Bermuda was, as they say in street jargon, a "happening'' place during August and September, with a plethora of astounding events to satisfy the curiosity of even the most difficult to please.

Maybe the excitement got too much for Blue Oyster restaurateurs Bill and Wendy Meade who boarded a plane pretty sharpish to the tranquillity of Whistler, in British Columbia.

They left behind debts estimated at $250,000. Creditors should have been alerted a week before the Meades departure when they held a house sale.

A 30-percent reduction in air fares between North America and Bermuda may have influenced the Meades to get out while it was cheap.

Two of the year's biggest business stories occurred during the two-month period.

First of all, 2,000 local policyholders were left without long-term life and short-term health coverage after Bermuda's Registrar of Companies applied to wind up Trinidad-based United Security Life Insurance Company.

Policyholders were furious that the firm's Bermuda branch had been allowed to take their money for five years while USL was known to be insolvent.

USL's court-appointed administrator Mr. Brian Fortier accused Bermuda's regulatory authorities of "total amateurism'' over the way they handled the affair.

"They knew the company was insolvent yet did nothing for five years,'' he said. "When they did finally act, they did absolutely the wrong thing and tried to wind up the firm, which is the last thing you should do with a life company.'' He soon paid a dear price for his outspoken remarks. His company, Acumen Ltd., first forced him to make a grovelling apology to Bermuda's Ministry of Finance and then, a few weeks later, terminated his employment.

A final decision on what courts in Trinidad and Tobago and Bermuda will do with USL is not expected to be made until early 1993.

The second big story to break concerned the financially troubled York Hannover property group of companies, which owns the plush St. George's timeshare units.

Bermuda resident Mr. Arthur White applied to have the group's Swiss-based parent company wound up over an unpaid debt of C$750,000.

If successful, Mr. White's action would bring an already crumbling multi-million-dollar worldwide business empire tumbling down.

The group's Canadian operations are being liquidated and its European operations are involved in a banking scandal involving the Rothschild Bank of Zurich.

Mr. Alan Marlow, general manager of the St. George's Club, said he was confident the local timeshare units would survive come what may, even if York Hannover went bust.

BERMUDA'S BANKS Bermuda's two largest banks released their annual results for fiscal 1992 within a few week of each other.

The Bank of Butterfield had by far the best of it, reporting a profit of $26.9 million, an increase of 27.6 percent over the previous year, on assets which are just over half that of its rival.

The Bank of Bermuda, on the other hand, saw only a modest four-percent increase in profits to $28.4 million.

More than a quarter of Butterfield's increase was due to recovery of interest and fee income from the winding up of Hampton Court Properties, which owned the now defunct Golden Hind restaurant.

Strong performances by the treasury and trust operations and overseas operations, which accounted for 20 percent of income, also played a large part. Assets of $3.4 billion.

The Bank of Bermuda's revenues dropped by $6.3 million to $151.8 million, but its performance was helped considerably by cost cutting measures which saw expenses falling by $7.3 million to $123.4 million, with 46 jobs being axed.

A survey by The Banker magazine poured salt into the Bank of Bermuda's wounds when it rated Butterfield ahead of its rival in four out of five categories.

Butterfield lagged behind the Bank of Bermuda only in terms of asset size, but was placed ahead in areas of soundness, real profits growth, performance and return on assets.

According to the magazine, which did a survey of the world's 1,000 largest banks, the Bank of Bermuda was ranked 684th in terms of asset size, while the Bank of Butterfield was ranked 813th.

LOCAL COMPANIES September ended with one of the most chaotic annual general meetings in Bermuda company history.

Bermuda Cablevision's AGM deteriorated into a shambles when many Bermudian shareholders rebelled against their own board, saying the company was American-owned.

American chairman Mr. Bill McDonald, whose overseas interests automatically receive 60 percent of Cablevision's profits, stormed out of the meeting, which ended with shareholders threatening to take the company to court.

The legality of Cablevision's ownership structure is expected to be decided at Supreme Court later in the year.

The Bermuda Industrial Union's Credit Union reported a loss of $2,435 for fiscal 1991 -- compared with a profit of $31,456 the previous year.

More people were requesting loans to help them through the recession but 15 percent fewer loans were granted, said the Credit Union's treasurer/secretary Mr. Calvin Smith.

The loss was mainly due to increased costs and a rise in cash reserves of $189,000 to $585,000 to meet higher demands for loans.

