Mr. Brown was managing director and head of London brokering operations. He leaves "to pursue new business ventures''.

"Nick Brown has made major contributions during his tenure with SCB,'' said Len Quick, acting Chief Executive Officer. "We wish him the best of success in his new ventures.'' Mr. Brown said he plans to create a new company. "My experience with SCB was very rewarding. At this time, I'm delighted to have a unique opportunity to create a new company. I'm sure that SCB will do very well in the future, and I will miss working with so many first-rate people.'' Mr. Quick added: "We have instituted major restructurings and realignments during 1999, and we expect to sharpen our focus further to meet competitive market conditions. We have made considerable progress on a number of fronts and plan to continue this process over the coming months.'' SCB merged its two London reinsurance brokerage operations into a single business unit, effective July 1, 1999, to achieve management, information systems, and other efficiencies. Full integration of the personnel and systems of the prior reinsurance brokerage units should be completed by the end of 1999, the company said. Mr. Brown's departure is not expected to affect that schedule.

SCB is a Bermuda holding company that, through its subsidiaries, provides risk management services and products predominantly to small- and mid-sized businesses, including those seeking cost-effective alternatives to traditional commercial insurance for certain of their risk exposures.

In addition, SCB arranges reinsurance for its products as well as for those offered by independent insurance carriers and reinsurance companies active in the workers' compensation, occupational accident and health, and casualty insurance markets.

Earlier this year, Nicholas Cooke decided to stand down from his executive role as president and chief executive officer of the company. Cooke retained his position as non-executive chairman of the board. He continues to advise in the areas of client development and marketing.

A new management structure was created this summer for SCB, which hired recruiters Heidrick & Struggles to find a new chief executive officer. The board named Len Quick, chief of US operations, as chief operating officer and interim chief executive officer of the company. Quick was also elected to SCB's board of directors.

SCB director Warren Cabral, head of Appleby, Spurling & Kempe's insurance division, also resigned earlier this year, saying he wanted to reduce his workload and the number of boards on which he serves.

The company in June denied reports that it "appeared to be falling apart at the seams. The allegations were made by a Miami-based offshore newsletter.

Warren Cabral