG funds had been transferred from Argonaut Limited to Apex Fund Services Ltd. This change became effective on 1 September, 2003. The funds affected were FMG Global Hedge Fund Ltd., FMG US Hedge Fund Ltd., FMG Bio-Med Hedge Fund Ltd., FMG Hi-Tech Hedge Fund Ltd., FMG Diversified Global Hedge Fund Ltd., FMG Diversified Bio-Med Hedge Fund Ltd., and The Russian Federation First Mercantile Fund.

KeyTech Limited announced yesterday that it was exercising its right to redeem its eight percent preferred shares as of 15 November, 2003. As of those dates, those shares will be delisted from the BSX.

KeyTech management said its decision was taken in light of the continuing low interest rate environment. On redemption the preferred shares will be cancelled and holders will have no other right than to the redemption amount of $10 per preferred share together with accrued dividends to the redemption date.

Under the preferred share rights, preferred shareholders continue to have the right up until the 14 November, 2003 to convert all or any of their holding of preferred shares into fully paid common shares. The current conversion price is one preferred share for each common share.

KeyTech, which is the parent company of BTC, Mobility and Logic Communications as well as part owner of Bermuda CableVision, also announced a quarterly dividend of 15 cents to common shareholders as of 6 October, 2003. The dividend is to be paid out on 15 October, 2003.

American International Group Inc., the world's biggest insurer by market value, said it promoted Steve Blakey to president of its Atlanta-based aviation insurance unit.

Blakey started as comptroller of the division in 1983 and has been executive vice president since 1997, the company said in a statement. In his 20 years there, the company's annual premiums have risen more than 15-fold to $1.3 billion.

Blakey assumes the title of president from John Myers, who is also chief executive officer of the unit. The company has given Myers the added title of chairman.