acquire insurance or reinsurance companies that are in run-off.

London Underwriting Holdings Ltd. is currently staffed by Bermudian David Lindo, who holds the position of general manager.

London Underwriting Group has offices in London, Chicago and Sussex, England and provides technical services, such as account processing and records inspection, debt collection and settlement negotiation for international clients.

"The focus of the Bermuda company is to become a vehicle for removing outstanding liability by transferring ownership of the insurer or reinsurer involved,'' Mr. Lindo said.

"As a result the parent of the company that is sold is able to obtain a clean exit or concentrate time and effort toward dealing with current programmes.'' Mr. Lindo has 30 years experience in Bermuda's insurance market. He was recently senior vice president of insurance services at J&H Marsh & McLennan Management.

Prior to that he was underwriting manager for Royal Dutch/Shell insurance subsidiary Solen.

London Underwriting is now seeking permission to establish a reinsurance company that will complement London Underwriting Holdings by absorbing outstanding claim liabilities through portfolio transfer.

The strategy is used when it is necessary to transfer blocks of business without effecting a change of ownership.