Carter A. Frith is believed to be the first Bermudian to underwrite direct satellite business. He has just been promoted from assistant underwriter to underwriter in the satellite division of ACE Insurance Co., Ltd.

Amazingly, he had to go to New York to get the hot lead that won him a job in the Bermuda market.

Still, for the former Saltus schoolboy, it is a world away from the family retail business. He is the son of Hamilton Mayor and Frith's Liquors Ltd.

president, William Frith.

Asked about his promotion, Carter Frith said, "ACE was obviously the first company down here to underwrite satellite business on a direct basis.

"I'm sure there were instances in the past when reinsurers took a risk on an assumed basis, whether it was on a quota share, or a one-off facultative thing.

"I don't know. But as far as underwriting on a direct basis, I would think I would be the first one.'' Mr. Frith's promotion comes after just two years at ACE Insurance, one of the operating subsidiaries of ACE Ltd.

ACE Insurance president and CEO Dominic Frederico stated: "ACE Insurance Company, Ltd. is one of the world's leading insurers in the satellite market and Carter has worked diligently to contribute to the success of this division.

"We are pleased to acknowledge his commitment and hard work with this promotion.'' Schooled at Saltus, in England and the US, he later completed a BA degree in International Relations from Rollins College in Florida and began working at Griffiths & Wanklyn Reinsurance Brokers as a broker's assistant.

He sits his final exam of the Associate in Reinsurance (ARe) next month and is also pursuing his CPCU designation.

He recalls, "When I graduated in 1993, there were not as many student training programmes like they have now over the summer. I sent out about 40 resumes. It was tough to get a job. After three months, I went to New York and enrolled in the CPCU programme.

"It was January 1994 and I did two classes and had an internship working for an Aetna agent. But he also was involved in a Bermuda captive, whose Bermuda broker, Griffith and Wanklyn, was looking to hire someone.

"So after six months up there, I came back and worked for them as a broker's assistant for two years. Then, I was offered a job at ACE.'' But coming back to Bermuda put him behind in his CPCU studies, because upon his return, he was drafted into the Bermuda Regiment. He is still keen to complete the CPCU in the future.

Carter A. Frith BUSINESS BUC