TO THE MEMBERS

Dear Sirs,

CLOSURE OF THE 1992 POLICY YEAR

You will recall that the original estimate of supplementary call for the 1992 policy year was 40 per cent, but that the eventual supplementary call, when debited in November 1993, was 25 per cent. At their recent meeting on 24th April the Directors reviewed the latest development of the 1992 policy year, and decided to close that year without any further call.

Yours faithfully,

THOS R. MILLER & SON (BERMUDA)