is co-sponsoring, is being set up in Bermuda and the United States.

The limited partnership, Insurance Partners, will be a vehicle for making acquisitions of property casualty and life assurance companies in the US and worldwide, a source close to the deal said yesterday.

Two partnerships are being registered in Bermuda and Delaware, said the source.

The main sponsors of the arrangement are Centre Re, well-known US investor Mr.

Bob Bass, and Chase Manhattan Bank, who between them will be putting up $200 million.

The rest of the initial capital is in the process of being raised from other institutional investors.

Centre Re has worked with Chase Manhattan and/or Mr. Bass on a number of deals, including the acquisitions of The Home Insurance Company, Union America and National Re.

Management of Insurance Partners will be based in New York and Fort Worth, Texas.