The directors of HJF International said the management buy out was effective March 8, 1994.

Property, marine and aviation reinsurer Stockholm Re (Bermuda) was placed in run-off and stopped taking on new business earlier this month.

HJF International directors Mr. Michael Jenkins and Mr. Michael Foulger already owned 20 percent of the company prior to the management buy out of the shares owned in the company by Stockholm Re (Bermuda).

They negotiated the buy out with the Swedish directors of Stockholm Re (Bermuda)'s former parent, Lansforsakringsbolangens (LF-AB).

HJF are brokers to local reinsurance companies ACE, EXEL and CODA, financial reinsurers and the property catastrophe market.

"In fact we broke to the whole facet of the Bermuda market,'' said Mr.

Jenkins.

HJF was launched in 1986. There will be no name change, but the company will be rehoused when new office space is located.

"There are expansion plans as we do hope to grow,'' said Mr. Jenkins.

The directors said they will ensure an ongoing service and commitment to their clients and markets.