have purchased about ten percent of the stock in Long Botham Boats Ltd.

The purchase was made off the Bermuda Stock Exchange October 24 in a private transaction but was not made public until yesterday. The BSX instructed the company's board of directors to make the announcement as required under listing regulations.

The release stated that Malcolm Gosling, Mary Gosling and Nancy Gosling jointly purchased 25,624 shares, and Charles Gosling bought 25,624 shares at 75 cents a share. The 51,248 shares cost the Goslings $38,436 compared to a cost of $102,496 if they had bought it on the exchange for the ask price of $2 during that period. The 75 cents a share represents a savings to the Goslings of about $64,000. Prior to the off exchange transaction, the stock had traded for $2.50 on April 17.

Long Botham, which owns Henry VIII Restaurant & Pub, had a loss of $110,896 for the financial year ended June 30, 1997 on sales of $3.83 million. Company president Andrew Allan said the Goslings purchase of shares at the discounted price was not made to cover any debts owed. It's understood Mr. Allan held about 20 percent of the company's stock.

SHIPOWNERS LOOK AT BERMUDA FOR COVERAGE SHI Shipowners look at Bermuda for coverage The International Group of P&I clubs, made up of groups of shipowners, has targeted the Bermuda and European markets for its 1998/99 reinsurance coverage, according to Lloyd's List Insurance Day newspaper.

Bermuda-based reinsurer Mid Ocean Re along with US reinsurer Transatlantic Re have become the joint leaders of 15 percent of the primary layer of the contract. The rest is being backed by continental European companies, including Munich Re.

The group is looking to develop a new structure for its reinsurance contract for the 1998/99 policy year. The group also wants to reduce its dependency on the London market, to try to raise capacity and cut costs according to the report. The clubs are themselves retaining more of their risks. Overall, the International Group had costs fall to $173 million for the 1998/99 contract compared to $210 million in the previous year.

London companies are underwriting 75 percent of the primary layer, compared with 85 percent last year. "The International Group's reinsurance contract, which covers each club excess of $30m up to $2bn for any one accident, is the largest reinsurance contract in the non-life market,'' according to the newspaper. The primary layer of the contract covers claims from $30 million to $500 million.

TWO NEW FACES JOIN BOARD AT LASALLE RE APP Two new faces join board at LaSalle Re Two new faces have joined the board at Bermuda-based reinsurer, LaSalle Re Holdings Ltd., as Donald P. Koziol Jr. and Peter J. Rackley were re-elected.

Mssrs. Koziol and Rackley have been directors of the company since formation.

The two new faces are Tim I. Madden and Clement S. Dwyer Jr. Tim Madden has been in the insurance industry for 19 years and is executive vice president and chief underwriting officer for the US reinsurance operations of CNA Re. He has been a director of the company since September when he replaced managing director of CNA Re in the UK Harvey G. Simons who resigned.

Mr. Dwyer has been in insurance for 27 years, most of it with reinsurance broker Guy Carpenter & Co., Inc. In 1996 he was president and CEO of Signet Star Holdings, Inc., the holding company for the reinsurance subsidiaries of W.R. Berkeley Corp.

He is currently managing member of URSA advisors, LLC, which provides advisory and capital-raising services to insurance and reinsurance companies. Mr. Dwyer is LaSalle's first director who is not affiliated with one of the company's founders.

BUSINESS BUC