A headline in Friday's Business section incorrectly stated XL Capital had reported a loss in its second quarter. XL Capital made a $179.3 million profit in its second quarter, up five percent. Friday's story stated that claims paid out in its second quarter had increased as a result of hailstorms in Australia and tornadoes in the US.

Stockton Re appoints Gray Bermuda-headquartered Stockton Reinsurance's London office has appointed a new principal, Kirsty Gray.

She has 15 years of experience in the London market to the privately held independent reinsurer and was most recently senior vice president of market information at Guy Carpenter & Co.

Before this she held underwriting positions at Trade Indemnity and Lloyd's and was managing director of market security at the Minet Group.

XL CAPITAL REPORTS SECOND QUARTER LOSS BUC XL Capital reports second quarter loss Claims from the US tornadoes and an Australian hailstorm this year boosted XL Capital's second quarter losses, which rose more than 80 percent on last year.

The results released this week show losses and loss expenses for the three months ending May 31 added up to $152.3 million -- up from $83.5 million in the second quarter of last year.

Losses for the six months till May also jumped sharply from $165.2 million last year to $295.8 million this year.

But an XL spokesman played down the significance of the extra losses which he said were to be expected with all the extra premiums written as a result of XL's acquisitions and deals.

XL Capital announced last month that the company expected a loss between $30 million and $50 million from the hailstorm, and the US tornadoes.

TELEVEST ELECHECK CREDITORS SERVED NOTICE BUC Televest/Telecheck creditors served notice The liquidators of Televest Ltd. and Telecheck Holdings Ltd., two local companies that went bankrupt, have announced they will pay a final dividend to creditors.

The liquidators had last declared an interim dividend of $2 million in 1996. A notice of the dividend in the matter of the winding up of TBL Ltd., CTrack Ltd., Telecheck Holdings Ltd., Televest Ltd., and Compuguide Ltd. was made in the Bermuda Sun. The amount was not revealed.

Creditors heard two years ago that they may eventually retrieve somewhere between 21 and 37 cents on the dollar.

The Televest Group of four companies, which was built by brothers Richard and Thomas Burns, was involved in credit cards, debt collection and a cheque approval service for merchants.

Televest Ltd. itself offered interest rates above local market interest rates, on purchases of preferred shares. Many people used it almost as a savings account.

But the companies began to collapse in December, 1993, leaving about 500 investors with claims of about $8.3 million.