will underwrite business through three Lloyd's syndicates, the property catastrophe reinsurer revealed yesterday.

LaSalle Re chairman, president and CEO Victor Blake said the move is part of the company's diversification and an alternative to syndicate purchase.

"We believe the Lloyd's market offers significant opportunities to participate in quality business and that establishing a subsidiary as a corporate name represents the most cost-effective means of participating in this key market.'' A new corporate member at Lloyd's, the LaSalle Re subsidiary is participating with other corporate names on two syndicates, TF Hart syndicate writing marine insurance and reinsurance, and D. Marshall syndicate writing professional indemnity and directors & officers insurance and bankers blanket bond business.

The subsidiary is also with CNA Underwriting Agencies Ltd., in the R. McCarthy syndicate writing direct and facultative property insurance.