first time.

Comerica Trust Company of Bermuda Ltd., a subsidiary of Comerica Bank in Detroit, Michigan, will offer trust services for captive insurance companies and offshore mutual funds.

The Detroit-based bank said: "Comerica has had an interdisciplinary team devoted solely to meeting the financial needs of the captive insurance and offshore mutual fund industry for several years.'' Operations of the new trust company will be managed by Mr. Stephen Hawkins, senior vice president and officer in charge of Comerica Bank's institutional trust department, who will serve as chairman and chief executive officer of the trust company; Mr. Douglas Ransdell, senior vice president and head of the international finance department, who will serve as president; Mr. Eugene Justus, vice president in Comerica Bank's global banking division, who will act as chief financial officer.

Mr. Justus said: "Comerica maintains relationships with the world's leading insurance, legal, consulting and captive management firms.

"In addition, we are active in providing financial services to offshore mutual funds.

"Creation of our trust company allows Comerica to extend its trust services to these industries in the offshore market and to participate in the substantial growth expected in this business.'' Captives are subsidiaries established by companies to insure against the risk of loss such as property and casualty, general and product liability, workers compensation, auto liability and medical malpractice.

Captives benefit their parent companies through increased coverage opportunities, costs savings through the reinsurance market, premium price protection, opportunities to take advantage of favourable individual loss experience and enhanced control over invested assets.

Domiciles are chosen by companies due to their established infrastructures which support the formation and management of captives and offshore custodial services.

"Although we work with all major domiciles,'' Mr. Justus remarked, "we are pleased to focus our activities in Bermuda, whose stable Government and long history with offshore captives have made it the most highly regarded domicile in the world.

"Over 1,300 captive insurance companies are currently registered in Bermuda.'' Comerica Incorporated is a bank holding company headquartered in Detroit.

Apart from Michigan, it also operates banks in Texas, Illinois, California and Comerica Bank and Trust of Florida.

The banks offer commercial, real estate and consumer loans and general banking services. Subsidiaries include Comerica Investment Services Inc., custom house broker John V. Carr & Sons, Inc. and investment management firm Woodbridge Capital Management.

It was recently listed among the Fortune 500 and reported total assets of $35 billion at June 30, 1995.

Comerica is the 11th largest commercial business lender in the US and ranks among the top ten trade finance banks to middle market businesses in the country. It reported total revenues in 1994 of nearly $2.6 billion and net income of $387.2 million.

With $43 billion in Master Trust/Master Custody assets, is ranked 14th in the US.