Texaco Inc. has appointed a new president and CEO at its Bermuda-based captive insurance company, Heddington Insurance Ltd, to replace Mr. Robert Golden.

Mr. Paul Lovejoy, 40, has also replaced Mr. Golden as general manager of Texaco's risk management department.

Prior to the restructuring, Mr. Lovejoy served as Texaco's assistant general counsel responsible for the company's international legal affairs.

Mr. Lovejoy, whose appointment took effect on Friday, is currently in Bermuda carrying out his new responsibilities as CEO of Heddington. Mr. Golden, meanwhile, is believed to be off the Island and could not be reached for comment yesterday. Attempts to contact Mr. Golden at his Harbour Road home were unsuccessful.

The Royal Gazette yesterday obtained from Texaco a copy of last Friday's press release. Mr. Golden's name was conspicuously absent from the release although he had been Heddington's president and CEO for 10 years.

"The line is that there were management differences between Robert Golden and Texaco Inc.,'' said one company source.

And the restructuring at Heddington casts into doubt what, if any, role Mr.

Golden will now play in the Island's insurance circles.

It is believed that Mr. Golden's positions at insurance broker Willis Corroon will also be assumed by Mr. Lovejoy, according to Mr. David Dickson, director of media relations at Texaco in White Plains, New York.

Mr. Dickson could not confirm or deny that Mr. Golden had been fired from Heddington.

Mr. Golden is the president of Willis Corroon (Bermuda) Ltd., a broker for all classes of international insurance and reinsurance, and Willis Corroon Management (Bermuda) Ltd., a captive management company.

Although Willis Corroon (Bermuda) Ltd. is not a subsidiary of Texaco or Heddington there is a "long and ongoing relationship'' between the broker and the Bermuda captive, according to Mr. Dickson.

"There probably are a number of industry, civic and business positions Mr.

Lovejoy will fill,'' added Mr. Dickson.

Heddington directed all The Royal Gazette's inquiries to Texaco's New York office.

According to Mr. Dickson, the Bermuda operations will not be affected. "It is business as usual at Heddington (but) with a new president and CEO,'' he said.

The new president and CEO, prior to joining Texaco, was a partner in the international law firm Squire, Sanders & Dempsey, based in its New York office.

As general manager of the risk management department, created in 1988, he will be responsible for reviewing, managing, adjusting and controlling risks for Texaco and a number of its worldwide subsidiaries, affiliates and joint ventures.

"Paul (Lovejoy) brings to this key function a solid knowledge of Texaco's day-to-day worldwide operations, coupled with a strong background and experience in international business and government relations,'' said Mr.

William C. Bousquette, senior vice president and Chief Financial Officer of Texaco.

"He has as excellent combination of leadership skills, managing expertise in risk assessment and project development and a thorough understanding of the oil industry,'' added Mr. Bousquette, who came to Texaco in January after serving as executive vice president and CEO of Tandy Corp.

Mr. Lovejoy graduated from New England College, Henniker, New Hampshire, in 1977 with a Bachelor of Science degree in political science. He earned his juris doctorate in 1981 from Case Western Reserve University, Cleveland.

He joined Texaco in 1990 as international counsel in the company's executive offices in Harrison. He assumed the position of assistant general counsel in 1991.

Heddington reported a profit of $17. 3 million in 1993 after a loss of $22.8 million in 1992 and a loss of $23.8 million in 1991. The latter result was the company's first loss since formation in 1970.

As well as Heddington Insurance Ltd., Texaco has subsidiaries Heddington Reinsurance Ltd. and Heddington Brokers Ltd. registered in Bermuda. The latter, a joint venture with Lloyd's of London insurance brokers Willis Faber, was announced early in 1982.

Mr. ROBERT GOLDEN -- Replaced as president and CEO of Heddington Insurance Ltd.