been promoted from executive vice president to president, taking over from Mr.

Michael Palm, who remains as CEO.

Mr. Brown joined Centre Re in January, 1993, as senior vice president and chief accounting officer. Centre Re said that his numerous contributions to the company's bottom line earned him the title of executive vice president last year.

A fellow of the Institute of Chartered Accountants in England and Wales, Mr.

Brown had spent 10 years as a partner with Ernst & Young, Bermuda, specialising in insurance and reinsurance auditing and consulting. He also served as liquidator of numerous insolvent reinsurance companies.

Mr. Palm said,"This is a particularly exciting time for our company. More and more brokers and clients are understanding the benefits of flexible, long term solutions provided by Centre Re.

"David Brown has played a critical part in our tremendous growth, helping us to solidify our dominant position in the industry as the largest writer of finite reinsurance worldwide. As such, his promotion to president is simply formalising the role he has filled for some time. I know of no one better qualified to lead us forward in serving the financial community.'' Centre Reinsurance Company of New York has announced two new vice presidents of underwriting, Mr. Peter K. Gakos Jr. and Mr. Michael F. Turk. The pair will focus on the development, marketing and underwriting of non-traditional and finite risk products that meet special needs of large corporate risks and/or captive insurers.

Mr. David Brown