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                                                                     EXHIBIT 99

                     STIRLING COOKE BROWN HOLDINGS LIMITED

                    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, 1997, the Company's 1997 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 the results
discussed in forward-looking statements. Factors that might cause such a
difference include but are not limited to, (a) the general political, economic
and competitive conditions 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 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, 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 is in
a protracted period of significant price competition, due in part to excess
capacity in most lines of business. 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 CARRIERS

  The Company's Managing General Agencies market insurance products and
programs developed by the Company on behalf of independent insurance carriers,
primarily Clarendon National Insurance Company and its

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affiliates ("Clarendon") and Legion Insurance Company and its affiliates
("Legion"). 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 and Legion in respect of these products and other insurance and
reinsurance policies. In 1997, fees received from Clarendon accounted for
approximately 51% of the Company's total revenues, while fees received from
Legion accounted for less than 10% of the Company's total revenues.
Historically, the Company has had a good relationship with both Clarendon and
Legion. There can be no assurance, however, that Clarendon or Legion will not
institute changes which affect their relationships with the Company. The loss
of business from Clarendon or Legion could have a material adverse effect on
the Company's results of operations and financial conditions. Additionally,
any decline in or disruption of Clarendon's or Legion'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.
A lack of available reinsurance coverage could limit the Company's ability to
continue certain of its insurance programs. When the Company's own insurance
operations are participating in a program, 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.

  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 or inability 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. No assurance can be given regarding the future ability of any of the
Company's reinsurers to meet their obligations.

DEPENDENCE ON KEY PERSONNEL

  The Company's success depends to a substantial extent on the ability and
experience of its executive officers. 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 in the near
term. 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.

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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 comprehensive 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.

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")
business to include workers' compensation and other specialty casualty
insurance lines in each of the states in which Realm National is currently
licensed to offer other insurance products, and intends to license Realm
National in substantially all of the remaining 50 states and the District of
Columbia. 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 will become an important
component of the Company's future earnings growth. However, no assurance can
be given that Realm National will receive such approvals and licenses, or when
such approvals and licenses will be granted if Realm National does receive
them. 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

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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.

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