intends to join the Zurich Insurance Group, the Swiss insurer confirmed yesterday.

Zurich Insurance Group spokesperson Ms Iris Roth said Mr. Golden has a letter of intent with the Swiss insurer but that work and resident permits from Swiss authorities are pending.

Zurich and Mr. Golden have expressed "interest'' in completing the agreement, she said.

It was not known when Swiss government requirements would be completed. Mr.

Golden could head the company's energy department working out of the insurer's home office in Zurich, Switzerland, said Ms Roth.

Mr. Golden is believed to have left Bermuda at the end of July.

At the end of March, Mr. Paul Lovejoy took over as president and CEO of Heddington, Texaco's Bermuda-based captive insurer. Mr. Lovejoy also replaced Mr. Golden as general manager of Texaco's risk management department.

When The Royal Gazette tried to determine details from Heddington about the change it was told to contact Texaco in New York.

A press release announcing Mr. Lovejoy's appointment did not even mention Mr.

Golden's name, president and CEO of Heddington for ten years.

Mr. Lovejoy could not be reached yesterday to comment on Mr. Golden's current association, if any, with Heddington.

In April, director of media relations Mr. David Dickson at Texaco in White Plains, New York could not confirm or deny that Mr. Golden had been fired from Heddington.

Prior to being appointed president and CEO, Mr. Lovejoy served as Texaco's assistant general counsel responsible for the company's international legal affairs.

Figures from the recent Bermudian magazine/Deloitte & Touche insurance summary show Heddington lost $38.6 million in 1994.

Under the "other income/expenses and taxes'' heading, Heddington showed a loss of $31.3 million.

Heddington reported a profit of $17. 3 million in 1993 after a loss of $22.8 million in 1992 and a loss of $23.8 million in 1991. The latter result was the company's first loss since formation in 1970.