reinsurer Centre Re Holdings Ltd. for $128 million.

The December 30 sale to majority shareholder Zurich Insurance Company realised a $58 million gain, or $1.17 a share, for ACE.

A statement from ACE said the sale took place as a result of Zurich's desire to own 100 percent of Centre Re's ordinary common stock.

Proceeds from the sale will be received by ACE on February 28, subject to regulatory approval.

ACE invested $50 million in Centre Re in October, 1991 and the remaining $20 million was invested last May.

Bermuda-based Centre Re is the world's leading finite risk reinsurer.

"It was a very successful investment,'' said ACE chief executive officer Mr.

Walter Scott. "We have also had and continue to have a very good relationship with Centre Re. It is a very good company.'' Mr. Scott said there was no intention at present to invest in any new ventures. He said the company maintains an investment portfolio of 90 percent fixed income securities and ten percent equities.

ACE, which is listed on the New York Stock Exchange, has $1.4 billion in shareholders' equity and about $2.3 billion in assets. Its shares traded at $30 on Tuesday.

ACE, through its wholly owned insurance subsidiaries, is the world's leading provider of excess directors and officers liability insurance and one of the leading providers of high level excess liability insurance.

On November 1, 1993, ACE completed the full purchase of Corporate Officers and Directors Assurance Ltd. (CODA) for $250 million.