Bermuda-based Sphere Drake Holdings Ltd.

The company said yesterday that the firm's underwriting team will now report directly to president and CEO, Michael C. Watson.

Mr. Watson said, "Paul Philo's efforts have been unstinting throughout his career with Sphere Drake and the company recognises the significant contribution he has made over a long period of time.

"I am grateful for Paul's assistance in helping the company achieve its objectives of restructuring the business portfolio and attracting new ownership for the company, which will greatly enhance its competitive standing.

"Following the accomplishment of these significant changes, Paul felt that it was time for a change and has decided to step down. We thank him for his unwavering support and commitment to the company over so many years, and wish him well in the future.'' The company has spent recent months conducting a comprehensive restructuring of its business and in June announced it was being purchased by Toronto-based Fairfax Financial Holdings Ltd.

NEW CATEGORY FOR ANNUAL REPORTS COMPETITION BUC New category for Annual Reports Competition The Bermuda branch of the Institute of Chartered Secretaries and Administrators in Canada are accepting entries for their third Annual Reports Competition.

The competition is designed to attract entries from local firms, international companies and non-profit organisations, which submit copies of their annual reports for adjudication.

Last year's winners were Belco in the local companies division and the Bank of Bermuda Ltd. in the international companies division.

This year will be the first time that a separate category will include non-profit organisations.

A panel of judges will judge entrants on comprehension, conformity, professionalism and public relations/marketing.

The five judges this year include Mark Smith, partner of Chartered Accountants Anfossi & Butterfield; Marie Gracie, Chartered Secretary of Quinn & Co.; Robin Spencer-Arscott, former chairman of Aon Risk Services (Bermuda) Ltd.; Robert Stewart, Chartered Secretary and general manager of Shell Bermuda; and Stephen Kempe, former executive vice president of the Bank of N.T. Butterfield & Sons, Ltd.

PACT SIGNALS END TO TYCO-WESTERN BATTLE BUC Pact signals end to Tyco-Western battle After being prepared for a corporate fight in the courts for Bermuda-registered ADT Ltd., Tyco International Inc. has now agreed to end all outstanding litigation with Western Resources Inc. stemming from Tyco's purchase of ADT Investments, Inc. and related companies.

In fact, a new pact now provides for the registration of 12.4 million Tyco shares now held by Western's Westar security unit.

Western Resources' bid at a hostile takeover of ADT failed.

Tyco International stepped in and agreed to pay $5.9 billion for ADT, the largest US provider of electronic security.

Western Resources withdrew in June its bid to have Bermuda's courts stop Tyco International Ltd.'s purchase of ADT Ltd.