investment by a leading American analyst in a premier US investment publication.

In the Wall Street Transcript, Alice Cornish, of Prudential Securities urges investors to buy up shares in both ACE Ltd. and XL Capital, who recently have been pitted against each other in a bidding war for New York-based Capital Re.

Ms. Cornish states XL and ACE: "Are both Bermuda-based companies. Their stocks have really backtracked quite a lot.

"I think that now that the earnings visibility is clear for both of them, they both look very good.'' The publication also contains an "Off the Record'' survey of management performance at 24 non-life insurance companies.

Not only is the management in ACE and XL seen as having the ability to increase the value of shares but a long list of Bermuda-based outfits and companies with operations in Bermuda are seen to have management which will create profits for their shareholders.

The magazine asked market insiders about the ability of management teams to create shareholder value. In a sector where many management teams are criticised for failing to execute, some CEOs receive top marks for their efforts.

`Good buys' Continued form Page 19 Firms reviewed in "Off The Record'' include the oldest Bermuda resident insurer AIG; AON, which has a large Bermuda operation; Chubb; Delphi; Markel; who just bought Terra Nova and Marsh and McLennan who have offices here.

In the issue of the Wall Street Transcripts published yesterday, five leading analysts and five non-life insurance chief executive officers examined in depth the non-life insurance sector.

They also offer picks on stocks most likely to reward; Analyst Kenneth Zuckerberg recommends "specifically Marsh & McLennan and Aon''.

Investing in the future: The new XL Capital building is shaping up and the company's president and chief executive officer Brian O'Hara performed the official roof wetting yesterday afternoon with a bottle of rum. The five story building has 20,000 cubic yards of concrete and used 1,000 tons of structural steel. The building is expected to be ready to move into by March 2001.