Former OIL vice president and past president of the Bermuda Insurance Institute Elspeth Brewin has been appointed executive vice president of insurance company manager Thomas Miller (Bermuda) Limited.

Ms Brewin, a leading figure in Bermuda's mutual and captive insurance scene, has previously worked at Heddington, the Texaco captive, in Bermuda and prior to 1993 was an energy reinsurance broker at Lloyd's broker Steel Burrill Jones in the London market.

Thomas Miller is best known as manager of the UK P&I Club and the TT Club, but also manages other mutuals and a range of captives with offices in Bermuda, Guernsey and the Isle of Man as well as London.

Peter Donnellan, Thomas Miller's chairman and now based in Bermuda, welcomed the appointment as a significant step forward for Thomas Miller in its plans to strengthen its presence on the island. Thomas Miller has operated in Bermuda for almost 40 years, focused on its core mutual business, but in recent years the Group has been steadily expanding its activities.

"Elspeth's decision to join us gives real impetus to our plans to grow our Bermuda operation," Mr. Donnellan said. "With Elspeth on board, we look forward to a period of significant growth, acquiring new captives and developing and expanding the services we provide to our existing clients here in Bermuda."

Fulcrum Ltd. has continued its global expansion with the opening of a Cayman Island branch this month to be headed by Steven Slessor.

"The opening of our newest office is part of Fulcrum's ongoing strategic corporate growth plan and will support our steadily increasing roster of funds domiciled in the Cayman Islands," Glenn Henderson, CEO of Fulcrum Limited said.

"The Cayman Islands now attracts the majority of newly domiciled offshore hedge funds. We are pleased to promote Steven Slessor from Fulcrum's Canadian operations to spearhead this new office."

The Cayman office was officially opened in August and will be headed by Mr. Slessor as the manager, hedge fund services.

Mr. Slessor has spent the past two years as Hedge Fund Account Manager for Fulcrum Fund Administration Limited in Kitchener, Ontario, where he was responsible for operations and new business development.

A chartered accountant, Mr. Slessor has worked in the hedge fund industry for the past five years and was previously at KPMG in Bermuda.

Catlin Group Ltd. announced that Catlin US has established a Primary and Excess Casualty underwriting unit based in Atlanta.

The five person unit, headed by Vice President Steve Singer, will underwrite specialty classes of primary and excess casualty risks for US policyholders on a nationwide basis.

Catlin US has recently acquired an admitted property/casualty insurance company that will soon begin underwriting business under the Catlin brand.

Catlin US is also in the process of establishing a non-admitted insurer, which will complement Catlin's current non-admitted underwriting capabilities in the United States through the Catlin Syndicate at Lloyd's and Catlin UK.

Catlin also announced that Catlin Insurance Company of Bermuda intends, subject to completion of contractual arrangements, to enter a catastrophe swap agreement that would provide it with coverage of up to $200.25 million in the event of a series of severe natural catastrophes.

The transaction would provide Catlin with competitively priced and fully collateralised protection against severe natural catastrophes.

This transaction would complement the protection that Catlin already purchases through the traditional reinsurance marketplace.

The transaction, which is being brought to the securities market this week by ABN AMRO London, would be the first publicly rated collateralised debt obligation ('CDO') of natural catastrophe risk.

Standard & Poor's Ratings Services is expected to assign a 'AA' senior secured debt rating to the Class A Notes and is expected to assign a 'BBB-' senior secured debt rating to the Class B notes. This is expected to be the first transaction linked to natural peril risk to be rated 'AA' by Standard & Poor's.

Stephen Catlin, chief executive of Catlin Group Limited, said:"The pattern of natural catastrophes over the past several years has focused attention on how insurers and reinsurers will be able to respond to the increasing frequency and economic severity of these events."

"This transaction, when completed, will strengthen Catlin's ability to withstand claims arising from a series of severe natural catastrophes."

R K Harrison will be expanding its operations and moving to larger premises to accommodate staff expansion.

R K Harrison, an independent broking group, will open the doors to its new offices in Chevron House on Church Street on October 1.

"I'm very excited to be part of R K Harrison's continued growth on the island," Gary Shertenlieb Jr, Divisional Director for R K Harrison's Bermuda Office said.

"Expanding our operations is part of our plan to become the pre-eminent independent insurance broking force in Bermuda."

W.P. Stewart & Co., Ltd. this week hosted its annual US investment seminar for clients in New York City with more than 400 clients attending from around the world.

The company said its investment team remains committed to the WP Stewart investment philosophy and the WP Stewart US Equity Composite, having been down about eight percent in early August, was now slightly positive for the year as of September 24.

If you have an appointment or corporate change you wish to have in Company Moves, contact Robin Holder at rholderroyalgazette.bm or call 278-0146.