After a successful five years of operation in Bermuda, property catastrophe reinsurer LaSalle Re Ltd. has celebrated its fifth anniversary by donating funds to build a new playground at Paget Primary School.

The playground is for use by the 250 school students and the Paget community.

Chairman and CEO of LaSalle Re Ltd. Victor H. Blake said: "The fact that we are located in Bermuda has been central to the success of our company over its first five years.

"When we think of giving something back to the Island that will have some lasting value, we naturally think of giving something to Bermuda's children.'' The playground will be installed at the school under the Parks Department by the coming spring and will include a broad range of equipment.

And the playground is expected to be completed by June of 1998.

Harrichand Sukdeo, comptroller and project manager for the Ministry of Education said: "Paget Primary is a two-form entry school which serves a large community. For the community at large, there is no public playground in the area.

"This playground is easily accessible by the public, so the neighbourhood will also be well served by this new installation.'' Paget Primary principal Wendell Smith stated: "I am very pleased to be the recipient of this generous donation, and promise to maintain the playground in excellent condition, so that our children can enjoy it.'' Mr. Smith told The Royal Gazette that Paget Primary presented LaSalle Re with a Robert Bassett Gombey painting -- symbolising both Bermudian culture and the playful aspect of LaSalle Re's donation -- thanking the company for its generosity.

"They could've easily held a banquet in honour of their anniversary, but the fact that they decided to donate the money to the children of Bermuda is a very significant gesture on their part and we feel privileged that our school was selected,'' Mr. Smith said.

Premier Jennifer Smith attended yesterday's ceremony in honour of the donation and added a personal touch by chatting with the students after the event.

Following the arrival of the new equipment, and before its installation, LaSalle Re staff plan to donate one working day, during which they will conduct a clean-up of the Paget Primary School field.

HELPING HAND -- Premier Jennifer Smith and Victor Blake of LaSalle Re are pictured lending a hand planting a palmetto at Paget Primary. LaSalle Re donated $50,000 to build a new playground at the school.