Tempest Reinsurance Company Ltd., has retired and is leaving the Island for his native England.

Tempest Re's board unanimously voted a resolution of thanks to Mr. Hollis for establishing Tempest Re as one of the world's leading catastrophe reinsurance writers.

Mr. Hollis has been replaced by director, Mr. John C. Etling, who has been named co-chairman, president and CEO, pending approval by local regulatory authorities.

Co-chairman of the company, Mr. Donald Kramer, said: "Tempest Re is amazingly fortunate to have secured the services of an insurance executive of the calibre of John Etling. He is one of the most successful and talented reinsurance executives in the world today.

"John's presence at Tempest raises the level of professionalism of the entire Bermuda-based catastrophe reinsurance industry.'' Mr. Etling joined General Reinsurance Corporation in 1961 as an inland marine underwriter in the then fledgling facultative department and rose through the ranks to become the company's chief underwriter and ultimately the president and CEO of of General Re in December 1983.

In 1987, he was also elected vice chairman of the company and is a member of the board of directors. After Mr. Etling retires from General Re, he will continue to serve as a director of Kolnishche Ruckversicherungs (Cologne Re) and of the Federal Home Mortgage Corporation (Freddie Mac).

General Re acquired a 20 percent stake in Tempest Re in mid-1993 when it invested $100 million in the company.