company is happy with its $11.6 million acquisition of Hemisphere Group Ltd., even though the Minister of Finance only allowed MRM's deal to include acquisition of 40 percent of Hemisphere's local trust company, The Hemisphere Trust Company Ltd.

As a result of the Minister's decision, the trust business will continue as a local (60/40) company.

Mr. Mulderig said, "We had planned to amalgamate a newly formed exempted trust company with the local trust company, the Hemisphere Trust Company. We simply didn't proceed with that one aspect.'' He said the Minister did not want the amalgamation at this time, and that it will take some time before details can be worked out to resolve the future of the trust company. But it was only a small portion of the subsidiary's business.

He said, "We have been seeking to acquire companies that are in the insurance service business, which is of course our core business. We see Hemisphere as the cornerstone of this division, financial services. We think that the offshore financial services sector is really starting to grow.'' Meanwhile, The Bermuda Stock Exchange (BSX), said Friday that trading in the shares of Hemisphere Group Ltd. (common and preferred) was suspended.

The Exchange has approved the de-listing of The Hemisphere Group subject to the completion of the exchange of Hemisphere Group Limited preferred shares for common shares of Mutual Risk Management Ltd.

Robert Mulderig