energy business is being run through a new Zurich Insurance Co. branch, the Zurich Insurance Group said this week.

The new agency will provide energy companies with access to large-scale capacity and multi-year commitments, including blended programmes, for onshore property, exploration and production, and casualty risks.

Four ex-Heddington Insurance employees led by former Heddington president and CEO, Bob Golden, are involved with the new firm. A spokesman last November noted that Mr. Golden's former association with the Bermuda market could have a beneficial effect on his presidency of Zurich Global Energy here.

Mr. Golden said this week that Zurich Global Energy's strategic expansion rounded out its network, which includes the major energy markets as well as emerging regions worldwide.

Global Energy now has underwriting offices in Bermuda, Chicago, Houston, London, New York, Oslo and Zurich, together with regional representatives covering Eastern Europe and CIS, Latin America, and the Far and Middle East.

Mr. Golden said, "With our expansion into this premier energy insurance market, Global Energy is optimally positioned to provide clients with world class energy risk solutions.'' Global Energy focuses on the specialised needs of large, multi-national companies involved in exploration, development, production, processing, servicing, transportation and distribution of energy resources.

Last year, excess limits were $100 million onshore property, $100 million exploration and production and $50 million liability.

The chief underwriting officer is Tim Mathieson. Also hired is Cathy Duffy (formerly with Starr Excess and XL) as senior vice president of liability and Witold Bzdel, former Heddington controller.

It is expected that total staffing will involve between 12 and 15 employees.

Zurich has moved onto the third floor of the Mintflower Place, the recently constructed new office block on Par-La-Ville Road.

Global Energy is a unit of Zurich Group, headquartered in Switzerland and operating in 48 countries. Zurich is a leading internationally recognised provider of financial services in property/casualty and life insurance, reinsurance and asset management.

The firm offers financial protection and investment solutions to customers in the personal, commercial and corporate market segments.

Zurich listed in their 1995 report nine companies in Bermuda, generating almost $450 million in gross premiums last year. And while significant growth is evident in key companies, the latest two could add significantly to the volume of combined premium. All but one of those companies is wholly owned, although the ninth, Zurich Asia Holdings, is controlled by Zurich.