Holdings Ltd. has been sold to the London-based Lloyd Thompson Group for $3 million.

Triangle founders Mr. Peter Dunne, Mr. Norman Amundsen and Mr. Giles North stand to gain up to $2.39 million from Lloyd Thompson depending on Triangle's performance through June 30, 1995.

Lloyd Thompson, an independent insurance and reinsurance broker, also has an option to buy Triangle's remaining shares and minority holdings in two subsidiaries in the second half of 1997.

The deal -- which was initiated by Lloyd Thompson nine months ago -- is seen as giving the London broker a foothold in the expanding Bermuda market while it will expose Triangle to a wider client base.

Mr. Peter Dunne, a founder of Triangle Brokerage in 1988, which would become Triangle Holdings in 1993, said Wednesday the decision to sell was not made lightly.

"We laboured over it and are confident with it,'' he said. The sale would allow Triangle to expand to more clients without "dilution'' of service, he added.

"We feel it will give us a broader level to market the products offered by carriers and capital management reinsurance brokerages by utilising Lloyd Thompson Group contacts,'' he said.

Mr. Ken Carter, chief executive of Lloyd Thompson, said: "Since 1985 Bermuda has developed a significant insurance market and more recently its reinsurance market has also expanded.

"The investment in Triangle fits (The Lloyd Thompson Group's) strategy of developing its broking operations and establishes that capability in the important and growing Bermuda market (we see the) Triangle development as enabling us to offer more services to our clients.'' Triangle Holdings, an independent wholesale insurance broker, was incorporated in July, 1993 and has three operating subsidiaries.

The largest, Triangle Brokerage Limited (TBL), earned $2.1 million in brokerage fees last year.

The other subsidiaries are Triangle Reinsurance Intermediaries Limited (TRIL), 80 percent owned by Triangle, and Triangle Insurance Management Limited (TRML), 75 percent owned by Triangle. The three founders will continue to own the remaining 51 percent of the company. They, and the other senior executives of TBL have entered into a service agreements with TBL, while the minority shareholders in TRIL and TIML have entered into similar agreements with their respective companies.

For the year ending 1993, TBL record a before tax profit of $1 million, while TMIL lost about $20,000. TRIL, incorporated in July 1993, lost about $45,000 for the accounting period to the end of December, 1993.

Consolidated net assets of Triangle as of June 30, 1994 will be about $400,000. The acquisition of Triangle is expected to be marginally earnings enhanced in 1995.

Lloyd Thompson said the investment in Triangle should further assist the group in the coming year by providing a capability in the Bermuda insurance market, and should enhance earnings marginally.

The company expects a pre-tax profit for the year will not be less than 18 million (1993 -- 17.4 million).

In January, Lloyd Thompson announced an agreement with Traveltest Ltd. which would enable the group to increase its involvement in Shipowners' Protection and Indemnity business.