a joint venture with a Japanese research and development company.

IRI, which is worth $10 billion, will work with the Global Crossing subsidiary to design, develop, and construct a data centre in Japan providing connectivity to the world through the Global Crossing Network.

GlobalCenter Japan will also develop and provide complex web hosting services, e-commerce support, and applications hosting solutions.

ANNUITY & LIFE RE APPOINTS HOLLAND APP Annuity & Life Re appoints Holland Bermuda-based Annuity and Life Re (Holdings), Ltd., yesterday reported that its wholly owned subsidiary, Annuity & Life Re America, Inc. has appointed Brian G. Holland as Executive Vice President and head of marketing, and David Van Der Beek as Senior Vice President and Chief Underwriter.

DELPHI Q4 RESULTS `ARE ON PAR' BUC Delphi Q4 results `are on par' Bermuda-based Delphi International Ltd.

announced the rescission of a workers' compensation quota share reinsurance contract with Safety National Casualty Corporation that had been in place since early 1999.

Accordingly, the company said it had restated its 1999 financial results to exclude the effects of this contract.

The company's net income attributable to common shares for the first nine months of 1999, after such adjustment, was $2.9 million, or $.70 per share.

The company also announced that it expects to report net income and net income per share for its fourth quarter of 1999 that is at least on par with its average quarterly results year-to-date.

Delphi said it expects to report its fourth quarter and full year 1999 financial results by the end of February.

Delphi International Ltd. is the parent of Oracle Reinsurance Company Ltd., a Bermuda-based specialty reinsurer.

MARKEL DEAL WORTH $680M BUC Markel deal worth $680m Bermudian international insurer Terra Nova (Bermuda) Holdings Ltd. has entered into an agreement to be acquired by specialty insurer Markel Corp. in a deal worth about $680 million.

This is down nearly 25 percent from Markel's original takeover offer, the companies said yesterday.

Markel proposed a transaction worth $905 million in August, but last week it cut its bid due to concerns about Terra Nova's expected fourth-quarter losses and a sharp drop in the price of Markel shares.

Under the revised terms, approved by the boards of directors of both companies each Terra Nova share will be exchanged for $13 cash, 0.07027 share of a new holding company for the merged companies, and 0.07027 of a contingent value right.