BF&M Ltd. president and chief executive officer Glenn Titterton has sent out a letter to policyholders assuring them that current newspaper reports only show one side of the story in the Bermuda Fire & Marine Insurance Co. Ltd. civil case before Supreme Court.

Mr. Titterton called the claims being made against the defendants in the case "unsubstantiated''.

Gabriel Moss, lawyer for the liquidators of Bermuda Fire, is in the first week of his opening presentation. The defendants, which include BF&M and its shareholders, will make their opening arguments in the coming weeks. Mr.

Titterton's letter went out prior to the start of the court case. In it he stated that BF&M management is looking forward to the court battle to get the case resolved.

"In the beginning of the trial, before any evidence is heard, the plaintiffs will spend several weeks setting out their allegations,'' Mr. Titterton wrote.

"It is inevitable that they will make adverse statements about some of the defendants which statements may reported. What you read or hear during this phase of the trial is not evidence, only unsubstantiated allegations.'' He added that policyholders should be beware of being misled by false information. "Bermuda is a small community, and it is inevitable that there will be misinformed speculation, and even misinformation about the case,'' he stated. "Throughout the litigation process, we will make every effort to share the facts with you as soon as it is appropriate, and to correct any misinformation.'' He said the company had received legal advice from "leading counsel in London'' that was strongly in its favour.

"Today, with all of the evidence now available to all the parties, the legal advice that we have recently received presents an even stronger case in our favour,'' Mr. Titterton stated. "As a result, we are confident of the ultimate outcome of this action.'' He pointed out that the civil action did not pose any threat to BF&M's business and that policies were secure and unaffected.

BUSINESS BUC