EXHIBIT 99--FORWARD-LOOKING INFORMATION

The  Private  Securities  Litigation  Reform  Act of 1995  provides a "safe
harbor" for  forward-looking  statements.  The Company's  Form l0-K for the
year  ended  December  31,  2001,  the  Company's  2001  Annual  Report  to
Shareholders,  any Form 10-Q or Form 8-K of the Company,  or any other oral
or written  statements  made by or on behalf of the  Company,  may  include
forward-looking  statements which reflect the Company's  current views with
respect to future events and financial  performance.  These forward-looking
statements  are  identified  by their  use of such  terms  and  phrases  as
"intends,"   "intend,"   "intended,"   "goal,"   "estimate,"   "estimates,"
"expects,"  "expect,"  "expected,"  "project,"   "projects,"   "projected,"
"projections," "plans," "anticipates,"  "anticipated,"  "should," "designed
to,"  "foreseeable  future,"  "believe,"  "believes,"  and  "scheduled" and
similar  expressions.  Readers are cautioned not to place undue reliance on
these  forward-looking  statements,  which  speak  only as of the  date the
statement was made. The Company undertakes no obligation to publicly update
or  revise  any  forward-looking  statements,  whether  as a result  of new
information, future events or otherwise.

The actual results of the Company may differ significantly from any results
expressed  or implied by these  forward-looking  statements.  Factors  that
might  cause such a  difference  include  but are not  limited  to, (a) the
general   political,   economic  and  competitive   conditions,   including
developments  in e-commerce,  in the United States,  Bermuda and the United
Kingdom,  and other  markets  where the  Company  operates;  (b) changes in
capital  availability  or costs,  such as changes in  interest  rates;  (c)
market  perceptions  of the Company  and the  industry in which the Company
operates, or security or insurance ratings; (d) government regulation;  (e)
authoritative  generally accepted  accounting  principles or policy changes
from such  standard-setting  bodies as the Financial  Accounting  Standards
Board and the Securities and Exchange Commission,  (f) the outcome of legal
proceedings, and the factors set forth below.


COMPETITION; CYCLICALITY OF INSURANCE AND REINSURANCE BUSINESSES

The  business of  providing  risk  management  services and products to the
workers' compensation and property and casualty insurance markets is highly
competitive.  The Company  competes  with other  providers  of  alternative
market  services  (including  domestic  and  foreign  insurance  companies,
reinsurers,     insurance    brokers,    captive    insurance    companies,
rent-a-captives,  self-insurance plans, risk retention groups, state funds,
assigned risk pools and other risk-financing mechanisms) and with providers
of traditional  insurance coverage.  Many of the Company's competitors have
significantly greater financial resources,  longer operating histories, and
better financial or insurance ratings and offer a broader line of insurance
products than the Company.

Factors  affecting  the  traditional  insurance  and  reinsurance  industry
influence the  environment for  alternative  risk  management  services and
products.  Insurance market  conditions  historically  have been subject to
cyclicality  and  volatility  due to  premium  rate  competition,  judicial
trends, changes in the investment and interest rate environment, regulation
and general  economic  conditions,  causing many insurance buyers to search
for more stable  alternatives.  The  traditional  insurance and reinsurance
industry was in a protracted period of significant price  competition,  due
in part to excess  capacity  in most lines of  business.  This has  changed
since the events of September 11, 2001, with increased  prices beginning to
emerge by year end. While some form of workers' compensation insurance is a
statutory requirement in most states, the choices exercised by employers in
response to the underwriting cycle in traditional insurance and reinsurance
markets  have  had and  will  continue  to have a  material  effect  on the
Company's  results of operations.  Although most of the Company's  revenues
are derived from fees and commissions rather than underwriting  activities,
a substantial  portion of the Company's fees are calculated as a percentage
of premium  volume,  and  therefore the Company's fee revenues are directly
and   adversely   affected  by  highly   competitive   market   conditions.
Additionally, changes in risk retention patterns by purchasers of insurance
and reinsurance products could have an adverse effect upon the Company.


DEPENDENCE ON RELATIONSHIPS WITH INDEPENDENT PRIMARY INSURANCE CARRIER

The Company's  Managing  General  Agencies  market  insurance  products and
programs  developed  by the  Company  on behalf of  insurers.  The  primary
insurer  is  Clarendon   National  Insurance  Company  and  its  affiliates
("Clarendon").   In  addition,   the  Company's   insurance  brokering  and
reinsurance brokering operations, Managing General Underwriters, and claims
and loss  control  servicing  operations  provide  additional  business and
services to Clarendon in respect of these products and other  insurance and
reinsurance  policies.  In 2001, fees received from Clarendon accounted for
approximately   37%  (2000  -  37%)  of  the  Company's   total   revenues.
Historically, the Company has had a good relationship with Clarendon. There
can be no assurance,  however,  that Clarendon  will not institute  changes
which affect their  relationships  with the Company.  Any adverse change or
disruption of Clarendon's business could disrupt the Company's business and
could have a material adverse effect on the Company's results of operations
and financial condition.


