million of its 7.125 percent Senior Notes due 2023 in a public offering.

The non-callable notes were rated A1 by Moody's Investor Services and A by Standard and Poor's.

The offering was managed by CS First Boston, Donaldson, Lufkin & Jenrette Securities Corporation and JP Morgan Securities Inc.

ZRC is the principal underwriting affliate of the Zurich Insurance Company and Centre Reinsurance Companies in the North American market for brokered traditional property and casualty reinsurance.