board following the acquisition by Winterthur Swiss Insurance of Swiss Re's 71.4 percent interest in Harrington.

The newly elected board comprises: John Dacey, chairman; Brady Young, president and chief executive; Peter Manz; Ned Bowers; Brent Clark; Vincent Fleury; Marc Romano; and Timothy Faries.

They replace John Austin, Hans Gmuender, Hans Hefti, Hans-Kaspar Zulauf and local lawyer Lynda Milligan-Whyte.

Mr. Young said: "We are indebted to the support and guidance that these directors provided to Harrington. They were all part of Harrington's original board serving from the time of the company's formation in 1995 and were instrumental in establishing and building the company.'' Harrington will serve as the major risk carrier of the Strategic Risk Solutions unit within the group.

SRS is a dedicated bancassurance unit that originates, structures and underwrites highly structured financial and operational risk programmes for large corporations and selected financial institutions.

Mr. Young said: "Acquiring Harrington from Swiss Re is a further step in broadening the global operations and presence of Winterthur and SRS.

"It will strengthen our abilities to deliver to our clients tailor-made solutions to a variety of complex risk financing problems.'' Marc Romano, senior vice president and chief risk officer of Harrington, said: "We very much look forward to being part of the dynamic and growing Bermuda market. Harrington will complement the group's strong worldwide franchise and provide a platform for creativity as we seek new ways to deliver comprehensive risk solutions to our clients.''