February, 1983, and that of Insurance and Reinsurance Services Ltd., an affiliated company, are being closed down from July 1.

Seventeen people, comprising 11 Bermudians and six ex-patriates, are losing their jobs as a result of the closures.

Walton's run-off is being handed over to a London-based insurance services company.

Mr. Timothy Spafford, Walton's president, said yesterday: "This decision was based on economics and will allow Walton to continue its responsible and cost-efficient run-off of its claims portfolio.

"It was taken with regret for the impact on the employees and Bermuda who have supported the company so well during the period of run-off.'' Walton was originally formed in Bermuda as a captive insurance entity for its owner, Phillips Petroleum, but, like several other captives in the 1980s, went into run-off as a result of writing non-related business in the late 1970s and early 1980s.

In March, 1990, Walton was sold to Bermuda-based Sheldon Investments Ltd. in a management buy-out.