orgainsations looking for secure electronic communications with Bermuda-based partners.

Bermuda Connect is a non-profit association formed to run an electronic network set up for the insurance, reinsurance, captive management, banking, investment, law and professional services industries.

The network currently has 2,300 users from 20 organisations. The network is provided by Quantum Communications.

The sessions will be held on August 20, September 10 and 11, noon to 2 p.m.

Lunch will be served at the Bermuda Insurance Institute. Contact Graham Pearson at Paragon Bermuda Ltd., telephone 296-1830.

AMERICAN SAFETY EARNINGS SOAR BUC American Safety earnings soar Bermuda-registered American Safety Insurance Group had net earnings of $1.58 million, or 26 cents per diluted share for the second quarter ended June 30, an increase of 125 percent over second quarter 1997.

Net premiums earned increased 13 percent to $2.18 million while total revenues increased 28 percent to $4 million.

For the six months American Safety had net earnings of $2.6 million, an increase of 66 percent.

Company president and chief executive officer Lloyd Fox said the continued strength of core insurance programmes in the environmental and employee leasing business, combined with increased investment portfolio income contributed to record premiums, revenues and earnings.

SEA CONTAINERS PROFITS JUMP SHI Sea Containers profits jump Bermuda-registered Sea Containers Ltd. has recorded a 25 percent increase in net earnings to $17.9 million for the second quarter to June 30. First half-year results were up 34 percent to $21.7 million.

President James B. Sherwood said all operating divisions had performed up to, or better than, expected. He was confident that expectation would also be met in the third quarter.

Sea Containers is a container leasing and passenger transport and hotels operator.

ULTRALINE SOLD TO US TELECOM BUC Ultraline sold to US telecom A Bermuda-registered start-up telecommunications company has been bought by an Omaha, Nebraska information company.

UltraLine (Bermuda) Ltd., which is in the process of developing high-speed transatlantic services, was purchased by Level 3 Communications Inc., which is laying telephone cables throughout the US.

Level 3 said Colin Williams, the company's founder, has joined Level 3 to lead the company's international operations.

"Having Colin Williams assume leadership of the international operations is an important development for the company,'' said Jim Crowe, president of Level 3.

"He built the international operations at MFS from the ground up and then, as CEO of WorldCom's international operations, integrated and grew the combined international businesses of MFS and WorldCom. Very few executives have Colin's level of experience and expertise in building advanced telecommunication systems across Europe and Asia.'' BUSINESS BUC