business Terra Nova (Bermuda) Ltd. has taken a stake in The Shipowners Insurance and Guaranty Co. Ltd.

The two Bermuda-based companies were competitors in the market of providing guarantees for ships entering US waters under the provisions of the 1990 Oil Pollution Act.

Shipowners Insurance (Sigco) president Neil Clemens stated that the two companies hoped to reap the benefits of consolidating the two businesses.

"Recent developments in the market have led both companies to recognise the long-term benefits to their respective clients of working together to provide COFR guaranties in a cost effective manner and in a stable environment,'' he said. "This transaction recognises economies of scale associated with Sigco's large client base and Terra Nova's substantial reinsurance capacity with should assist the companies in meeting their long term objectives.'' Under the terms of the agreement Terra Nova will transfer its COFR division and rights to its renewal business to Shipowners Insurance in return for a stake holding. Terra Nova and its Lloyds of London syndicates will provide Shipowners Insurance with "significant'' reinsurance protection according to a press release.

Terra Nova will also offer sales, marketing and development support. The two companies have also agreed that Shipowners Insurance will issue COFR guaranties for a P&I facility to be operated by Terra Nova and its Lloyds syndicated J.L. Jones & Others.

COMPANY TO SELL MUSIC ON INTERNET BUC Company to sell music on Internet A new electronic commerce company is being set up in Bermuda to market music over the Internet.

Selling music over the Internet is one of the lucrative areas in the booming electronic commerce industry.

According to an advertisement in The Royal Gazette yesterday Review Worldwide Ltd. is looking for a vice president of operations and marketing to set up a website for selling compact discs.

"The applicant will be required to interact with and negotiate contracts with major record companies for the sale of their products via our website which is located in Bermuda and therefore experience in dealing with record companies, the music industry or connections within the recording industry will be a distinct advantage,'' the advertisement stated.

The person for the job must also be experienced with supply contracts for the warehousing and distribution of compact discs and other products in the North American market.

The advertisement asks those interested to contact local law firm Conyers Dill & Pearman.

CANADIAN FIRM TO BE REGISTERED HERE BUC Canadian firm to be registered here Canadian-based Tracer Petroleum Corp. is setting up a Bermuda-registered company to pursue oil and gas opportunities in Iran, a company press release stated.

The company, Tracer Petroleum International, will be owned 33.34 percent by Tracer and 66.66 percent by the Mullins Group. The company is negotiating to buy one or more petroleum projects in Iran.

BENTO PROMOTED TO NEW POSITION APP Bento promoted to new position ACE Ltd. has promoted Linda Bento to the position of assistant to Dominic Frederico, president and chief executive officer of the Bermuda operations.

Ms Bento, a Bermudian, has been working for ACE since 1995.

"Ms Bento has been integral in helping me address the demands of our businesses,'' Mr. Frederico stated. "The complexities of our organisation have increased significantly in recent months and in order to maintain our effectiveness we have created the position of assistant to the president and chief executive officer.'' BUSINESS BUC