institutional investors of $75 million worth of 7.2 percent notes due in 2007.

The notes are guaranteed by Terra Nova (Bermuda) Holdings Ltd., which is listed on the New York Stock Exchange. The Bermuda-based company is the holding company for four operating subsidiaries which underwrite property, casualty, marine and aviation insurance and reinsurance business.

"This senior note issue will provide additional capital resources to our UK holding company, the parent of our three insurance business operating in the London market and at Lloyd's,'' Terra Nova Insurance (UK) Holdings chairman John Riddick said in a press statement. "This additional capital puts the Terra Nova group in an increasingly strong position to respond to the insurance and reinsurance needs of our brokers and clients.'' XL RE NAME CHANGE BUC XL Re name change Bermuda insurer, EXEL Ltd., has reflected its acquisition of GCR Holdings Ltd.

through the renaming of its other reinsurance subsidiary.

X.L. Re is undergoing a name change to X.L. Global Re, reflecting GCR's property catastrophe operating reinsurer, Global Capital Reinsurance Ltd.

Goldman Sachs, Johnson & Higgins and Underwriters Re Corp. committed over $100 million to GCR Holdings Ltd. in 1993 for the formation of Global Capital Re.

EXEL Ltd. said this May that its purchase of the Bermuda-based cat reinsurer would cost EXEL $637 million, or $27 a share.

EXEL this year already owned 1.2 million GCR shares, representing about five percent of the 24.8 million then outstanding shares. EXEL said it would pay cash for the remaining shares in a tender offer.

The purchase was to boost EXEL's assets to an estimated $5.53 billion from $5 billion.

NEW POST FOR HOEGH APP SHI New post for Hoegh Leif O. Hoegh has been appointed deputy chairman of Bona Shipholding Ltd. Mr.

Hoegh, who has been a director of the company since its flotation in 1993, will be especially involved as a non-executive with president Ragnar Belck-Olsen, in the commercial strategy and the business development of the company.

REPUBLIC STOCK RISE STK Republic's stock rise Fort Lauderdale, Florida (Bloomberg) -- Republic Industries Inc. stock rose as much as 6.7 percent after the company settled challenges to its efforts to buy Toyota Motor Corp. dealerships.

Republic Industries stock climbed 1 3/8 to 24 13/16 in midday trading of 2.8 million, slightly more than the three-month daily average. Earlier the stock touched 25.

Yesterday's agreement with Toyota lets Republic Industries, which is backed by Florida billionaire Wayne Huizenga, buy more dealerships and ends lawsuits brought by Japan's Toyota.

Still, Fort Lauderdale, Florida-based Republic Industries will be "subject to certain rules and restrictions,'' said Yale Gieszl, executive vice president for Toyota Motor Sales Inc., the automaker's US division.

Toyota's American depositary receipts rose 1 1/8 to 54.