REINSURANCE CONSIDERATIONS; AVAILABILITY AND COSTS; CREDIT RISKS

The Company  relies upon the use of  reinsurance  agreements in its various
programs to limit and manage the amount of risk  retained by the Company or
its customers,  including insurance companies. The availability and cost of
reinsurance  may  vary  over  time  and is  subject  to  prevailing  market
conditions.  In particular during 2000 and 2001, the insurance  marketplace
in which  the  Company  primarily  operates  was  subject  to  considerable
disruption which led to a number of reinsurers leaving the market. The full
effect of this change in the  marketplace  for the current and future years
is still to be determined.  A lack of available  reinsurance coverage could
limit the Company's ability to continue certain of its insurance  programs.
In respect of the Company's own insurance operations, the lack of available
reinsurance or increases in the cost of reinsurance could also increase the
amount of risk  retained by the  Company.  In  addition,  while the Company
seeks to obtain reinsurance with coverage limits intended to be appropriate
for the risk  exposures  assumed,  there can be no  assurance  that  losses
experienced  by the  Company  will be  within  the  coverage  limits of the
Company's  reinsurance  agreements.  Beginning  in 2002,  most  reinsurance
agreements  now  contain  a  specific  exclusion  for  terrorism  coverage.
Simultaneously,  many states have restricted  primary  insurance  companies
from excluding the terrorism risk. As such, primary companies are forced to
carry the exposure  alone.  While the United States Federal  Government and
emerging  reinsurance  markets are  exploring and  introducing  options for
potential relief,  management has adopted new guidelines in underwriting in
an effort to measure and mitigate its exposure to loss.

The Company is also  subject to credit risk as a result of its  reinsurance
arrangements,   as  the  Company  is  not  relieved  of  its  liability  to
policyholders by ceding risk to its reinsurers. The Company is selective in
regard to its reinsurers,  placing  reinsurance  with only those reinsurers
that it believes  have strong  balance  sheets.  The Company  monitors  the
financial  strength of its reinsurers on an ongoing basis.  The insolvency,
inability, or unwillingness of any of the reinsurers used by the Company to
meet its obligations could have a material adverse effect on the results of
operations  and  financial  position of the Company.  This issue has become
increasingly significant during recent years as a result of the increase in
the  number of  reinsurers  who are  unwilling  to meet  their  contractual
obligations due to unfavorable results. No assurance can be given regarding
the future ability or willingness of the Company's reinsurers to meet their
obligations.  Further,  the establishment of provisions against reinsurance
balances receivable is an inherently  uncertain process and there can be no
assurance  that the  ultimate  provision  will not  materially  increase or
decrease.  Although the Company has no reason to believe that its provision
against  reinsurance  balances  receivable are inadequate,  the Company may
need to revise the provision  significantly depending on future information
or events.  In the event of such an increase or decrease,  the amount would
be reflected in the Company's  income  statement in the period in which the
provision was adjusted.


DEPENDENCE ON KEY PERSONNEL

The Company's  success  depends to a substantial  extent on the ability and
experience of its executive officers and middle management  personnel.  The
loss of the  services  of one or more such  persons  could  have a material
adverse effect on the business of the Company and its future operations.


POSSIBLE REVISIONS TO LOSS RESERVES

To the extent its  activities  involve any  retention of risk of loss,  the
Company maintains loss reserves to cover its estimated  ultimate  liability
for losses and loss  adjustment  expenses  with  respect  to  reported  and
unreported claims incurred.  Reserves are estimates involving actuarial and
statistical  projections at a given time of what the Company  expects to be
the cost of the ultimate  settlement and  administration of claims based on
facts and  circumstances  then known,  estimates of future trends in claims
severity, and other variable factors such as inflation.  To the extent that
reserves  prove to be inadequate  in the future,  the Company would have to
increase  such  reserves  and incur a charge to earnings in the period such
reserves are increased,  which could have a material  adverse effect on the
Company's results of operations and financial condition.  The establishment
of appropriate reserves is an inherently uncertain process and there can be
no assurance that ultimate losses will not materially  exceed the Company's
loss reserves.  The Company has limited historical claim loss experience to
serve as a reliable  basis for the  estimation  of ultimate  claim  losses.
Although  the Company has no reason to believe  that its loss  reserves are
inadequate,  it is  possible  that the  Company  will  need to  revise  the
estimate of claim losses  significantly  depending on future information or
events.  In the event of such an increase,  the amount,  net of  associated
reinsurance  recoveries,   would  be  reflected  in  the  Company's  income
statement in the period in which the reserves were increased.


