Ltd. and subsidiary Financial Structures Insurance Co. of New York from Pitney Bowes Credit Corp. for $25.5 million.

A future consideration of up to $7 million is part of the deal, depending on the revenues generated by the companies over the next three years.

Financial Structures Ltd. provided customised residual value insurance products for Pitney Bowes' external financing portfolio and other non-Pitney Bowes products.

Royal & Sun plans on providing customised residual value insurance to lenders, lessors, banks, lease finance companies, investment and mortgage lenders and insurance companies.

Queensway Financial Holdings Ltd. has entered into an agreement to buy Bermuda-registered Bowling Insurance Group, Ltd. for $8.5 million.

Bowling provides reinsurance for general liability, property and workers' compensation for bowling centres in Michigan and other states.

Bowling had premium volume of $1.76 million in the year to October 1998.

Queensway's subsidiaries primarily provide insurance of personal and commercial automobile risks in Canada and the US, and commercial liability, medical malpractice and property risks in the US.