held yesterday morning, to establish its operational guidelines. Mr. John Austin was elected chairman of the board at the meeting, which was held at the Marriott Castle Harbour Hotel.

Harrington is the new insurance vehicle set up by International Risk Management Group (IRMG) to replace Hopewell Reinsurance Ltd., which ceases writing business June 30 and will be put in run off.

Mr. Austin, who retired from Mercantile and General Reinsurance Company Ltd., will be at the IRMG offices today, before leaving the Island.

IRMG executive vice president, Mr. Graham Brice, said that the idea in establishing Harrington was to raise capital to "shore up'' the existing service provided by Hopewell. Mr. Brice will be the chief executive of the new company.

The officers of the company and a six member board of directors was put in place and they approved the retention of the company and the reinsurance structure. The reinsurance programme will now be placed.

IRMG CEO, Mr. Gareth Bradburn, said, "With any new company, there was a string of housekeeping measures and we were able to get them done.'' The company is being floated with an initial capitalisation of $70 million, but that is likely to be increased to at least $100 million within a year. It will be dedicated to writing purely property, business interruption and a limited amount of marine business.

Mr. Austin, Mr. Brice and Mr. Bradburn are joined on the board by Mr. Richard Lieberman of Swiss Re, Mr. H. Zulaus and Mr. H. Gmunder.