their entry into the insurance and reinsurance business in Bermuda.

The Royal Gazette revealed in August that two former underwriters of Centre Re, Mr. Richard H. Black and Mr. Mike Cascio, went into business in the offices in the Kitson Building that had been occupied by Commodities Corporation.

Mr. Cascio said at that time: "We'll have a bit more responsibility. I always enjoyed personally working for a smaller shop. Centre Re is now about 100 people in Bermuda.

"This is an opportunity to start something from ground zero. You leave a very stable environment for something that is new and obviously that is very exciting. But we are really serious about it and we wouldn't have taken this on if we were not.'' The group has now named that new firm as Stockton Reinsurance Limited (Stockton Re), with the management team headed up by CC general counsel, Mr.

Thomas F. Dailey.

The company has shareholders' equity in excess of $217 million. Stockton Re will underwrite primarily, but not exclusively, long-tail classes of business, often using non-traditional structures.

Mr. Black and Mr. Cascio have had decades of combined experience in insurance and reinsurance businesses.

The two left the Centre Re, one of the world's leading financial reinsurers, on good terms.

They expect the new firm will be about the quarter of the size of Centre Re, which had assets of $4.04 billion last year and earnings of $187 million.

Mr. Robert G. Easton, CC president and chief executive officer, said: "With a narrowing of the distinction between traditional and non-traditional insurance and reinsurance products, Stockton Re will service the demands of buyers searching for more efficient ways to manage risk.

The arrival of a major new entrant into this arena, unencumbered by past problems and with a firm commitment to provide long-term capacity, has been welcomed by brokers and their clients.'' "Stockton Re will also draw upon the asset management expertise of CC, which has a 25 year track record of excellent performance in its field, largely attributable to a philosophy of constant innovation, closer trading relationships, broad diversification and rigorously applied risk control guidelines,'' added CC chairman, F. Helmut Weymar.

"Our unique asset management techniques, applied across all major financial markets on a global basis, are ideally suited to the insurance and reinsurance markets.'' Stockton Re will be moving out of the Kitson building early next year and into their new headquarters, Stockton House, which is currently under construction at 55 Par-La-Ville Road, in the old Harold Hayes Frith building.

Commodities Corporation is an asset management group with operations in various locations around the world, including here in Bermuda, New Jersey, New York, Chicago, the Cayman Islands and Geneva.