a Philadelphia-based insurance company over reinsurance recoveries has reached the stage where Belvedere has issued a writ demanding access to the other insurer's accounts.

Belvedere chairman and chief executive officer Mr. Colin O'Connor said: "This is a long-standing dispute involving a ten-year-old reinsurance contract. We expect to defend our position and are confident of the outcome. It's fairly traditional stuff.'' The defendant Mutual Fire, Marine & Inland Insurance Company, which is in rehabilitation, is seeking to retrieve unpaid claims from reinsurance company Belvedere.

Belvedere is disputing the undisclosed sum that is being claimed by MFMII's rehabilitators, yet has been denied access to records to verify the amount owed.

Belvedere, which was incorporated in Bermuda 15 years ago, sells casualty and surety, property and marine and accident and health reinsurance. It is owned by Caliban Holdings, which was formed by Belvedere's management and a subsidiary of Citicorp in December, 1989.