LaSalle Re Holdings Limited yesterday announced a shake up at the top level of its senior management to become effective from July 1.

The company's 64-year-old chairman, president and CEO Victor Blake, OBE, will stand aside so current executive vice president and chief operating officer Guy Hengesbaugh can succeed him as president and CEO.

It is planned that Mr. Blake will continue as chairman of the board of directors.

Through its operating subsidiary LaSalle Re Limited, the company writes specialist classes of reinsurance all over the world, including property catastrophe reinsurance.

Yesterday Mr. Blake said he recommended Mr. Hengesbaugh for the job as he believed "good corporate planning'' demanded business leaders identify their successors as early as possible to make the transition seamless.

"As a CEO approaching 64 years of age I advanced a succession plan to the board recommending Guy Hengesbaugh as my successor.

"I received the board's enthusiastic concurrence. We believe it is important for our clients and shareholders to have a clear understanding of the firm's future leadership.

"Having made this decision, we believe it should be implemented at the earliest practical date.'' He stressed he would hand over the reins with the company in a strong position.

"LaSalle has a strong balance sheet and franchise within the reinsurance industry,'' he said.

"Over its history it has produced returns on equity for its shareholders in the mid-twenty percent rage. I am very proud of our talented team who have made this possible.

"Guy is a respected industry figure who will lead the company ably forward.

His proven skill and deep knowledge of the reinsurance business are tremendous assets in the present highly competitive market environment.

"I look forward to providing my support and guidance to Guy during the transition and beyond.'' Mr. Hengesbaugh said he was excited about LaSalle Re's future under his stewardship.

"Our strong client relationships are a vital asset of the firm and we will do our utmost to meet the needs of these loyal customers.

"Over the past five years Victor Blake has been a thoughtful mentor and has provided me and the other members of our team with the advantages of his more than three decades of experience in the industry.

"I am pleased that the company will benefit from his role as chairman of the board.'' Mr. Hengesbaugh has been the chief underwriting officer of the company since its initial public offering in 1995 and of its operating subsidiary LaSalle Re Limited since its founding in 1993.

He has been executive vice president of the company since September 1995 and chief operating officer since October 1997. He became president of LaSalle Re Limited in September 1998.

Victor Blake Guy Hengesbaugh BUSINESS BUC