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London-based FTSE International Ltd. and the Bermuda Stock Exchange have created a joint venture to launch a new insurance market index for Bermuda. The index will track the performance of the leading publicly traded international insurance companies based in Bermuda. FTSE International is a company set up jointly by the Financial Times Ltd. and the London Stock Exchange. William Woods, chief executive officer of the Bermuda Stock Exchange, said he anticipates the index, which initially will include 10 names, to be launched in the first quarter of 1998. Mr. Woods said the exchange intends the new index to be tradable in the form of an index options contract, which would be introduced at the same time. . . .Chartwell Re Corp. has acquired a 20% stake in Euro-American Reinsurance Management Co. of Milan, Italy. Euro-American Re is a management company that writes marine and non-marine reinsurance in the Italian market on behalf of a group of reinsurers. Chartwell has been involved with Euro-American Re as a reinsurer for three years. Euro-American Re is 60% owned by Aon Corp. and 20% by its principal, Carmine Maffei.. . . Willis Corroon Group P.L.C. is taking a loss on its completed sale of Lloyd's of London members agency Willis Faber & Dumas (Agencies) Ltd. to the management of the agency. Although the newly named WFDA Underwriting Ltd. has paid 3 million pounds ($4.9 million) in cash, Willis Corroon will make 500,000 pounds ($809,050) in profit as the agency's net assets were worth 2.5 million pounds ($4.1 million). In addition, Willis Corroon will write off good will of approximately 2.4 million pounds ($3.9 million), leaving the group with a total loss on the deal of 1.9 million pounds ($3.07 million). . . .Canadian property/casualty insurer General Accident Holdings (Canada) Ltd., a subsidiary of Perth, Scotland-based General Accident P.L.C., has bought the entire issued share capital of Canadian General Insurance Group Ltd. for $600 million Canadian ($432.6 million) from CG Associates L.P., an affiliate of Kohlberg Kravis Roberts & Co. The deal is conditional on approval from Canadian regulators. General Accident plans to merge its existing operations in Canada with those of Canadian General, though General Accident's Pilot Insurance Co. will continue to operate separately. The combined companies had $1.8 billion Canadian ($1.29 billion) in net written premiums in 1996. . . .As of 1999, Munich Reinsurance Co. will be announcing its year-end results in the first half of the year rather than in November due to its decision to move its fiscal year end to Dec. 31 from June 30. Until now, Munich Re's underwriting results closed on Dec. 31, but the company's fiscal year end-taking into account its investment income-wasn't until June 30. This meant that the reinsurer didn't report its results until November of the following year. The new move will enhance both information and liquidity to shareholders, according to Munich Re Chairman Hans-Juergen Schinzler. . . .National Mutual Holdings, Lend Lease Corp. and its subsidiary, MLC Holdings, have entered into merger discussions of their funds' management and insurance businesses in Australia and New Zealand. NMH, listed on both the Australian and New Zealand stock exchanges, is 51% owned by Paris-based AXA-UAP Group. The aim of the merger would be to combine the skills and business strengths of the companies to create "a strong competitor to the major banks and financial services organizations," the companies stated. . . .London-based Besso Holdings Ltd. has acquired for an undisclosed sum Sterling Cooke International Insurance Brokers Ltd. from Sterling Cooke Brown Holdings (UK) Ltd. The London-based acquisition, which specializes in aviation, marine and international non-marine business, will be merged with Lloyd's broker J. Besso and called Sterling Besso Ltd.