its parent's plans to halve its worldwide reinsurance concerns.

Skandia has three subsidiaries in Bermuda -- Skandia International Risk Management Ltd., Hudson Underwriting Ltd. and Hudson Reinsurance Ltd., employing a combined total of 40 people.

Mr. Nicholas Dove, Skandia's president in Bermuda, said yesterday: "Skandia's operations on the Island will continue as they are.

"We're primarily a management operation here, generating fee income and not premiums of any significant amount. As such, we will not be affected by the cutbacks.''