yesterday released details of its new $300 million capitalised Bermuda-based catastrophe reinsurance company, Centre Cat.

Other investors in the company include The Chubb Corporation, AT&T Pension Fund, Chemical Venture Partners, certain General Motors Pension Trusts, and Centre Re affiliate Zurich Reinsurance Centre Holdings.

The company will focus on meeting the global property catastrophe reinsurance needs of a small number of high quality insurers, according to a statement.

Mr. Paul T. Hasse, formerly of McKinsey & Co., a leading US business consulting firm, has been appointed CEO and Mr. Charles L. Kline, formerly of Guy Carpenter & Co., a reinsurance brokerage subsidiary of Marsh & McLennan Companies, is the president.

In a joint statement, the two men said: "Centre Cat will be able to distinguish itself by using innovative analytical tools, both proprietary and non-proprietary, to differentiate among its prospective clients.

"This will permit Centre Cat to be creative in product design while building a diversified global portfolio.

"The foundation of our business will be to build multi-year relationships with primary insurers.

"We are fortunate to have investors who are prepared to make a long-term financial commitment to this industry.

"We intend to maintain a unique standard of excellence in the catastrophe reinsurance industry.

"The skills possessed by our investor group will permit Centre Cat clients to share in the potential benefits of innovations in areas such as insurance derivatives and other new reinsurance products.'' Mr. Michael Palm, CEO of Centre Re (Bermuda) and chairman of Centre Cat, said: "Success in the reinsurance business inevitably depends on the quality of the people involved.

"With Paul Hasse and Charles Kline, Centre Cat has a combination of analytical skills and industry experience that is unequalled in this business.'' Mr. Donald P. Brennan, head of Morgan Stanley's Merchant Banking Division, said: "The property catastrophe industry is in a process of transformation.

"We believe that Centre Cat's access to the technical resources of Centre Re and Morgan Stanley's will enable the company to play a leadership role in the industry's evolution and, thereby, provide its customers with the most efficient tools to reinsure their risks.''