cover, according to its senior vice president for underwriting.

Mr. Larry Lombardo, speaking yesterday during the Bermuda market briefing: from captives to cats, said the move toward property cover comes "at the request of existing clients''.

Bermuda-based ACE has about 600 clients worldwide, with well over half in the excess liability market -- but the move will not be exclusive to those companies, he added.

Attachment points for property cover are likely to be in the neighbourhood of $50 million.

They will likely enter the property insurance market in 1995, he added.

It remains to be seen if the property cover will include business interruption as a line feature, he said.

When ACE was formed in 1985 with $285 million in capital, clients could not get directors and officers cover without first purchasing excess liability.

ACE Ltd., which includes subsidiaries ACE Insurance Company, and CODA (Corporate Officers & Directors Assurance Ltd.), is a provider of excess directors and officer liability, high level excess liability, and satellite insurance.

The Bermuda insurance market continues to "evolve'', noted Mr. Bob Cooney, executive vice president (underwriting) of XL Insurance.

XL, which also primarily underwrites excess liability and directors and officers cover, announced earlier this year that it was entering the property market.