redomesticate from the United States to Bermuda.

Arch, formerly Risk Capital Holdings, said on Friday it had filed a registration statement and preliminary proxy material with the Securities and Exchange Commission to reorganise the company to become a wholly owned subsidiary of a Bermuda holding company and the stockholders of the Company would become the stockholders of the Bermuda holding company.

Arch, which is chaired by Robert Clements, one of the key people behind the formation of Bermuda insurers ACE Ltd. and XL Capital, had net income of $3.3 million on income of $128.2 million in the six months to June 30, 2000.