Jardine Lloyd Thompson Plc., the world's eight largest reinsurance broker, has moved closer to the Bermuda market.

The London-based company has set up a specialised broking company in Bermuda to target financial risks cover. The move is a sign of the increasing attraction of Bermuda's reinsurers and insurers which have developing specialised coverages for financial risks. The segment is a growing business in the industry.

Henrik Berggren will head Financial Solutions Ltd., set up at the Triangle Brokerage Ltd. offices on Reid St. Triangle is partly owned by the Jardine brokerage.

The new Bermuda company will concentrate on brokering coverages for risks relating to export credits, investment and political risks, credit insurance, vendor finance and other areas which border between the insurance and financial markets.

For example the brokerage would seek to place coverage related to large development projects -- such as dams -- in which the money is at risk from currency fluctuations and interest rate movements.

"Over the past few years the insurance and financial markets have tended to come closer together,'' Mr. Berggren said. "The lines between banking and insurance have blended.'' Previously Jardine Lloyd Thompson brought such business to the Bermuda market though it's European office, and other offices worldwide. Now the brokerage wants closer contact with such companies as Centre Reinsurance Co. (Bermuda) Ltd. and Stockton Reinsurance Ltd.

"This type of business has taken off in the last three years,'' Mr. Berggren said.

He said the brokerage should have up to ten staff within a year.

Jardine Lloyd Thompson represents the combined operations of JIB Group Plc.

and Lloyd Thompson Group Plc. which merged in February. The merger made the company the world's eight-largest reinsurance intermediary.

The company markets itself as a specialist broker dealing with such segments as financial reinsurance, aviation, aerospace and marine programmes.

"We think that you need specialists to do these types of things,'' Mr.

Berggren said.

Mr. Berggren was recently with Johnson & Higgins in Bermuda and before that with AB Max Matthiessen in Stockholm, Sweden.

A recent Standard & Poor's report on Bermuda predicted the Island's companies will be the first to tackle the successful integration of finite contracts with financial products or services.

HENRIK BERGGREN - Will head Financial Solutions Ltd.