[Federal Register Volume 63, Number 32 (Wednesday, February 18, 1998)]
[Notices]
[Page 8227]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3934]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application To Withdraw From Listing 
and Registration; (London Insurance Group, Inc., 6\7/8\% Notes Due 
September 15, 2005, Issued Pursuant to the Indenture Dated September 
25, 1995) File No. 1-13938

February 10, 1998.
    London Insurance Group, Inc. (``Company'') has filed an application 
with the Securities and Exchange Commission (``Commission''), pursuant 
to Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and 
Rule 12d2-2(d) promulgated thereunder, to withdraw the above specified 
security (``Security'') from listing and registration on the New York 
Stock Exchange Inc. (``NYSE'' or ``Exchange'').
    The reasons cited in the application for withdrawing the Security 
from listing and registration include the following:
    On December 12, 1997, the Company completed a tender offer for the 
issued and outstanding Security. Through the tender offer, the Company 
purchased $142,543,000 of the $150,000,000 aggregate principal amount 
of the Security then outstanding.
    The Company believes that its application to withdraw the Security 
from listing and registration on the NYSE should be granted for the 
following reasons:
    (1) The aggregate principal amount of the Security that remains 
issued and outstanding is small. Of the original issuance of 
$150,000,000, only $7,457,000 of that aggregate principal amount of the 
Security remains issued and outstanding.
    (2) The Security is held by a small number of holders. As of 
January 14, 1998, the Depositary Trust Company (``DTC'') was the only 
holder of record. Through DTC, there are approximately 6 beneficial 
holders of the Security. $7,000,000 of the remaining principal amount 
of the Security is beneficially held by one institution.
    (3) The Security is the Company's only listed security in the 
United States.
    (4) The costs of satisfying the Company's reporting obligations 
under the Act do not justify the continued listing of the Security. The 
Company is not subject to the reporting requirements of the Act for any 
of its equity securities and is not obligated under the terms of the 
Indenture to file any reports with the Commission. As a consequence of 
the continued listing of the Security, the Company will be required to 
incur the costs of preparing annual and periodic reports to comply with 
the reporting requirements of the Act for the benefit of a limited 
number of Security holders. In addition, the Company is not obligated 
under the Indenture or any other document to maintain the listing or 
registration of the Security on the NYSE or any other national 
securities exchange.
    On January 8, 1998, an authorized representative of the NYSE 
advised the Company that the Exchange would not object to the voluntary 
removal of the Security from listing and registration on the Exchange.
    Any interested person may, on or before March 4, 1998, submit by 
letter to the Secretary of the Securities and Exchange Commission, 450 
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether 
the application has been made in accordance with the rules of the 
Exchange and what terms, if any, should be imposed by the Commission 
for the protection of investors. The Commission, based on the 
information submitted to it, will issue an order granting the 
application after the date mentioned above, unless the Commission 
determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-3934 Filed 2-17-98; 8:45 am]
BILLING CODE 8010-01-M