corporate members of Lloyd's of London.

The Bank is the sponsor of Venton Underwriting Group Ltd., which will be managed by Venton Underwriting Management Ltd. and will invest in three syndicates managed by Venton.

But the bank has also invested in the limited liability company, which aims to raise 25 million in Hong Kong, London and Bermuda.

Venton Underwriting Agencies managing director Mr. Martin Slade, who was in Bermuda last week, said the group is seeking investments from high net worth individuals as well as from companies.

"We have had take-ups in all three places,'' said Mr. Slade. "We want to get a nice, broad shareholder base in order to bring stability to the syndicates capital base.'' Mr. Slade admitted that one of the hardest parts of marketing the company was the recent bad publicity surrounding Lloyd's, which has been buffeted by multi-billion losses over the last five years.

"What we are saying is that while we feel sorry for those who have lost money, not all names have lost money and Lloyd's is still a very good insurance market.'' He added that between 1985 and 1991 the three syndicates made money in each year, except 1989, when one non-marine syndicate suffered a loss.

Mr. Malcolm Mitchell, the Bank of Butterfield's international manager, said: "This is a very exciting venture for the bank.'' The bank's London investment subsidiary, Butterfield Securities, is acting as investment manager of the offer.

Corporate investors were first permitted to invest in Lloyd's with limited liability last year. Until then, the market was backed by individuals who had unlimited liability.

More than 900 million was raised from corporate investors -- primarily in the United Kingdom -- last year and a further 300 million is expected to be invested this year.

Mr. Slade said Venton Underwriting Group and operating subsidiary Venton Underwriting Management Ltd., which is chaired by founder Mr. Jeremy Venton, differs from other corporate members in that it is a dedicated company which will invest only in the Venton syndicates.

The company expects to earn a 12 to 15 percent return on total premium capacity of about 175 million, according to the prospectus. The company also hopes to list its shares on the London Stock Exchange in the future.

Prospectuses for the private placement are available from Mr. Mitchell at the Bank of Butterfield. The offer will close either when it is fully subscribed or on October 31.

SEEKING INVESTORS -- Venton Underwriting Agencies managing director Mr. Martin Slade, left, and founder Mr. Jeremy Venton.