BSX Shorts September 1998 Edition

BSX Approves Listing of Bermuda Insurance Index Fund Ltd.

Hamilton, BERMUDA (2 September 1998) -- The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of up to 10,000,000 non-voting common shares of the Bermuda Insurance Index Fund Ltd.

The Bermuda Insurance Index Fund Ltd. was incorporated in Bermuda on 23 June 1998 as an open-ended mutual fund company. The investment objective of the Company is to provide investment results that, before expenses, correspond to the return of the FTSE/BSX Bermuda Insurance Index. The FTSE/BSX Bermuda Insurance Index has been developed by the Bermuda Stock Exchange and FTSE International to track the performance of insurance companies which have their “mind and management” in Bermuda and which are traded on the New York Stock Exchange or the NASDAQ Stock Market. The Index is updated on a real-time basis during the hours that the New York Stock Exchange and the NASDAQ Stock Market are open.

Through the Bermuda Insurance Index Fund Ltd., an investor can hold a portion of EXEL, ACE, PartnerRe, MRM and others in one investment. The Fund thus enables the investor to purchase a diversified portfolio, which reflects the scope of the Bermuda insurance industry and offers participation in its future potential.

The Fund is co-managed by Kast Investment Management Ltd., Bermuda and MRM Securities Ltd., Bermuda. MRM Securities Ltd. also sponsored the listing of the Bermuda Insurance Fund Ltd. on The BSX. The securities are being listed under The BSX Listing Regulations for Collective Investment Schemes.

“The Bermuda Insurance Index Fund Ltd. provides an easy way for investors to fully participate in the range of international insurance companies based in Bermuda,” stated Anne Kast of Kast Investment Management Ltd. “It is the only practical method of purchasing a diversified portfolio which reflects the exceptional past record and delivers the future potential of the industry. The competitive fee structure and weekly dealing makes it an ideal addition to investment portfolios looking for exposure to this dynamic sector of the financial services industry.”

“We are pleased to be able to provide an investment vehicle which is designed to track the fortunes of the Bermuda Insurance Market,” commented Robert Mulderig of Mutual Risk Management. “In the seven years since Mutual Risk Management became the first of the large Bermuda insurance businesses to be listed on major U.S. exchanges, these Bermuda insurance companies have dramatically outperformed the U.S. markets.”

“The BSX welcomes this listing, which reflects the growth of both the insurance and investment industries in Bermuda. The total number of funds listed on the Exchange now stands at 129,” said Mr. James McKirdy, Listing Manager of the BSX.

For further information on the Bermuda Insurance Index Fund Ltd., please contact Anne Kast at

Kast Investment Management Ltd., Tel: 441-292-5283 or Fax: 441-292-2026