restructure the latter.

This could all but complete the seesaw movement between Zurich and a trio of investors, one partially backed by Bermuda-based insurer Mid Ocean Reinsurance Company Ltd., for control of US-based Home which has been hit hard by rising liability claims for hazardous waste cleanup costs.

The trio, Cayman-based Trident Partnership LP, a mortgage banking company partially backed by Mid Ocean Re, Fund American Enterprises Holdings Inc., and San Francisco-based Hellman & Friedman, had entered into an agreement in principle to infuse $420 million into Home but "reluctantly'' let the offer expire earlier this month after Home opted for the Zurich offer.

The Zurich liquidation plan is expected to include amendments providing more protection for policyholders, Bloomberg business news said yesterday, citing the Wall Street Journal.

The amendments may include assets made available to Home's existing policyholders in the form of both additional investment and more reinsurance.

The $10 a share offer made to Home's shareholders -- there are about 7.5 million shareholders -- remains the same, the paper reported.

The original trio of investors, led by Fund American, had entered into the agreement on December 6, 1994, and sweetened the offer on January 6, 1995.

Home, 65 percent owned by Trygg Hansa, announced the new agreement with Zurich on December 28, 1994.

Shares of Home Holdings have fallen 11 percent this year and closed Wednesday at $8.375.

Home Holdings Inc., with offices in New York, writes property and casualty insurance through its subsidiary, Home Insurance.