Bermuda-based Mid Ocean Ltd. increased its total dedicated capacity at its Lloyd's syndicates by 47 percent for the 1998 underwriting year.

The company announced it had secured $67.4 million of new capacity on syndicates managed during the Lloyd's capacity auctions on its syndicates managed by The Brockbank Group, a wholly owned subsidiary.

Mid Ocean projects its total dedicated capacity at Mid Ocean's Brockbank syndicates to be $339.7 million for the 1998 year, compared with $230.6 million this year. Dedicated capacity will represent 38 percent of Brockbank's total capacity of an estimated $895.4 million.

"We are pleased that Mid Ocean has supplied Brockbank syndicates with additional capacity for the 1998 year of account,'' Mark Brockbank, chief executive officer of The Brockbank Group stated in a press release. "This is a continuation of increasing our principal participation, while at the same time remaining committed to underwriting for third parties.'' Mid Ocean, through its subsidiaries, provides insurance and reinsurance.

Brockbank manages five Lloyd's syndicates, two of which are dedicated corporate syndicates with capital provided by Mid Ocean.

*** Terra Nova will provide more than half of next year's capacity for the syndicates in its Lloyd's syndicate management company.

In the latest capacity auction, Terra Nova's Lloyd's corporate member, Terra Nova Capital, acquired $53.4 million of new capacity at Lloyd's for the 1998 underwriting year.

Terra Nova Capital, a London subsidiary of Terra Nova (Bermuda) Holdings Ltd., participated in recent bidding activity in the Lloyd's capacity auctions from July 8 to September 24.

Individual and corporate members acquire and dispose of capacity or commitment to support underwriting in selected syndicates through capacity auctions sponsored by the Corporation of Lloyd's.

Terra Nova's bidding was confined to seven syndicates managed by its wholly-owned subsidiary, Octavian Syndicate Management.

Excluding auction administration fees, Terra Nova's total expenditure was $601,747, or an average price of 1.1 cents per dollar of capacity.

Terra Nova was the successful bidder on some 84 percent of the Octavian capacity offered for sale.

Octavian managing director, Nigel Rogers, said, "These purchases in the auction, along with additional unsold capacity which may come to Terra Nova at no cost, will bring the group's share of aggregate capacity on the seven syndicates managed by Octavian to approximately 53 percent for the 1998 underwriting year. This newly acquired capacity continues the group's strategy of acquiring capacity when warranted by market conditions and price.''