groups in the world.

Members of the Rhine Re Group have been put on the Alist by A M Best, America's oldest and most widely recognised insurance rating and information source because of the strength of the company's re-insurance position in Europe.

The business, which is controlled by RR Holding Co Ltd based in Switzerland, was ranked by gross premium volume ($389 million) and placed in the top 35 companies in the world.

Rhine Re Group's financial strength was found to be very good and capital and surplus have grown consistently, increasing more then a 68 percent in 1998 to 311 million francs.

GLOBAL CROSSING MAKES ACQUISITION BUC Global Crossing makes acquisition Bermuda-based Global Crossing Ltd, which is building an underwater communications network, has acquired a 49 percent stake of S.B. Submarine Systems Co Ltd from Great Eastern Telecommunications.

The purchase is part of Global Crossing's $888.2 million acquisition earlier this year of Global Marine Systems Ltd, the undersea cable arm of Britain's Cable and Wireless Plc.

Great Eastern is a joint venture between Cable & Wireless and Hong Kong Telecom in which Cable & Wireless has a 54 percent stake. A spokesman for Global Marine Systems said no funds or shares were involved in the acquisition which was awaiting approval from China Telecom, which owns a controlling stake in SBSS.

GLOBENET FILES STATEMENT WITH SEC BUC GlobeNet files statement with SEC GlobeNet Communications Group Ltd. yesterday announced the company has filed a statement with the US Securities and Exchange Commission relating to an offer to exchange its 13 percent Series B Senior Notes due 2007 for all outstanding 13 percent senior notes due 2007. The registration statement has not yet become effective. GlobeNet's wholly owned subsidiary TeleBermuda International Ltd. provides international telephone service in Bermuda.