Mid Ocean Ltd.

Two Tennessee stock brokers accused of profiting from insider trading in shares of Mid Ocean Ltd. prior to the announcement of its acquisition by EXEL in March, 1998 have settled an SEC lawsuit. Cristan Kinnard Blackman and Charles Ray Roberts Jr., who both worked for broker Morgan Keegan & Co. at the time, agreed to disgorge profits of $317,409 that they made from the trades.

Six people have been accused of insider trading by the SEC after making a profit of $405,000 from dealing in stock and options of Mid Ocean Ltd. prior to its purchase in 1998 by EXEL.

Investors apparently acting on inside knowledge made a killing in the derivatives market on the last day of trading before it was announced that EXEL was buying Mid Ocean, we can reveal. The volume of contracts traded in Mid Ocean call options on the American Stock Exchange increased from an average daily volume of 30 contracts to 950 contracts on Friday, March 13 - two days before the deal was signed and three days before it was announced.

John Deuss courts PLP political party in Bermuda, offshore regulators John Lawrence and Marcus Killick find new jobs, proposed purchase of Little Switzerland by Colombian Emeralds International may have implications for Crisson's, Leigh Bruce Ritch is apparently now living in Cayman under the name Bruce Ritchie after completing a prison-term in the USA for narcotics-trafficking, Rex Crighton receives 'in principle' planning approval to dredge Cayman's North Sound, Grenada appoints Viktor Kozeny as its Honorary Consul in the Bahamas, investors make approximatly $1 million on call options bought one day before announcement of sale of Bermuda reinsurer Mid Ocean Ltd.