providers will in the future be under the same management.

The board of directors of Arvak Ltd. has approved the appointment of Shoreline Mutual Management (Bermuda) Ltd. as its new insurance manager.

Shoreline Mutual Management also manages Shoreline Mutual (Bermuda) Ltd., which has been in operation since the US Oil Pollution Act 1990 became effective December 1994.

ARVAK and Shoreline Mutual will continue to operate as separate COFR facilities.

Shoreline Mutual Management chairman, Simon Scupham, stated: "We are extremely excited about this new appointment, which demonstrates our long term commitment to playing a leading role in providing COFR solutions for the shipowning community.

"Having these complementary, yet totally distinct and separate COFR operations under common management, makes considerable logistical and economic sense.

"We look forward to providing the same high quality service to the ARVAK insureds as we have provided to the members of Shoreline Mutual since its inception.'' Chairman of ICB Shipping and president of ARVAK, Clarence Dybeck, said, "We are very happy to be able to announce this new management agreement with Shoreline Mutual Management.

"We are also very pleased with the closer ties envisaged with Shoreline Mutual, and in this respect, I would like to welcome, Donald Yearwood, chairman of Shoreline Mutual and Bjorn Ersman, a director of Shoreline Mutual to the ARVAK board.

"The joint management of ARVAK and Shoreline Mutual will bring significant management efficiencies and provide superior reinsurance purchasing power.''