Lloyd's of London agency manager the Brockbank Group Plc.

Earlier this year, the Bermuda-based property catastrophe reinsurer acquired 51 percent of Brockbank and took out an option to acquire the remaining stake.

With the successful completion of Lloyd's of London reconstruction and renewal (R&R) and with a September 1, 1996 deadline to unwind the deal passed, the company now must make a bid before September 1, 1997 for the remaining 49 percent, Mid Ocean chief underwriting officer Henry Keeling said yesterday.

"We have the choice as to timing. We have to make an offer,'' he said. Under the terms of the agreement with Brockbank, Mid Ocean has to initiate an independent valuation of the group and then offer to purchase the remaining shares at the established price.

Shareholders have the right to refuse the offer, Lloyd's List said last week, but added that it is generally accepted that Mid Ocean will become 100 percent owner.

On interim results, Brockbank chairman Pratt Thompson said the group was already beginning to gain material benefits from its close association with Mid Ocean.

He said despite softening of rates across most classes of business as world insurance markets react to overcapacity, Brockbank remains confident that it can maintain a "reasonable'' level of profitability.

During the six months to June 30, profit commission earned by the group's managing agency businesses for the 1993 account rose 300 percent to $21 million while pre-tax profits rose 45 percent to $8.4 million.