Responsibility (COFR) provider, called 1996 a year of strong market share gains.

Shoreline, owned and controlled by shipowners and managed by Bermuda-based Mutual Risk Management Ltd. subsidiary Shoreline Mutual Management (Bermuda) Ltd., also said it has restructured 1997 pricing.

The mutual has issued 1,918 guarantees and written $27 million premium. This represents 56 million gross tons and 40 percent of the commercial COFR market compared to 37 percent a year ago, Shoreline said.

Shoreline commenced operations two years ago, in response to Oil Pollution Act (OPA) 90, when COFRs were required to protect shipowners whose vessels enter US waters against a possible oil or hazardous substance spill.

The largest gains have been made in the more profitable tanker category, where Shoreline now has 47 percent of the commercial COFR market compared to 39 percent a year ago.

For commercial dry cargo, Shoreline reported 37.5 percent of the market, up from 36 percent a year earlier.

"Shoreline was structured from the outset as the shipowners own COFR solution,'' Shoreline Mutual president Simon Scupham said.

"It has been successful because under the direction of its international shipowning board of directors it has been able to provide its members with an `at cost' product with many programme features incorporated.'' The restructuring programme is effective January 1.

It includes a "significant'' reduction in COFR rates as well as an improved no claims bonus arrangement.

There will also be an optional two or three year COFR for dry cargo vessels at a discount, coverage for all defence costs as well as elimination of member exposure for supplementary calls.

Shoreline's chief competitor in the commercial market is Stockton Reinsurance Ltd.'s First Line, a fixed premium COFR provider which Stockton Re recently restructured as Shipowners Insurance & Guaranty Co. Ltd. (SIGCo), a Bermuda limited liability company.

Shoreline and First Line provide coverage for over one third of the 13,000 shipowners with COFRs.

Most of the remainder are self insured.

"Despite the entry of new COFR markets in 1997 and highly competitive pricing, we are confident our new pricing structure and performance to date will give us a strong advantage over our competitors,'' Mr. Scupham said.

SHARES REBOUND BUC Shares rebound After a decline Thursday, Mid Ocean Ltd. shares rebounded slightly to $52 late Friday. The Bermuda-based reinsurer closed at $51.25 on Thursday, down $1.50. Shares fell Thursday after a block of about 1.7 million shares traded for about $90 million. The stock traded at a volume of about 1.8 million, almost 40 times the average trade size. Mid Ocean would not identify the investor, Bloomberg business news service said. The Thursday trade came days after Mid Ocean issued 3.4 million shares to three sponsoring shareholders, J.P. Morgan & Co., Marsh & McLennan and Fund America as part of options and agreements when Mid Ocean was set up. FINANCIEL MOVED BUC Financial moves (Bloomberg) -- Bermuda-registered Maritime Investment Fund Ltd. (MIF) announced recent financial moves raised $128 million for expansion.

Oslo-listed and Greece-based, MIF owns seven product carriers and four crude oil transporters.

The $128 million includes $70 million equity and $58 million in a ten year revolving credit facility.