Centre Re, has reported a post-tax operating income, excluding realised gains, of $3.7 million (14 cents per share) for the third quarter, compared with a loss of $4.,6 million (27 cents per share) for the same period in 1992.

Realised gains (net of tax) were $5 million (19 cents per share), compared with $300,000 or two cents per share for the third quarter of 1992.

Total profit for the third quarter of 1993 was $8.7 million against a loss of $4.3 million in the same period the previous year, bringing ZRC's nine-month profit to $16.675 million.

The increase was largely due to a 161 percent growth in pre-tax investment income from $8.546 million to $3.268 million and an increase in realised gains.

This was partly offset by a rise in costs and expenses.

ZRC said its third quarter results were affected "by property catastrophe claims activity and related reinstatement premiums in the amount of $6.1 million''.

ZRC's nine-month profit of $16.675 million, compared with a loss of $2.1 million for 1992, was largely due to pre-tax investment income of $19.9 million for 1993, compared with $9.8 million in the first nine months of 1992.

Additionally, pre-tax realised investment gains of $21.1 million in 1993 were much higher than the $600,000 for 1992.

"These increases in net investment income and pre-tax realised capital gains for the three and nine month 1993 periods were attributable to the company's investment of the proceeds from its public offering in May, 1993, and the subsequent restructuring of ZRC's investment portfolio in connection with its acquisition of Zurich Reinsurance Company of America,'' said a ZRC statement.

Net premiums written for the third quarter more than doubled to $29.287 million, while net earned premiums went up by 164 percent to $25.8 million.

"Premium growth is attributed to increased participations on renewals of both treaty and facultative business and new submissions underwritten,'' said ZRC.

Mr. Steven Gluckstern, chairman, president and CEO of ZRC, said: "We felt our July 1 and October 1 renewal efforts were successful and reflect the growing acceptance of ZRC in the marketplace.

"We continue to perform to our expectations in regard to our hiring process and our business development opportunities and are pleased with this quarter's results.

"Two notable events not included in this quarter's results were the issuance of $200 million of 30-year corporate debt and our investment in Centre Cat, a Bermuda-based property catastrophe reinsurer affiliated with Centre Reinsurance companies.

"We feel the proceeds from our debt offering have provided the company the means through which we can take advantage of strategic marketing alliances, like this investment in Centre Cat, as and when the opportunities arise.'' Other operating costs and expenses increased to $4.1 million in the third quarter.

"Start-up expenditure in building the company's infrastructure, including opening new branch facultative offices and hiring personnel in advance of future premiums are the primary reasons for this increase,'' said ZRC.

ZRC issued 8.55 million shares in an initial public offering on May 12, 1993, and acquired Zurich Reinsurance Company of America on May 18, 1993.

ZRC is headquartered in New York and is the underwriting affiliate of the Zurich Insurance Company and Centre Reinsurance Companies in the North American market for broker traditional property and casualty reinsurance.

ZRC NINE MONTH RESULTS PROFIT $16.675m GROSS PREMIUMS WRITTEN $84.908m CASH AND INVESTED ASSETS $715.885m SHAREHOLDERS' EQUITY $636.846m COMBINED RATIO 125.8% BOOK VALUE PER SHARE 24.41 STATUTORY SURPLUS $612.808m MR. STEVEN GLUCKSTERN -- `We continue to perform to our expectiation . . .