group of potential investors have decided to activate the company, which has lain dormant for some time.

TOPS is a Bermuda-based company which is intended to provide $100 million of coverage for offshore production structures in the North Sea.

The company is the result of a private initiative started by a group of interested insurance buyers in response to worsening conditions in conventional markets, said Mr. Stephens.

He added: "It was resolved that this group will hold an official activation meeting in Bermuda at 9 a.m. on December 4, 1992.

"At that time, official subscriptions and other documentation will be completed and the company will be prepared to begin insurance operations, effective January 1, 1993.'' Mr. Stephens would not say who would be investing in the company.

Mr. Stephens is also president and CEO of Bermuda-based Oil Insurance, which is owned by a number of oil companies, including Shell, Mobil, Phillips, Petrofina and Occidental.