Lazard Freres, yesterday announced the formation of Bermuda-based reinsurer, LaSalle Re.

Mr. William J. Adamson, interim chairman of the new company, said: "LaSalle Re will be a company that engages in multi-line reinsurance.

"CNA's proven commitment to providing underwriting expertise and versatility to the reinsurance intermediary marketplace for more than 35 years, coupled with the financial position of its sponsors, Aon and Corporate Partners, positions LaSalle Re as a leading global reinsurer.'' It is believed LaSalle Re's initial capitalisation will be $200 million.