approved for listing on the Bermuda Stock Exchange. Both funds were sponsored by The Bank of N.T. Butterfield and Son. The BSX now has 65 listed funds.

Knight SC Mekong, incorporated in the Cayman Islands, is a closed end fund which invests mainly in unlisted companies in Cambodia, China, Laos, Myanmar, Thailand and Vietnam.

The Mexico Private Equity Fund, incorporated in the Caymans, invests in export oriented-companies that benefit from the production environment and labour market in Mexico.

Subscriptions to both funds are restricted to qualified investors and may not be traded in lots with an initial value of less than US$100,000.

CENTRE RE NAMES VP APP BUC Centre Re names VP Centre Reinsurance has appointed Valerie Butt as vice president at its San Francisco office. The offices provides services to Centre Re clients and brokers on the West Coast.

Ms Butt was previously employed by Hewlett-Packard Co. as a risk management consultant. Prior to that job she worked at Sedgwick James of California as an assistant vice president and account director responsible for client service.

She holds a Masters of Business Administration in finance and risk management, and a BBA in risk management and insurance from the University of Georgia.

Centre Reinsurance also has underwriting operations in Bermuda, New York, and Dublin. It is a wholly owned subsidiary of the Zurich Group.

BERTRAND APPOINTED APP BUC Bertrand appointed Commercial Risk Partners has appointed Francois Bertrand as executive vice president. Mr. Bertrand's previous position as general manager of Commercial Risk Europe will be filled by Dominique Dehouck.

The Bermuda-based company is 60 percent owned by SCOR Group and focuses on non-traditional reinsurance.

Mr. Bertrand, 40, has a degree in actuarial science from the University of Quebec. Mr. Dehouck, 41, has been SCOR's retrocession manager since 1994. He is a graduate of the Ecole des Hautes Etudes Industrielles de Lille and the Centre des Hautes Etudes d'Assurances.

DEBT RATING ASSIGNED SHI BUC Debt rating assigned Ship mortgage notes guaranteed by Bermuda-based B&H Ocean Carriers Ltd. have been assigned a B rating by Standard & Poor's.

The $100 million notes due in 2007 were issued by Equimar Shipholdings Ltd., a subsidiary of B&H. S&P also assigned a B corporate credit rating to B&H, which intends to replace some of its fleet with proceeds from the offering.

ARGUS BACKS CYCLE CHIP BUC Argus backs cycle chip Argus Insurance co. has formed a new partnership with MicroTrack Systems Ltd.

The agreement will enable Argus policyholders to receive discounts on their premiums if their motorcycle carries a MicroTrack chip, enabling their cycles to be tracked if they are stolen.