replaced the Englishman with a Bermudian woman.

The move came after the firm brought the respected marine underwriter to Bermuda less than nine months ago from London.

Mr. Charles Becker told The Royal Gazette yesterday that he felt he had "been treated shabbily'' by Mutual Risk Management (MRM) since it bought out the founders of Shoreline at the end of last year.

In confirming his dismissal, Mr. Becker claimed MRM last December broke an agreement over his pay after taking over Shoreline Mutual Management (Bermuda) Ltd., slashing his salary by two thirds.

He said the pay was eventually pared down to a sum that was not commensurate with his job description here or in London, and nowhere near what he believed someone of his experience and contacts was worth.

MRM Chairman Mr. Robert Mulderig said yesterday: "I think it is probably better if the company doesn't answer that. In a general way, we have never tried to shabbily treat anyone.

"We have a fairly expensive and rigorous pay scale here, because we are a larger employer. If he felt that he wasn't at the right place on the pay scale, I regret that, but there is really nothing that the company can do about that.

"And I really think it would be wrong to comment on any individual employee, in terms of their employment or even why they left.'' Mr. Becker, a Lloyd's broker with 30 years experience, was handpicked to come to Bermuda by Shoreline's founding fathers, including Mr. Julian Wade, managing director at Lloyd's broker, Blackwall Green.

In January, after the founders had sold Shoreline to MRM, Mr. Wade wrote to Mr. Mulderig, asking him to "rethink your strategy with Charles'' and "adjust and/or regularise Charles' position.'' "It is my opinion he really is being unfairly treated,'' he said.

Conceding that it was no longer his business, he expressed the views of the Shoreline founding fathers that Mr. Becker had proved to be an invaluable asset to the firm.

He said: "He has worked timelessly, enthusiastically and determinedly to promote Shoreline. He is really a useful tool and needs to be looked after, otherwise this will not ultimately be to Shoreline's good.'' The memorandum said there were specific cases where there were accounts that Mr. Becker had "pulled back from the very jaws of (their Bermuda competitor) First Line''.

Mr. Wade argued that Mr. Becker was a familiar face and name to many London brokers who prefer to deal with their own, rather than nameless, faceless people. He said they knew him as being "scrupulously honest''.

"I would go so far as to say that in the first few days, without Charles, Shoreline would have been in serious trouble. Accordingly, I feel very bad about the package which MRM has proposed to him.'' Mr. Wade went on to say that the MRM proposal was "considerably less than Shoreline had originally agreed to sign off on, which of course led to his decision to come to Bermuda'' and that his net income was falling "significantly below what he was earning in London''.

But the pleas fell on deaf ears.

Mr. Becker said that he took the reduced remuneration because he wanted to be "honourable and gentlemanly'', but thought it would eventually be adjusted.

He said he thought that he would "play ball'' with the company because Shoreline was not yet on its feet. He felt he could demonstrate his worth to his new employers and that they would eventually come around.

"I struck up a gentleman's agreement to get along,'' he said. "But a month ago, I was asked by a MRM senior partner if everything was all right and I told him my predicament. I suggested it might be time for a review.

"The response came that not only would my salary not be adjusted, but I needn't bother to come into the office. They paid my salary for the balance of the year, at the reduced rate, and told me not to come back.

"I feel I've been treated very shabbily, indeed.'' Underwriter dismissed Mr. Becker said that at the moment he has no intention to make a claim against the company.

Shoreline vice president and controller, Mr. Stephen Hannon, said: "I have no comment. It's nothing that Shoreline needs to expand on. Clients of Shoreline take us for the product we've got and the quality of staff we've got.

"It (Mr. Becker's departure) has not affected us in any way.'' Mr. Mulderig said that all shipowners know there are only two independent commercial CoFR issuers and they most would look into both programmes and make their decision based on a number of issues including tariffs, broker recommendations and customer service.

"Shoreline does not have a great deal of underwriting flexibility,'' he said.

"We have a published rate and an underwriter's job is to make sure that we accurately quote ships and put them in the right category and do the multiplication outright. We have a computer system to do that.

"A ship owner who applies today is still getting, hopefully, the same level of service.'' Mr. Hannon said Shoreline has signed up 850 vessels representing 26.5 million gross tons, which is roughly 40 percent of the independent CoFR (Certificate of Financial Responsibility) market.

He said the company was expecting $20 million in earned premiums for the year to the end of December.