is set to retire. Executive vice president and chief financial officer, Brian G. Walford will leave the company at the end of the year. No successor has yet been appointed.

Since December 1994, Mr. Walford, 43, has been at the office of the chief executive of EXEL's main operating subsidiary, X.L. Insurance (XL), serving with XL chairman, president and CEO, Brian O'Hara, and executive vice president Robert J. Cooney.

Under that structure, Mr. Walford was responsible for all financial, investment, systems, administration, human resources, investor relations and corporate planning functions.

EXEL Ltd. president and CEO Mr. O'Hara, said: "While I am sorry that EXEL will be losing Brian Walford, I am pleased that he will be remaining with the company for the remainder of this year in order to ensure a smooth transition for his successor. All of us at EXEL wish Brian well in his future endeavours.'' He was appointed chief financial officer of the EXEL Group in April 1990, and made responsible for all financial, treasury, administration and planning functions, including capitalisation and merger and acquisition activities.

Mr. Walford is retiring early to travel the world and complete the building of a home in North Carolina. He does not rule out returning to the corporate world and there is always the possibility of some part-time work with EXEL.

The English-born Mr. Walford said yesterday, "I'm been working 25 years of my life and I've decided I would like to pursue some other interests and follow some more personal goals. That's why I've elected to retire now.

"Initially, I will probably take maybe two or three years off, complete the work on the house I'm building and just reassess my position. I just want to take some time off to relax and travel to see some friends around the world, things I haven't had a chance to do because I am working full time.'' Mr. Walford joined EXEL in March 1987 as vice president and treasurer after being involved in the incorporation of the company, while employed by Marsh & McLennan in Barbados and Bermuda.

Later, when the company went public, he was in New York with the institutional investors who would support the venture.

He said, "Overall it has been a very satisfying and exciting 11 years.

Highlights for me included the initial public offering, when we listed our shares on the New York Stock Exchange.'' Recent filings for 1996 placed Mr. Walford among the earnings leaders of Bermuda's insurance executives for the year, with salary and bonus of $595,000, a travel allowance of $89,017, pension benefits earned of $34,500, net profit of stock grants of $1,995,375 for a total remuneration package for the year of $2,713,892.