brought its headquarters to Bermuda three years ago, will retire as chairman, president and CEO of the holding company, Terra Nova (Bermuda) Holdings Ltd., at the company's next annual general meeting, May 5.

Deputy chairman of the board, John J. Dwyer, will be elevated to chairman, while remaining president of Terra Nova's Bermuda operating company.

Nigel Rogers, the other deputy chairman and managing director of the firm's Lloyd's operating company, Octavian Syndicate Management, will be named president and CEO of the holding company.

A board spokesman said, "Bill Bailey successfully completed the restructuring of the company in late 1994 and since that time has provided his leadership, vision and energy to the development of Terra Nova.'' Mr. Bailey said, "When we raised the capital to begin the restructuring of Terra Nova in late 1994, I made a commitment to the new investor group and to Terra Nova's management that I would lead the company for a period of time to get it established to successfully meet the demands of a changing marketplace.

"The management team formed in early 1996, has worked together the last two years and is fully prepared to lead this company to ever greater success in the years ahead.

"Therefore, I have satisfied my commitment and for some time have been in discussion with the board on the date of my retirement. John Dwyer and Nigel Rogers have earned the board's confidence and respect of employees.'' William Bailey