Reinsurance started operating in Bermuda yesterday.

The company opened its doors in time for the last quarter and year-end renewals season after its parent, Cayman-registered GCR Holdings, successfully raised $450 million in an over-subscribed private placement which closed on Friday.

Global Capital Re, which is incorporated in Bermuda with initial capital of $425 million, is a wholly-owned subsidiary of GCR Holdings.

Founding sponsors investment banker Goldman Sachs & Co and global insurance broker Johnson & Higgins have committed more than $100 million to GCR Holdings along with Underwriters Re Corporation.

Mr. Lawrence Doyle, chief executive officer and president of the holding and operating companies, said: "The severe shortage of catastrophe reinsurance for today's property exposures in many world markets has created a significant opportunity for investment in this company.'' Global Capital Re is expected to move into offices at 48 Church Street, Hamilton, on October 25.

The reinsurer has six staff, including Bermudian Mr. Stephen Outerbridge, who after a 17-year absence from the Island has returned to take the post of senior vice president/international underwriter.

The reinsurer's president and chief executive officer is Mr. Lawrence Doyle, who held the same position at the New England Reinsurance Corporation, First State Insurance Company and the New England Insurance Company from 1986 to April, 1993.

Indicating a substantial pile of job applications, Mr. Doyle said Global Capital Re is still hiring two administrative processing staff who will bring total staff numbers to eight.

"We have our senior underwriting staff,'' he said. "Depending on business growth and product lines, we will probably extend to 15 people.

"We see ourselves as a major player in Bermuda. We have worked a long time on this project.'' The reinsurer will act as a following market during its first year. "When the timing is right and we have the technical expertise, we will write lead lines,'' said Mr. Doyle.

Unlike other recently arrived reinsurers, Global Capital Re has no arrangements for backers to provide initial support and administrative services.

Like rival Mid-Ocean Re and excess liability firms ACE and XL, Global Capital Re has a parent registered in the Cayman Islands.

Mr. Doyle cited "flexibility'' as the reason. The existence of a Cayman holding company would enable the reinsurer to restart its operations elsewhere should the need arise, he said.

Global Capital Re will have a global spread of risks, according to Mr. Doyle.

Mr. Outerbridge will specialise solely in international underwriting and senior vice president, Mr. Robert Nason, will act as North American underwriter.

"We believe we will write other lines beyond property catastrophe reinsurance,'' said Mr. Doyle.

"Our mission here is to build a company long term. We will write property for risk business, property pro rata business with caps and casualty clash cover.

"Presently, we are studying the marine business and in time will commence marine underwriting.'' He added: "We have a busy agenda already. And we will start accepting business today from reinsurance intermediaries.'' Mr. Frederick Deichmann has been appointed Global Capital Re's chief financial officer.

Mr. Steven Newman, president and chief executive officer of Underwriters Re, will be non-executive chairman of GCR Holdings.

EXECUTIVE OFFICERS -- Global Capital Re's executives were yesterday named.

From left: Chief financial officer, Mr. Frederick Deichmann, senior vice president, international underwriter Mr. Stephen Outerbridge, senior vice president, North American underwriter Mr. Robert Nason and president Mr.

Lawrence Doyle.