Bermuda-based Centre Re, yesterday released its first financial statement and reported a profit of $2.094 million for the second quarter of fiscal 1993.

Excluding realised gains of $1.317 million, the company's operating profit came to $777,000.

Gross premiums written for the three months ending June 30, 1993, came to $27.041 million. Pre-tax net investment income was $7.28 million.

ZRC's chairman, president and CEO, Mr. Steven Gluckstern, said the results were "in line with the company's expectations''.

"The progress we have made in the `ramp-up' stage of the company is acording to plan and reflects the conservative, measured growth we had anticipated,'' he said.

ZRC is the principle underwriting affiliate of financial reinsurer Centre Re and Centre Re's parent, Zurich Insurance Company, in the North American market for brokered traditional property and casualty reinsurance.

After forming earlier this year, the company launched an initial public offering of 8.55 million of its shares on May 12, 1993.

The company acquired Zurich Reinsurance Company of America (ZRA) to be its main operating subsidiary, changed its name to Zurich Reinsurance Centre, and overhauled its business.

As a result, Mr. Gluckstern said that any comparisons of ZRC's initial results with those of ZRA in the past "is limited in its usefulness as the operations of the two companies differ substantially''.

Since the acquisition, a new senior management team and a new underwriting approach have been implemented.

The company has increased its workforce by 40 percent, including the hiring of nine people in underwriting, actuarial and claims.

Mr. Gluckstern said: "We expect to continue hiring over the next nine to 12 months and view our hiring process to date as having been very successful as we have attracted senior individuals from some of the most successful reinsurance companies in the industry.

"Of course, much of the progress we have made is not yet reflected in our numbers. Our hiring efforts have resulted in increased expenses as we build infrastructure at a faster rate than we build premium volume.

"In the short time since the initial public offering, we have been building relationships with the types of insureds with whom we will do business and we are seeking the types of business we had planned to write.

"The results of the July 1 renewal are not reflected in this past quarter's results and our marketing efforts are not expected to bear fruit until 1994.'' ZRC's 1993 results were hit by catastrophic losses in the region of $2 million related to the World Trade Center bombing and the winter storms on the east coast of the US.

Centre Re owns 57 percent of the common stock of ZRC, a further 34 percent is publicly held and the remaining nine percent is owned by Fund American Enterprises.

ZRC SECOND QUARTER RESULTS PROFIT $2.094 M GROSS PREMIUMS WRITTEN $27.04 M NET PREMIUMS WRITTEN $26.64 M CASH AND INVESTED ASSETS $690.38 M SHAREHOLDERS' EQUITY $627.96 M.