year to explore the possibilities of opening up an operation in the fast-growing region.

Mr. Gavin Arton, a spokesman for EXEL's operating subsidiary, XL Insurance, said yesterday: "It's been known for a while that we're exploring possibilities in the Far East but no decision has been made.

"Mr. Kevany will travel to the area later this year where he will talk to a lot of industry leaders in that market who could provide us with business.

"He's exploring the possibility of having a Pacific Basin director on our Board so we have high-level contact with that market if and when we decide to move in.'' A few weeks ago, Mr. Kevany speculated that the most likely locations for a new office would be Hong Kong or Singapore.

EXEL, through its subsidiaries XL Insurance and XL Europe Insurance, provides general liability, directors and officers liability and professional liability coverage.