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ZURICH REINSURANCE CENTRE FILES REGISTRATION STATEMENT WITH SEC

 NEW YORK, March 10 /PRNewswire/ -- Zurich Reinsurance Centre Holdings, Inc. (ZRC Holdings) today announced that it filed with the Securities and Exchange Commission a registration statement relating to an initial public offering of 9,450,000 shares of common stock in simultaneous United States and international offerings. The First Boston Corporation, Donaldson, Lufkin & Jenrette Securities Corporation, J.P. Morgan Securities Inc. and Smith Barney, Harris Upham & Co. Incorporated will co-manage the United States offering; Credit Suisse First Boston Limited, Donaldson, Lufkin & Jenrette Securities Corporation, J.P. Morgan Securities Ltd. and Smith Barney, Harris Upham & Co. Incorporated will lead manage the international offering.
 ZRC Holdings is a newly-formed company whose operating subsidiary Zurich Reinsurance Centre, Inc. will become the principal underwriting affiliate of Zurich Insurance company and Centre Re in the North American market for brokered traditional property and casualty reinsurance.
 The principal shareholders of ZRC Holdings will include Centre Reinsurance Holdings Limited (Centre Re) and Fund American Enterprises Holdings, Inc., whose chairman is John J. Byrne. Centre Re is a 74 percent owned subsidiary of the Zurich Insurance Company of Switzerland. After completion of the sales of common stock, Centre Re is expected to own approximately 55 percent of the outstanding common stock of ZRC Holdings. The offerings are expected in the second quarter of 1993.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A written prospectus may be obtained when available, from The First Boston Corporation, 55 E. 52nd Street, New York, N.Y. 10055.
 -0- 3/10/93
 /CONTACT: Steven M. Gluckstern, chairman, president & CEO of Zurich Reinsurance, 212-283-1500/


CO: Zurich Reinsurance Centre Holdings, Inc. ST: IN: INS SU: OFR

SH-AH -- NY061 -- 4789 03/10/93 15:33 EST
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Date:Mar 10, 1993
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