premiums written.

For 1996, net premiums written will "exceed the 15-20 percent growth estimate previously indicated to a level in excess of 25 percent,'' the company said.

Terra Nova executives spoke to insurance analysts and investors yesterday afternoon at the Bermuda Angle Conference.

The company also estimated that its 1997 net premiums written increase could be as much as 35 percent due to a large increase in the company's participation in the syndicates managed by Octavian, Terra Nova's Lloyd's of London managing agency.

In 1995, the company's net premiums written were $246.9 million.

Terra Nova chairman and CEO William Bailey said that in addition to the substantial increase in premium income, net operating earnings for 1996 and 1997 will reflect a number of other factors.

Mr. Bailey specifically cited the normal lag in premiums earned related to written, deteriorating price levels in many key lines of business and the future level of normal as well as catastrophic losses.

Terra Nova (Bermuda) Holdings is the holding company for Terra Nova Insurance Company Ltd. in the UK, Terra Nova (Bermuda) Insurance Company Ltd. and Octavian Syndicate Management Ltd.

BUSINESS BUC