Underwriters Ltd. (SCUUL) have announced the election of Mr. William S. Reed as chairman, succeeding founding chairman Mr. James E. Morley Jr.

Mr. Reed is vice president for finance and administration at Wellesley College in Massachusetts. He served in similar posts at Williams College, Princeton University and Kenyon College prior to joining Wellesley. A director of SCUUL since 1986, he has been vice chairman since 1992.

Mr. Reed is a graduate of Kenyon College and holds a Master of Public Administration from Syracuse University.

Mr. Frank J. Bachich has been named vice-chairman. He is vice president for business and finance at the St. Louis University, St. Louis, Missouri. He has been a director of the company since 1986.

Mr. Thomas Kelsey continues as president & CEO of the company and Gayle D.

Gorman continues as senior vice president and general manager.

SCUUL serves a the educational community by providing significant reinsurance to United Educators Insurance Risk Retention Group, which directly insures more than 900 educational institutions and entities.

SCUUL also provides reinsurance to certain state public school district pools in the United States.

At year end 1994 SCUUL had assets of $147.3 million with liabilities of $72.7 million and capital & surplus of $74.6 million.