announced yesterday he will retire early next year.

Mr. Stephens, 61, is also president and CEO of OIL Management Services Ltd.

and Oil Casualty Insurance, Ltd. (OCIL) as well as president of TOPS Insurance Ltd.

His retirement comes after almost ten years with the energy industry mutual insurance group.

He has asked the executive committees of both OIL and OCIL to find a replacement to take over his responsibilities by early 1996.

Mr. Stephens plans to devote more time to family and personal business. He said the companies are in a good state of health and that the leadership change could not have come at a better time.

"All three operating companies are currently in excellent shape, not only in financial terms but also from a staffing standpoint,'' he said.

Mr. Stephens has held his current position since July, 1988 and has steered the companies through "one of the most eventful periods of their history,'' the company said.

Mr. Stephens joined the management services company in 1986 as a senior vice president of OCIL.