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TOPS ORGANIZED TO PROVIDE NORTH SEA TOTAL LOSS INSURANCE

 HAMILTON, Bermuda, Dec. 10 /PRNewswire/ -- TOPS Insurance Ltd., a newly formed energy insurance company based in Bermuda, will begin offering total loss coverage with an initial limit of up to $100 million for 50 North Sea production structures effective Jan. 1, 1993. First year capital, premiums and related financial commitments of TOPS aggregate $200 million. The company's shareholders comprise 16 major international oil companies.
 K. Doyle Stephens, president of TOPS, said, "We are very pleased to see the fruition of this plan to provide much needed additional capacity at a reasonable cost. The formation of TOPS clearly demonstrates that, when needed, the oil and gas industry has the ability to respond quickly to provide the insurance coverage it requires."
 -0- 12/10/92
 /EDITOR'S NOTE: 1. Out of concern for a shrinking world insurance market and significantly rising rates for large production platforms in the North Sea, a group of risk and insurance managers have formed a new insurance company.
 2. The company is not relying on any form of reinsurance but rather is supported by the individual oil companies.
 3. It is a risk sharing vehicle that has established an initial rate for this coverage of .9 percent.
 4. The company was formed following a study which took approximately nine months.
 /CONTACT: K. Doyle Stephens, president of TOPS Insurance Ltd., 809-295-0905, or (fax) 809-295-0351/


CO: TOPS Insurance Ltd. ST: Bermuda IN: INS SU:

JL -- LA013 -- 5813 12/10/92 12:56 EST
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Date:Nov 13, 1992
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