million ordinary shares was priced this week at $28.25 per share.

All the shares were offered by existing shareholders, who were obligated to purchase shares in order to obtain insurance coverage at the time of the company's inception in 1985.

The offering of 6.4 million ordinary shares in the United States, Canada, and Bermuda is being lead managed by J.P. Morgan Securities and co-managed by Morgan Stanley and S G Warburg.

The offering of 1.6 million ordinary shares outside the United States, Canada and Bermuda is being lead managed by J P Morgan Securities and co-managed by Morgan Stanley International and S G Warburg Securities.

The gross spread, or the difference between the price paid to the issuer and the price at which the shares are sold, was $1.02.

The selling concession, or the amount per share allocated to the selling group, was 61 cents.