$2 million over the past three years as a result of investing in Lloyd's of London insurance syndicates.

But many said yesterday that their losses for 1990, which is the latest reporting year, are less than the average of 100,000 ($149,000 at the current exchange rate) for the 27,770 Lloyd's members.

They knew of no-one on the Island who is facing financial ruin because of Lloyd's losses, although two members said separately they had heard a rumour that one local resident had lost $1.5 million.

Among Lloyd's Names in Bermuda are former Government Senate leader the Hon.

Charles Collis, Bank of Bermuda chairman Mr. Eldon Trimingham, lawyers Richard and James Pearman, of Conyers, Dill & Pearman; British MP and author Mr.

Rupert Allason, accountant Mr. Paul Hubbard, realtor Mr. Geoffrey Bird and Argus Insurance president Mr. John Sainsbury.

Many of Bermuda's international insurance businessmen are also Names, including Mr. Brian Hall, Mr. Robin Spencer-Arscott, Mr. Jonathan Crawley, Mr.

James Parkinson, Mr. Robert Whiting, Mr. Robert Hedges, Mr. Paul Murray, Mr.

Erik Arcay, Mr. Alain Wattiej, and Mr. Francis Carter.

Premier the Hon. Sir John Swan was a member until at least 1986 but got out just before the current heavy losses were incurred.

Mr. Spencer-Arscott, Mr. Parkinson, Mr. Crawley and Mr. Arcay were in one of Lloyd's worst-performing syndicates, syndicate 745.

The syndicate, which was run by discredited underwriter Mr. Dave King, made a loss of 43 million ($64 million) for 1990, when it had 1,750 members, and a loss of 23 million ($34.3 million) in 1989.

The syndicate is still open and further losses are expected over the next year or so.

Mr. Crawley is among those who have joined a London-based action group to investigate the circumstances of the losses.

It has been reported that the syndicate was chronically under-reinsured by Mr.

King, who has since been forced out of Lloyd's.

Mr. Crawley said: "I'm disappointed. I know Dave King quite well.'' He addeed: "Since I became a Name many years ago my portfolio of syndicates have performed consistently very much better than average.

"My loss for 1990 is less than half the reported average of 100,000. I've had a good return on my money over the years. I will remain a member of Lloyd's with confidence.'' Mr. Arcay, the managing director of Insurance Brokerage and Management Company, belongs to 16 syndicates and has suffered a loss of $150,000 over the last two years.

He said: "The latest estimates that I've received from my agent estimates my loss at 100,000 ($149,000) for 1990.

"I've been a member since 1985. I had a good profit in 1986 and 1987 and a small profit in 1988.

"I had to write out a cheque for about 43,000 ($64,070) in 1989 and there is about 60,000 due in 1990.

"The losses I have had, especially those in 1990, have wiped out previous years' profits. I'm not going to get out of Lloyd's. Now is the time to get back in.'' Like many other Names, particularly those in the insurance industry, Mr. Arcay had stop-loss insurance which will reduce the amount he has to pay.

"I can claim some of my losses back,'' he said. "My stop-loss insurance protects me from losses in excess of 56,250 per underwriting year.'' Tax refunds will further ease the burden for Names.

Argus Insurance boss Mr. Sainsbury is currently a member of some 40 syndicates and joined Lloyd's in 1987. "I've been relatively fortunate,'' he said. "I'm less than half the average loss for 1990. And there have been a number of tax refunds both from the US and the UK which have been paid in the last year which have mitigated that.

"Most Names in Bermuda are gritting their teeth and bearing with it and hoping to pull through.'' Mr. Hubbard, a partner in Anfossi & Butterfield, is currently a member of 16 syndicates.

Mr. Hubbard confirmed he had suffered losses in recent years, but said his 1990 loss was less than average and he also has stop loss insurance.

Mr. Alain Wattiej, president of Stockholm Management, resigned from Lloyd's last year after being a Name for 15 years.

"I did not make any money but I've not been hurt too badly compared to some people I know. I lost 12,000 ($17,880) in 1988, between 40,000 and 45,000 ($59,600-$67,050) in 1989 and a little over 20,000 ($29,800) in 1990. 1991 does not look like it's going to be a disaster.

"I'm probably one of the most fortunate ones since I was in very, very conservative syndicates. I hope to have broken even from my involvement with Lloyd's by the time I pay my final bill.

"I don't regret getting into the whole thing. I thought about staying like some of my friends are doing but I've got mixed feelings about the future of Lloyd's.

"I suspect that some people in Bermuda have lost between 100,000 ($149,000) and 200,000 ($298,000).'' Mr. Hedges, of Intere, said he had not been affected by any "disastrous'' syndicates.