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BRITISH AMERICAN HOLDINGS AND BRITISH-AMERICAN INSURANCE COMPANY ANNOUNCE INITIATIVES TO REDUCE OPERATING COSTS AND INCREASE REVENUES

 NASSAU, Bahamas, Oct. 15 /PRNewswire/ -- The Directors and Management of British American Holdings Limited ("BAH") and British-American Insurance Company, Limited ("BA") announce, that, after lengthy deliberations over the past several months , they have taken initiatives to significantly reduce the operating costs and expenses of the group, while aggressively pursuing strategies to increase revenues. The cost cutting measures include reductions in the operating costs of the underlying units, new policies and guidelines to monitor salaries and capital expenses throughout the Group, a reduction in emoluments of directors and certain members of Management, a new budgetary procedure for reviewing all 1994 budgets, and a reduction in the size of the Boards of both companies from seven (7) Directors to five (5) (in the case of BAH by eliminating one Class "A" Director and the position of the Class "B" Director whose term ends in 1993.)
 To implement the reduction in the size of the BAH Board, the directorships of Mr. Alfred H. Stewart as a Class "A" Director and Mr. Harvey L. da Costa as a Class "B" Director were eliminated effective 12 October 1993. Concurrently, Mr. George W. Alwon resigned as the Class "C" Director and the remaining Directors, in accordance with the terms of the Articles of Association, appointed Mr. Harvey L. da Costa to fill the vacant position.
 In order to implement the reduction in the size of the BA Board from seven (7) Directors to five (5), Mr. George W. Alwon and Mr. Harvey L. da Costa resigned as Directors of BA effective 12th October 1993.
 -0- 9/15/93
 /CONTACT: Michael D.J. Taylor or Judy A. Higgs, British American Holdings Limited, Nassau, Bahamas, 809-322-2694/


CO: British American Holdings Limited; British-American Insurance
 Company, Limited ST: IN: INS SU:


SB-DF -- CH010 -- 2985 10/15/93 18:16 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
Words:300
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