of its donations to charity and other good causes in Bermuda.

The Foundation's activities will be overseen by an all-Bermudian committee which will determine areas in the community most needing support and how much each should receive.

The committee members are Lady Gloria Astwood, Mr. James Amos, Senator Albert Jackson and Mr. Robert Tucker.

Ms Kim Smith, office administrator of XL, will serve as committee secretary of the Foundation.

XL, whose chairman is Mr. Michael Kevany, will not disclose how much it donates annually to good causes.

XL, which is a subsidiary of EXEL Ltd., is one of Bermuda's most prominent exempted companies. EXEL reported a profit of $267 million for fiscal 1991.

Mr. Gavin R. Arton, XL's senior vice president/investor relations officer, said: "We have, by Bermuda standards, been quite generous in the last few years and expect to continue to be so. We give a reasonably substantial amount of money.'' Donations will be made on non-religious and non-political grounds, he said.