ADVERSE EFFECT OF LEGISLATION AND REGULATORY ACTIONS

The Company conducts business in a number of states and foreign  countries.
Certain  of the  Company's  subsidiaries  are  subject  to  regulation  and
supervision by government agencies in the states and foreign  jurisdictions
in which they do  business.  The  primary  purpose of such  regulation  and
supervision  is to provide  safeguards  for  policyholders  rather  than to
protect  the  interests  of  shareholders.  The laws of the  various  state
jurisdictions  establish  supervisory  agendas  with  broad  administrative
powers with respect to, among other things, licensing to transact business,
licensing  of agents,  admittance  of  assets,  regulating  premium  rates,
approving  policy  forms,  regulating  unfair  trade and claims  practices,
establishing  reserve   requirements  and  solvency  standards,   requiring
participation  in  guarantee  funds  and  shared  market  mechanisms,   and
restricting payment of dividends.  Also, in response to perceived excessive
cost or inadequacy of available  insurance,  states have from  time-to-time
created  state  insurance  funds and  assigned  risk  pools  which  compete
directly,  on a  subsidized  basis,  with  private  providers  such  as the
Company.  Any such event,  in a state in which the Company has  substantial
operations,  could substantially  affect the profitability of the Company's
operations  in such  state,  or cause the  Company to change its  marketing
focus.

State  insurance  regulators  and the  National  Association  of  Insurance
Commissioners  continually re-examine existing laws and regulations.  It is
impossible  to predict the future  impact of potential  state,  federal and
foreign country regulations on the Company's  operations,  and there can be
no assurance that future  insurance-related  laws and  regulations,  or the
interpretation  thereof,  will not have an adverse effect on the operations
of the Company's business.

In addition, the United States Congress enacted new legislation during 1999
that now  allows  banks  and  insurance  companies  to  affiliate  with one
another.  This legislation,  the "Financial  Services  Modernization Act of
1999" (also known as the "Gramm-Leach-Bliley  Act") allows mergers of banks
and insurers that previously had been  prohibited by U.S.  federal law. The
new  legislation  is  expected  to  facilitate  mergers  between  banks and
insurers,  thereby  contributing to consolidation of the insurance industry
and increased competition in the broader financial services industry. There
can be no assurance that such  competition  will not have an adverse effect
on the operation of the Company's business over time.


POSSIBLE ADVERSE IMPACT OF LICENSING PROCESS ON REALM NATIONAL

The Company is in the process of seeking the regulatory approvals necessary
to expand Realm National  Insurance Company  Limited's  ("Realm  National")
licenses in  substantially  all of the remaining 50 states and the District
of Columbia in which it is not currently licensed. The Company expects that
as Realm National receives such approvals and licenses,  the revenues to be
generated by Realm National and its integration into the Company's existing
businesses  could become an  increasingly  more important  component of the
Company's future earnings growth.  However,  no assurance can be given that
Realm  National  will  receive  such  approvals  and  licenses,  when  such
approvals  and  licenses  will be  granted,  or the  extent to which  Realm
National will generate  revenues and earnings.  A state may require as part
of its licensing  process that the insurer or its management have a certain
period  of  experience  (typically  one to  three  years)  in the  lines of
business  for which a  license  is being  sought.  Although  the  Company's
management has been involved in offering workers' compensation products and
services for many years,  Realm  National's  own experience in this line of
business began for all material purposes after Realm National's acquisition
by the Company in September 1996. Therefore, some states may determine that
Realm  National  does  not  have  the  requisite  experience  to meet  this
requirement.  In the absence of such experience,  the insurance  regulatory
authority may delay issuing a license until such time as the  experience is
obtained.  The failure to receive, or a delay in receiving,  one or more of
such approvals and licenses  could have a material  adverse impact on Realm
National's ability to generate future earnings growth for the Company.


TAXATION OF THE COMPANY AND CERTAIN OF ITS SUBSIDIARIES

The Company and certain of its subsidiaries  are  incorporated  outside the
United States and, as foreign  corporations,  do not file United States tax
returns.  These  entities  believe  that they operate in such a manner that
they  will not be  subject  to U.S.  tax  (other  than U.S.  excise  tax on
reinsurance  premiums and withholding tax on certain investment income from
U.S.  sources) because they do not engage in business in the United States.
There can be no  assurance,  however,  that these  entities will not become
subject to U.S. tax because U.S. law does not provide  definitive  guidance
as to the  circumstances  in which  they  would be  considered  to be doing
business in the United States. If such entities are deemed to be engaged in
business in the United  States  (and,  if the  Company  were to qualify for
benefits  under the income tax treaty between the United States and Bermuda
or the  United  States  and the  United  Kingdom,  such  business  would be
attributable  to a "permanent"  establishment  in the United  States),  the
Company  would be subject to U.S.  tax at  regular  corporate  rates on its
income  that is  effectively  connected  with  its  U.S.  business  plus an
additional 30% "branch  profits" tax on income  remaining after the regular
tax.


INTEREST RATE FLUCTUATIONS

The  Company  maintains  most  of its  cash  in  the  form  of  short-term,
fixed-income  securities,  the  value of which is  subject  to  fluctuation
depending on changes in prevailing  interest rates.  The Company  generally
does  not  hedge  its  cash   investments   against   interest  rate  risk.
Accordingly,  changes in interest rates may result in  fluctuations  in the
income derived from the Company's cash investments.