She is a senior underwriter for the medical professional liability division of Reliance National Risk Specialists, an insurance company in New York.

The bride is a senior underwriter of real estate loans at Morgan Stanley in New York.

After the company announced the back-office transfers, New York removed Merrill as a senior underwriter for municipal bonds.

Mr. Reed, 27, is a senior underwriter in Chicago with the Chubb Corporation.

She is a senior underwriter at the American Re-Insurance Company in New York.

Mayor Koch had every reason to deny Merrill Lynch a lucrative role as a senior underwriter for the city's bond offerings.

His father, also retired, worked in Brooklyn as a senior underwriter for the New York Life Insurance Company.

The bonds were underwritten by 49 companies, with Merrill Lynch as the senior underwriter.

"We would rather base the loan on property value," said Dale Ng, its vice president and senior underwriter.

He takes credit only for the deals on which his firm has served as the senior underwriter or co-senior underwriter.