Annual Catastrophe Protection Summit in New York.

For the next two days at the Mark Hotel, participants will be evaluating funding and risk transfer alternatives, analysing modelling techniques and technologies and developing strategies to reduce catastrophe costs. Delegates attending from Bermuda include Dominic J. Frederico, who has just been promoted to president of ACE Insurance Co., Ltd.

He is joined by senior vice president of X.L. Reinsurance Co., Ltd., William Thornhill, in a seminar this afternoon on "Balance sheet protection -- A paradigm shift in insurance buying.'' CAT Ltd. president, Charles L. Kline, is presenting at a seminar entitled "Application of Portfolio theory to the management of catastrophic exposures and its impact on capital adequacy.'' This morning Thomas C. Heise, president of the soon to be opened, Bermuda Commodities Exchange, will give a talk on the exchange and its role in managing catastrophe risk.

The summit is designed to help delegates determine, among other things, how to reallocate reinsurance costs for internal and external purposes; utilise technology to optimise an insurer's portfolio of exposure; analyse the impact contingent equity /surplus dates have in funding catastrophes; compare the loss indemnification versus index-liked structures; and structure and deploy new products to manage catastrophe risk.

BUSINESS BUC