announced the formation of a new reinsurance company.

Heddington Life Ltd., a wholly-owned subsidiary of Texaco, with authorised share capital of US$10 million, will be based in the International Financial Services Centre in Dublin, Ireland.

The new company's principal activity will be underwriting non-property/casualty reinsurance risks associated with Texaco's global activities.

This will include the risks of Texaco customers, dealers, and employees its affiliated companies and joint venture partners.

Heddington Life Ltd. will commence operations on January 1, 1995 and will be managed by Willis Corroon Management (Dublin) Ltd., a statement from Heddington Insurance Ltd. said.

"Heddington Life will act as a commercial reinsurer, judging and valuing risks on their exposure value and market conditions,'' the statement said.

"Under these terms Heddington Life will actively seek to participate in the reinsurance programmes of Texaco's risks as opportunities arise. The company will expand and develop in response to its financial capability, group growth and the conventional insurance market status.'' Earlier this year, Texaco, with partners, was awarded licensing in Ireland.

Access to the European licence was cited as the primary rationale for locating the new reinsurance company in Dublin.

Texaco has manufacturing and marketing interests in that republic.

Heddington has offices on Church Street, Hamilton.