Major captive insurance manager International Advisory Services (IAS) Ltd. could be about to be sold to Marsh, according to reports surfacing yesterday.

The website of The Captive Review seized upon rumours of the sale swirling around the Island's insurance sector.

This newspaper was yesterday unsuccessful in efforts to reach IAS president David Ezekiel or the head of Marsh Insurance Management, Jill Husbands, for comment.

The Review quoted Mr. Ezekiel as saying he could "neither confirm nor deny" reports of the IAS sale, but confirmed that other captive managers would like to buy up IAS's book of business.

According to its website, IAS manages 188 captives, which have combined written premiums worth $4.8 billion and $25 billion in assets under management.

IAS has 108 employees at its various operations, which include its headquarters in Church Street, Hamilton, as well as units in Barbados, Ireland and Vermont.

The Review quoted a source "familiar with the firm's plans as saying IAS was "soliciting bids". Another Bermuda manager also told the trade publication that he had heard IAS "has possibly been sold. The word on the street is that the firm has been sold to Marsh." Ms Husbands said she did not know whether the rumours were true and she had not given the deal any consideration.

Mr. Ezekiel, well known as chairman of the Association of Bermuda International Companies (ABIC), hinted at the organisation's annual general meeting last November that he may step down from that role before this year's AGM.

He founded IAS in 1981 and has built it up into the largest independent captive management firm.