Mr. Calvin Smith, who is about to enter into pay negotiations with the BIU, warned that the union could not afford another heavy wage rise for workers.

Following a loss of $2.8 million for fiscal 1991, Purvis orders its 80-odd shareholders not to release its 1992 results to the press.

Ambiance clothes and seamstress business closed down, another victim of the recession. Owner Mrs. Pam Scope said: "There are no big debts. What debts there are will be paid in full.'' Wholesaler Winter-Cookson shook up Bermuda's tobacco industry by signing an exclusive deal to locally distribute the products of US firm R. J. Reynolds Tobacco, which is the second largest tobacco firm in the world.

RJR's cigarette products include Camel, Salem and Winston, which are all market leaders in Bermuda. RJR has 30 percent of the local market.

Rival wholesaler Pitt and Co. said it would still continue to sell the brands but would not disclose where they would buy them from.

EXEMPTED COMPANY NEWS ACE insurance reported a profit of $136.4 million for the first nine months of fiscal 1992 -- up 20 percent ($22.8 million).

EXEL insurance reported a profit of $216.6 million over the same period -- up 12.8 percent ($24.4 m).

Details were revealed about plans by EXEL to invest up to $100 million in a new reinsurance company planned for Bermuda, called Mid Ocean Re. EXEL's chairman Mr. Ian Heap is due to become Mid Ocean's chairman.

Speculation locally was that Mr. Michael Kevany would become EXEL's chairman and Mr. Brian O Hara would take over from Mr. Kevany as head of XL Insurance.

US broking group Marsh and McLennan and investment bank JP Morgan will each buy a 20 percent stake in Mid Ocean.

US insurance giant Aon Corporation, which owns Rollins, Burdick, Hunter in Bermuda, bought Frank B Hall for $475 million, throwing into doubt the future of some 20 FBH staff in Bermuda.

Although final details have not been announced, it was unlikely that all of FBH's staff will be re-employed at RBH's offices in Hamilton.

"From a physical standpoint there's probably no place you can put us all together,'' said Stuart Grayston, CEO of FBH.

Bermuda-based Mutual Risk Management bought insurance broker Park International for an estimated $1.35 million.

The deal allows Mutual Risk to offer broking services with alternative market insurers such as ACE, XL and CODA.

Mutual Risk reported a 1992 second quarter profit of $3.8 million, an increase of about $1.7 million over same period in 1991.

Bermuda-based GTE Reinsurance posted a loss of $9.4 million for 1991 -- virtually the same as the previous year's profit. The company made an underwriting loss of $49.5 million.

TOURISM Bermuda's hotels and guest houses were boosted by the 30-percent reduction in air fares between North America and Bermuda.

Pink Beach Cottage Colony said it had led to $50,000 worth of bookings on one day alone.

Government immediately launched a "Pinch me, I must be dreaming'' advertising campaign in the New York Times and Boston Globe.

On the darker side, Harmony Hall, Sonesta Beach and Marriott Castle Harbour announced they would again close this winter, taking 870 rooms out of circulation.

Elbow Beach announced plans to build 11 palatial suites in a small hotel on its beach, a six-storey 120 room extension with convention centre on ground floor and 39 super luxury condos. (The plans have since been revised, adding another 22 units.) Mermaid Beach Club, in Warwick, was put on the market for $12 million by owner Brian Alkon, who denied it was due to falling revenues. "I'm just trying to test the waters,'' he said.

OTHER NEWS Finance Minister the Hon. David Saul predicted Bermuda's economy would crackle into life by spring of 1993. "Hopefully, we've reached the absolute bottom of the trough,'' he said.

There was a dramatic slump in Cup Match attendance with one of the lowest ever crowds, of 9,000, over the two day holiday. One cricket fan blamed it on the cricket, which he said was "too boring''.

One of the founding members of the PLP and twice its leader, Mr. Walter Robinson, died at the age of 74.

Hurricane Andrew hammered the Bahamas, Louisiana and Florida. Bermuda's reinsurance market expects a large but manageable loss from Andrew.

Companies most likely to be affected are Paumanock insurance, Stockhold Re, Brittany Insurance and NRG Victory.

Florida froze the rates and premiums of American International Group, which has offices in Bermuda, for 60 days for allegedly trying to use Andrew as an excuse to bump up rates.