A headline for a story on Commercial Risk Reinsurance Co. Ltd. mis-stated the rating assigned to the company by Standard & Poor's. Commercial Risk has been assigned a double "A-minus'' financial strength rating by S&P.

Bermuda-based Commercial Risk Reinsurance Co. Ltd. and Vermont-domiciled subsidiary Commercial Risk Reinsurance Co. have been assigned a double "A''-minus financial strength rating by Standard & Poor's.

The agency stated the rating is based on the explicit support in the form of unconditional guarantees from parent SCOR, a French-based reinsurance and insurance group.

Commercial Risk, which began writing business in 1992, had equity of $235.2 million at December 31, 1998. The company provides alternative risk transfer products. Gross premiums were $321 million in 1998 largely due to workers' compensation treaties.

The company has also expanded into general and automobile liability coverages.

"Standard & Poor's expects Commercial Risk's contribution to SCOR's top-line growth, currently approximately 13 percent, will continue to expand as the products and customised solutions that Commercial Risk developed particularly for the US market is marketed to SCOR's broad client base,'' a press release stated.

LASALLE SETS DIVIDEND BUC LaSalle sets dividend LaSalle Re Holdings Limited yesterday announced its board of directors had declared a dividend of $.5469 per share on the company's series A preferred shares.

The dividend is payable September 1 to shareholders of record at the close of business on July 30.

LaSalle Re Holdings Limited, through its operating company, LaSalle Re Limited, writes high severity, low frequency reinsurance, primarily property catastrophe reinsurance on a worldwide basis.

KITSON PROMOTED APP Kitson promoted Scott G. Kitson has been appointed executive vice president of Kitson & Co.

Ltd. Mr. Kitson has worked as a commercial lines manager for the past eight years with Kitson Insurance Services.

Before returning to Bermuda to work at the family-owned business, he was employed at Corroon & Black of Massachusetts, Inc.

President and chief executive officer Kirk Kitson said his son Scott "has the ability to take over the leadership of the company from me in due course and to lead our company into the next century''.

The group includes Kitson Real Estate, Kitson Benefit Services, Kitson Insurance Services Ltd., Kitson Brokerage Services Ltd., Kitson Marine & General Insurance Co. Ltd., the Kitson Building, Windsor Place and the Rosedon Hotel.

OFFERING EXTENDED BUC Offering extended Conexys Corporation has advised the BSX that Trafalgar Securities Limited has extended its offering under the terms of the Confidential Offering Memorandum from June 30 to August 31.

CHARTER FIRM STARTS FLY Charter firm starts Residents may be able to charter aircraft without travelling to the US.

Local businessman Mark J. Byrne has applied to incorporate a local company which will, if the application is successful, make aircraft available for charter in Bermuda.

Mr. Byrne told The Royal Gazette that he did not want to say a great deal about the proposed enterprise at this point as his application had just been submitted.

He did however point out that currently if Bermuda residents wish to charter an aircraft, they have to go to the US to do so.

Mr. Byrne said he thought that it would be of great benefit to Bermuda if in an emergency or otherwise, residents had the ability to charter an aircraft in Bermuda.

The application states that the name of the company would be Island Aviation Limited.

CYCLE SHOP OPENS BUC Cycle shop opens A new cycle shop is now the sole distributor for Benelli and Kimco, Italian cycles.

Cycles International has received Planning permission to open the shop at what once was the Riddells Bay Restaurant in Warwick.

The owner pointed out that Benelli is the top selling bike in Europe and holds that Kimco is affordable. The cycles are of the scooter type and range in price between $2,775 and $3,150.

Promoted: Scott Kitson Graphic file name: KITTER