total assets rose 15 percent to $4.5 billion in the 1996 year, a $600 million growth since the end of 1995.

Total income of $133.6 million was reported for the year, compared to $200 million in 1995. But president of Centre Reinsurance Holdings Ltd., David Brown, noted that the underlying business continues to grow.

He said: "This year for the first time, reinsurance accounted for less than half of the business we wrote, and 40 percent was from non-US sources.

"We continue to focus on long-term commitments to our clients and continued development of various forms of innovative structures.

"Given the multi-year nature of our contracts, there is significant premium volume which is not yet reported in our financial statements under GAAP accounting, but which will be recorded over several years during the life of the contract.'' The company had total net premium earned of $769 million, up 21 percent from $637 million in 1995. Total capital and surplus was $1.2 billion at year end, compared to $1.1 billion in 1995.

Since 1988, when the company began with $250 million in start-up equity, Centre Re has been one of the fastest growing specialty reinsurance companies in the world.

Centre Re companies are rated "A'' or "Excellent'' by A.M. Best Co. and "AA'' or "Excellent'' by Standard & Poor's for their claims-paying ability.

A part of the Zurich Group, the Centre Reinsurance Companies have underwriting operations in Bermuda, New York, Dublin, San Francisco and representative offices in Zurich and London.

GOOD ASSET GROWTH -- David Brown