TO THE MEMBERS

Dear Sirs,

LIMIT ON COVER
SPECIAL GENERAL MEETING: 13 DECEMBER 1995

At the above meeting the resolution to introduce the Rule amendments giving effect to the "20 per cent" proposal was passed by a large majority.

Members were recently sent a questionnaire asking if, irrespective of whether they voted for or against the above resolution, they support the Board of Directors' longer term strategy of seeking to achieve a limit on cover at a realistically collectable level.

Responses received to date indicate overwhelming support. The Board will be considering the position at its next meeting.

Yours faithfully,

THOS R. MILLER & SON (BERMUDA)