year forming a board, comprised of ship owners.

In a circular to its members, the Bermuda company said that the US Coast Guard has received Shoreline's guarantees representing gross tonnage approaching 7,000,000.

Shoreline said, "Our reinsurance policy placed with Centre Re, part of the Zurich Group, and their subsequent reinsurance policy in London being fully placed by Willis Faber & Dumas and Sedgwick Marine & Cargo, allows us to issue applications for up to $395,000,000 at our advertised rates.

"Due to the resources at our disposal we are able to offer rapid turnaround of quotations and applications to the Coast Guard, often resulting in a CoFR (Certificate of Financial Responsibility) being approved the same day as we receive a binding application.'' The circular continued that although the initial deadline (for tankers) is passed, some ship owners do not need CoFRs until some time in the future, when their ships first enter US waters.

Shoreline is providing guarantees for ships entering US waters, under new laws that require obtaining of the certificates from the Coast Guard before they arrive, under the Oil Pollution Act of 1990.

Deadlines for different types of vessels will be instituted over a period of time. The December 28 deadline was the first.

Mutual Risk Management have reached agreement to acquire Shoreline Mutual Management for an undisclosed sum. The deal is expected to close soon.

RUSSIAN DELEGATION TO VISIT BANK OF BUTTERFIELD BUC Russian delegation to visit Bank of Butterfield A delegation from Magnitogorsk, Russia, on a research effort will visit the Bank of Butterfield, the bank announced Friday.

The purpose of the visit will be to "research requirements for the introduction of their proposed banking retailer card system, credit and debit...the bank of Butterfield was selected because of its experience in the credit card business,'' according to a release from the Bank of Butterfield's electronic banking department.

"We are pleased to share our knowledge and experience with the Promstroybank (the Ural region's main bank) and Compass Plus (the proposed card processing centre for the Ural region),'' said Mr. Colin Furr, executive vice president, banking.

The Russian delegation, Mr. Alexander Stephanov, Ms Olga Demina, Ms Tatiana Kartavtseva, Ms Valentina Chernova and Mr. Vitali Valeez, represent the Promstroybank and Compass Plus.

The Russian representatives are meeting with bank representatives to discuss the steps taken to introduce and process cards in Bermuda.

They were scheduled to arrive Saturday and will depart this week.