disclosed yesterday that its first-quarter loss was wider by $41 million than previously reported.

This reflected an accounting change related to its goodwill as well as the company's move to classify its local-exchange carrier business as discontinued operations, according to documents filed with the Securities and Exchange Commission in the United States.

Global Crossing restated its first-quarter results to reflect a loss of $348 million, or 45 cents per share, against the previously disclosed loss of $307 million, or 39 cents per share.

In the regulatory filing, Global Crossing said it reduced by half the estimated 'useful life' of the $1.5 billion of goodwill it booked in its GlobalCenter acquisition, to five years.

The acquisition was part of the Bermuda-based company's September 1999 acquisition of Frontier Corp.

The decision to change its goodwill accounting was sparked by discussions with the accounting staff of the Securities and Exchange Commission, Global Crossing said in the filing.

The issue of goodwill accounting has been raised by the agency with a number of other companies as well.

On July 11, Global Crossing announced it would sell its local-exchange carrier business, also acquired in the Frontier deal, to Citizens Communications for $3.65 billion in cash.

Global Crossing is emphasising international telecom and Internet provision services in its business strategy.

Shares of the company were down 88 cents to $28.56 in recent trading. The stock's 52-week high is $61.81; its 52-week low is $23.38.

EVEREST JUST KEEPS ON GROWING BUC Everest just keeps on growing Bermuda's newest reinsurer, Everest Re Group, Ltd. announced yesterday that it had bought another US insurance company for over $50 million.

The group's US subsidiary Everest Reinsurance Holdings, Inc. completed the acquisition of Gibraltar Casualty Company from The Prudential Insurance Company of America.

The company said the acquisition price of $51.8 million effectively adds approximately $500 million of invested assets to the $4.6 billion base Everest Re Group reported at June 30, 2000.

Gibraltar will be managed by a team led by James H. Foster, who has been named president of the company and promoted to senior vice president within Everest Re.

Mr. Foster, who has been with Everest since 1989, has over twenty years of experience handling many different types of litigation. Mr. Foster will maintain his current role as the principal investor relations office for Everest Re Group.

Immediately following the acquisition, Gibraltar's name was changed to Mt.

McKinley Insurance Company.