Bermuda Court to reorganise and change its jurisdiction of incorporation from Bermuda to Delaware.

The company's securities holders will receive an equivalent number and kind of securities of a new Delaware corporation.

Upon completion of this reorganisation, the company will become a wholly owned subsidiary of the new Delaware corporation, which will continue to operate the business of the company.

The reorganisation is subject to regulatory and shareholder approval and to the final approval of the Bermuda Supreme Court.

The company anticipates that the reorganisation will be completed after the company's annual meeting of shareholders scheduled to be held on June 20, 2001.

The reorganisation is designed to improve the company's visibility with the North America investment community and to assist the company in facilitating its expansion plans into the United States.

CROWE SYNDICATE MANAGEMENT BUC Crowe Syndicate Management A Lloyd's syndicate has had its performance rating placed under review after Bermuda's Stockton Re has stepped back from managing and controlling the venture, according to The Global Risk Management Network publication.

It said Moody's Investment Service has put Lloyd's syndicate 963 -- Crowe Syndicate Management -- under review for possible downgrade.

The article said this is due to concerns over the motor syndicate's capital backing.

Crowe was acquired by Stockton Re in 1998 but Stockton has withdrawn support from all Crowe syndicates for 2001 bar syndicates 963 and 982, with syndicates 53, 808 and 1121 being put in run off.

Stockton is understood to want to step back from active management and control of Crowe but are open to providing capital support for future underwriting years.

TYCO BUC Tyco Bermuda-based Tyco International Ltd., a diversified manufacturing and service company, has announced that the stockholders of Scott Technologies, Inc. have approved Tyco's acquisition of Scott.

The merger was effective as of yesterday.

Scott, with annual revenues of approximately $260 million, is a leading designer and manufacturer of sophisticated, high performance respiratory protection systems, gas detection instruments and other life saving products for fire fighting, industrial, aviation and government markets.

CELLULAR ONE BUC Cellular One US Virgin Islands-based Atlantic Tele-Network Inc, which owns 46 percent of Cellular One in Bermuda, has reported earnings of $2.8 million, or 55 cents per share on 5 million shares of common stock for the quarter ended March 31, 2001.

This represents a five percent increase over ATN's earnings of $2.6 million for the quarter ended March 31, 2000, but a reduction of $.01 in earnings per share due to an increase in the average number of shares outstanding.

Telephone operating revenues for the quarter ending March 31, 2001 were $18.4 million as compared to $19.1 million for the first quarter of 2000, a decrease of $764,000 or 4 percent.

Atlantic Tele-Network, Inc. is a telecommunications company with headquarters in St. Thomas, US Virgin Islands. Its principal subsidiary, Guyana Telephone and Telegraph Company, Limited, is the national telephone service provider in Guyana.

ATN also owns an 80 percent interest in ATN (Haiti) S.A., formerly Digicom S.A., which provides dispatch radio, wireless data network and paging services in Haiti and 46 percent of Bermuda Digital Communications Ltd., which operates under the name "Cellular One''.