<PAGE>   1
                                POWER OF ATTORNEY


         KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid
Ocean Limited, a Cayman Islands company, does hereby constitute and appoint
Robert J. Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson,
and each of them acting singly, a true and lawful attorney in his name, place
and stead, in any and all capacities, to sign his or her name to the Annual
Report of Mid Ocean Limited on Form 10-K for the year ended October 31, 1996,
under the Securities Exchange Act of 1934, as amended, and to any and all
amendments thereto, and to cause the same to be filed with the Securities and
Exchange Commission, granting unto said attorneys and each of them full power
and authority t do and perform any act and thing necessary and proper to be done
in the premises, as fully and to all intents and purposes as the undersigned
could do if personally present, and the undersigned hereby ratifies and confirms
all that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 3, 1997



                                       /s/Frank J. Borelli
                                       ---------------------------------
                                       Frank J. Borelli
<PAGE>   2
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 3, 1997



                                       /s/ Brian Corby
                                       -----------------------------
                                       Sir Brian Corby
<PAGE>   3
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 3, 1997



                                       /s/ Geoffrey Elliott
                                       ---------------------------------
                                       Geoffrey Elliott
<PAGE>   4
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated:   January 4, 1997



                                       /s/ Michael P. Esposito, Jr.
                                       ------------------------------------
                                       Michael P. Esposito, Jr.
<PAGE>   5
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated:   January 3, 1997



                                       /s/ Robert R. Glauber
                                       ------------------------------------
                                       Robert R. Glauber
<PAGE>   6
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 2, 1997


                                       /s/ Henry U. Harder
                                       -----------------------------------
                                       Henry U. Harder
<PAGE>   7
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 6, 1997



                                       /s/ Paul Jeanbart
                                       --------------------------------
                                       Paul Jeanbart
<PAGE>   8
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 6, 1997



                                       /s/ Roberto G. Mendoza
                                       -----------------------------
                                       Roberto G. Mendoza
<PAGE>   9
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 3, 1997



                                       /s/ Robert J. Newhouse, Jr.
                                       ----------------------------
                                       Robert J. Newhouse, Jr.
<PAGE>   10
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 3, 1997



                                       /s/ Brian M. O'Hara
                                       -----------------------------------
                                       Brian M. O'Hara
<PAGE>   11
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 2, 1997



                                       /s/ John M. Pasquesi
                                       ------------------------------------
                                       John M. Pasquesi
<PAGE>   12
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 2, 1997



                                       /s/ Henry Haalilio Peters
                                       --------------------------------
                                       Henry Haalilio Peters
<PAGE>   13
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 3, 1997



                                       /s/ Jeffrey S. Tabak
                                       --------------------------------
                                       Jeffrey S. Tabak
<PAGE>   14
KNOW ALL MEN BY THESE PRESENTS THAT the undersigned director of Mid Ocean
Limited, a Cayman Islands company, does hereby constitute and appoint Robert J.
Newhouse, Jr., Michael A. Butt, Charles F. Hays, and John M. Wadson, and each of
them acting singly, a true and lawful attorney in his name, place and stead, in
any and all capacities, to sign his or her name to the Annual Report of Mid
Ocean Limited on Form 10-K for the year ended October 31, 1996, under the
Securities Exchange Act of 1934, as amended, and to any and all amendments
thereto, and to cause the same to be filed with the Securities and Exchange
Commission, granting unto said attorneys and each of them full power and
authority t do and perform any act and thing necessary and proper to be done in
the premises, as fully and to all intents and purposes as the undersigned could
do if personally present, and the undersigned hereby ratifies and confirms all
that said attorneys or any one of them shall lawfully do or any one of them
shall lawfully do or cause to be done by virtue hereof.


Dated: January 3, 1997



                                       /s/ Frank J. Tasco
                                       ----------------------------------
                                       Frank J. Tasco