offices and a hotel has designs on another leisure-based site -- in the Caribbean.

For Bermuda Financial Centre Ltd., taken over by English businessman Peter Clayton in February, could be set to skip the Island after a bruising defeat at the hands of insurance giants ACE and EXEL, although remaining a Bermuda-based company.

BFCL spokesman Glynn Shouldice said: "There are some potential opportunities for BFCL elsewhere -- outside of Bermuda -- which can be looked at.'' He declined to discuss what was in the pipeline -- but it is understood that a hotel/leisure site would fit well with Mr. Clayton's London-based Financial Placements Ltd, which is involved in tourist projects in North America, the Caribbean and Europe.

Mr. Shouldice said: "We are thinking about trying to keep BFCL alive. The only way to do that is find some other sort of vehicle we can participate in.

"We are always interested to see what we can do for Bermuda and Bermudians -- BFCL was structured for that purpose.'' BFCL lost an appeal last month against the ACE/EXEL plan to develop the Bermudiana site for corporate headquarters for the two firms. Demolition work on the hotel has begun.

The rival bid envisaged a hotel and office space on the site and got planning permission -- but the company failed to raise the cash to get on with the work.

Mr. Clayton took over BFCL earlier this year and resurrected its plan and lodged the eleventh hour appeal to prevent ACE and EXEL from going ahead with its proposal. BFCL wanted to build three office blocks, a 100- room hotel catering to businessmen, up-market condominiums and a pedestrian shopping area.

Mr. Shouldice admitted BFCL had liabilities of $750,000, largely due to the expense of its battle with the two insurance companies over the future of the Bermudiana site.

But he said the company had ambitions to become a "Bermuda real estate investment trust'' and to develop throughout the Caribbean and North America.

He added: "We would have to make known to potential investors that their investment may not go to the development of a project where there is a potential return....it might be the subject of a claim now or in the future.

"But I would love to do it -- there are a lot of people who bought into our preference shares and put a lot of time and effort into the Bermudiana site.

"We could use BFCL or design something similar so Bermudians and international investors can participate in an offshore Bermuda-listed real estate development company.''