offering will purchase 600,000 additional shares.

The shares, sold by original shareholders, will cover over-allotments and be priced to the public at $22 each.

Including the over-allotment, 5.35 million shares were sold.

About 53 percent of the company's shares are available for public trading, the company said.

The offering was lead managed by Goldman, Sachs & Co .

GCR, whose subsidiary Global Capital Reinsurance Ltd. provides property catastrophe reinsurance, has about 24.7 million shares outstanding.

DAIRY FARM CHIEF SET TO RETIRE BUC Dairy Farm chief set to retire Dairy Farm Group managing director and chief executive Graeme Seabrook will retire from the international food retailing group.

On Friday, it was announced that Mr. Seabrook will step down effective September 1. Personal reasons were cited.

The holding company for the Diary Farm Group is Bermuda-registered Dairy Farm International Holdings Ltd., part of the Jardine Group.

Chris Nelson, the group's Asia chief executive, has become acting group chief executive.

CHANGE AT JF BUC Change at JF LONDON (Bloomberg) -- Colin Hermon, the former head of Asian Capital Markets for Jardine Fleming Group Ltd., resigned earlier this month after returning to the UK from Hong Kong.

Hermon was replaced as head of Asian Capital Markets in April by Russell Julius from ING Barings after Hermon requested a transfer back to London, said Jamie Bruce, co-head of capital markets at Robert Fleming & Co.

INSURER SUED CTS Insurer sued Bermuda Triangle Brewing Ltd. has filed a writ against Argus Insurance Company Ltd.

Triangle Brewing president Paul Mason said the claim, initiated in February, is related to damage to one of the company's vehicles.

Mr. Mason said the amount Argus had offered to pay was unacceptable.

It is believed the two companies differ on whether or not the vehicle was involved in deliveries or if it was being used for personal use when damaged.

It is believed the claim involves under $20,000.

Argus manager Larry Osborne said Argus is currently "trying to reach a compromise'' with Triangle over the claim.

XL APPOINTMENT APP XL appointment Christopher V. Greetham has been appointed senior vice president and chief investment officer of EXEL Ltd.

Mr. Greetham joins EXEL Ltd. after 14 years with OIL Insurance Ltd., where he was senior vice president and chief financial officer. He was also president of associated company OIL Investment Corporation Ltd.

Before that he was with Bankers Trust Company in London and New York from 1975 to 1982.

PAPER OWNER SOLD BUC Paper owner sold LONDON (Reuter) -- Kohlberg Kravis Roberts & Co. and Cinven , a British venture capital company, said yesterday they joined forces to buy newspaper publisher Westminster Press from Pearson Plc for about $472 million in cash.

While some publishers such as Pearson and Reed Elsevier, the British-Dutch company, have been selling regional newspapers in favor of electronic publishing, Newsquest Media Co., which is controlled by KKR, insist local newspapers offer substantial prospects for growth.