underwrite business in the North American market for brokered traditional property and casualty reinsurance.

Zurich Reinsurance Centre Holdings is a newly-formed company whose operating subdidiary, Zurich Reinsurance Centre, will become the principal underwriting affiliate of Zurich Insurance Company and Centre Re.

The principal shareholders of ZRC Holdings include Centre Reinsurance Holdings, which is a 74 percent owned subsidiary of the Zurich Insurance Company of Switzerland, and Fund American Enterprises Holdings, whose chairman is Mr. John J. Byrne.

ZRC Holdings announced yesterday that it had filed with the US Securities and Exchange Commission a registration statement relating to an initial public offering of 9.45 million shares of common stock in simultaneous US and international offerings.

The offering in the US is being co-managed by the First Boston Corporation; Donaldson, Lufkin & Jenrette Securities Corporation; JP Morgan Securities, Inc. and Smith Barney, Harris Upham & Co, Inc.

Credit Suisse First Boston Ltd.; Donaldson, Lufkin & Jenrette Securities Corporation; JP Morgan Securities Ltd. and Smith Barney, Harris Upham & Co.

will lead manage the offering outside the US.

After completion of the sales of common stock, Centre Re is expected to own approximately 55 percent of the outstanding common stock of ZRC Holdings. The offerings are expected in the second quarter of 1993.

Mr. Steven Gluckstern, president and CEO of Centre Re Holdings, is in charge of the day-to-day operations of ZRC Holdings, which is registered in Connecticut and will have offices in Stamford and Manhattan.

Ms Elizabeth Richardson, formerly an assistant vice-president of Centre Re (Bermuda), is the head of investor relations with ZRC Holdings.

Mr. Michael Palm has assumed the role of CEO of Centre Re (Bermuda), which owns companies in New York and Ireland and has a representative office in London.

It is not anticipated that this move will, in effect, be of great significance since Mr. Palm has assumed most of the operating responsibilities for Centre Re (Bermuda) for some time.