Ltd., announced yesterday the company was going ahead with a voluntary liquidation.

Tops wrote total loss insurance coverage for offshore oil platforms mainly situated in the North Sea. The company was formed five years ago by a group of petroleum industry risk and insurance managers concerned about rising rates for oil platforms.

Tops had 16 shareholders and insured about 50 offshore structures with initial limits of up to $70 million per platform. During its five years of operation Tops remained loss free.

President Jon King noted that the need for high excess limits has lessened due to technological advances and increases in the underlying insurance limit provided by Bermuda-based Oil Insurance Ltd. "In addition, the commercial market today provides more than sufficient capacity at very competitive rates,'' he said. "Therefore, the original need for Tops no longer exists and the owners decided to wind it up.'' Oil Management employs 32 staff in Bermuda.

NEW POST FOR EX-BMA CHIEF APP New post for ex-BMA chief Former Bermuda Monetary Authority chairman Mansfield Brock has become director of Colonial Pension Services Ltd. and Colonial Private Trustee Ltd.

The two companies are part of the Colonial Group of Companies.

Mr. Brock will be marketing Colonial's pension plan services in the run-up to the implementation of mandatory pension plan legislation later this year.

Colonial stated that Mr. Brock's role will later be expanded to new ventures the group is pursuing locally and abroad.