placement, Bermuda-based subsidiary, Stockton Re, is looking for a higher profile in the international insurance and reinsurance markets.

Stockton Re's thinking under new president and CEO, Dan Malloy, is that it is time for the company to seek higher market visibility.

"We end up with about $600 million in capital,'' he said yesterday. "And given we are an independent company, we have the size that could make us a serious partner for someone.'' Mr. Malloy said, "Prior to my arrival, I would characterise the company's stance in the market as passive-receptive.

"In 1998, more people have heard what Stockton does in the US and London than in the prior two or three years.'' With more insurance partners now, the company can expect to get a little more aggressive in the insurance and reinsurance markets.

The company plans to use $113 million out of the $173,500,000 raised as new primary capital for Stockton Re. As some founding members sought more liquid positions, opportunities were created for new investors. The placement was made primarily to private and publicly traded institutional investors, which included Conning Insurance Capital Limited Partnership V, L.P., Prudential Corporation Plc, and Risk Capital Reinsurance Company.

Mr. Malloy believes that the market has changed substantially in the last five years. And he believes that it will be useful to use the insurance and reinsurance contacts of the new partners as an avenue to new business.

He said, "You are getting a whole new set of customers coming to the Island.

Realistically, I can not rely on the possibility that people will come here and stumble upon us.

"We have to raise our profile in the eyes of customers, wherever they are. We have a representative office in London and underwriting operations here.

"Five years ago potential customers would be less likely to consider this type of business because we are different.