Bermuda-based Arrow Reinsurance Company Limited, in a $90 million deal to provide a Florida company with hurricane coverage.

Risk Management Solutions provided the risk analysis to support to Arrow, which is a subsidiary of Goldman, Sachs & Co., for the $90 million securitisation of State Farm's Florida hurricane risk.

The one year deal transfers to investors the risk associated with some levels of hurricane losses which may happen to State Farm's property in Florida.

Securities were offered to investors by special-purpose Bermuda reinsurer Alpha Wind 2000-A Ltd., which in turn entered into an agreement with Arrow Re.

The Arrow Re has committed to provide State Farm with $100 million of Florida hurricane coverage.

And through Alpha Wind, investors are providing Arrow Re with $90 million of capacity for this risk, and Arrow Re is retaining the remaining $10 million.

To assist potential investors and rating agencies in evaluating the securities, Risk Management Solutions used its US hurricane risk model and extensive information from State Farm on its Florida portfolio to conduct what it calls a comprehensive stochastic analysis of potential hurricane losses.

From this analysis, RMS provided estimates of overall loss probabilities, projected loss amounts for key storm scenarios, and insights into the regional composition of the risk.

The securities were offered in two tranches -- $37.5 million of preference shares and $52.5 million of notes.

DAB APPROVES OFFICE, RETAIL PLAN FOR FRONT STREET PLN DAB approves office, retail plan for Front Street The Development Application Board has approved an in principle reapplication to add a seven storey office and retail structure to the Mercury House building on Front Street.

The project has been in the works for about ten years but the last approval lapsed over that time.

The development would be an extension to the existing building, but as of January -- when the reapplication was submitted -- no blueprints had been prepared, Woodbourne Associates building surveyor Simon Chadderton said at that time.

GLOBAL CROSSING NORTH AMERICA ANNOUNCES DEAL BUC Global Crossing North America announces deal A subsidiary of Bermuda-based Global Crossing is to provide private line, net work and toll free services in North America.

Global Crossing North America yesterday announced that its Carrier Services Division has signed a two-year, $48 million agreement with J D Services, Inc.

(JDS), one of the nation's largest providers of prepaid phone cards.

Under the terms of the arrangement, Global Crossing North America will provide JDS with private line, network transport and toll-free services.

This network configuration will provide JDS with a private line backbone network, allowing it to interface with local service providers.

JDS said the deal would greatly reduce its call completion costs for debit card customers.

Headquartered in Salt Lake City, JDS is a full service, prepaid long distance company that specialises in wholesale turnkey prepaid domestic and international phone card programmes.