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BRITISH AMERICAN HOLDINGS ANNOUNCES DIRECTOR RESIGNATION

 BRITISH AMERICAN HOLDINGS ANNOUNCES DIRECTOR RESIGNATION
 NASSAU, Bahamas, Sept. 16 /PRNewswire/ -- British American Holdings Ltd. (Holdings) and its affiliate, British-American Insurance Company Ltd. ("BAIC"), announced today that at the meeting of their respective Boards of Directors held yesterday and today in Nassau, the resignation of William C. Allen as a director of both companies was accepted. In his letter of resignation, Allen informed the Boards of both companies that he resigned because he has recently been appointed Minister of the State of the Bahamas with responsibility for Finance and Planning.
 Brian M. Moree was elected as a Director of both Holdings and BAIC as a replacement for Allen. 0Moree, a senior partner in the Nassau firm of McKinney, Bancroft & Hughes, has represented Holdings and BAIC for several years.
 The Board of Directors of BAIC also voted to declare a dividend of $.10 per share. The record date for payment of the dividend is Sept. 28, 1992.
 The Boards of Directors of Holdings and BAIC also considered the possibility of an exchange offer, as previously referred to in proxy materials relating to the companies' restructuring completed in December 1991, as well as other possible measures to permit unification of the share ownership of the two companies. Both Boards instructed management and their advisers to evaluate all available alternatives in greater detail in advance of the next meeting, currently scheduled for Dec. 2, 1992.
 -0- 9/16/92
 /CONTACT: Judy A. Higgs, Vice President & Secretary, British- American Insurance Co., Ltd., 809-322-2694/ CO: British American Holdings Ltd.; British-American Insurance Co., ST: IN: INS SU:


MM -- CH006 -- 0340 09/16/92 17:23 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
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