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CENTRE RE ANNOUNCES ITS ASSOCIATION WITH NEW COMPANY FORMED BY RICHARD SANDOR

 HAMILTON, Bermuda, March 11 /PRNewswire/ -- Steven M. Gluckstern, president and C.E.O. of Bermuda-based Centre Reinsurance Holdings Limited ?announced today its association with a company formed by Richard L. Sandor: Centre Financial Products (CFP). CFP's core business will consist of developing products that focus on the intersection between the capital markets and the insurance industry. Possible applications for CFP's products include: financial futures used to hedge a company's catastrophic or pollution exposures; "synthetic reinsurance"; and the securitization of insurable risks.
 "I am excited about the wide range of possibilities in this market," remarked CFP's president and C.E.O., Mr. Sandor. "The potential exists for these types of products to allow reinsurance companies to finance increasing amounts of risk exposures themselves while reducing their dependence on traditional catastrophic reinsurance."
 "We are delighted that Centre Re will have the opportunity to work in conjunction with Mr. Sandor, the acknowledged leader in these types of derivative products," commented Mr. Gluckstern.
 Michael D. Palm, president and C.E.O. of Centre Reinsurance (Bermuda) Limited, added, "Richard's perspective and means of defining and evaluating risk are consistent with the innovative tradition of Centre Re, and we are confident that this new company will open new horizons in the financial futures and capital markets."
 Richard L. Sandor, Ph.D., has been called the "Father of the Financial Futures." He is the non-resident director of the Chicago Board of Trade where he is chairman of the Clean Air Committee developing the first spot and futures markets in environmental contracts. Dr. Sandor also serves as vice chairman of the Special Task Force on insurance futures and was instrumental in originating the concept and designing the contract.
 Among Dr. Sandor's other committee memberships is his participation on the Financial Products Advisory Committee of the Commodity Futures Trading Commission. His academic distinctions include faculty positions at University of California at Berkeley, Stanford University, Northwestern University, and a distinguished adjunct professorship of Columbia University's Graduate School of Business. He received his bachelor of arts degree from City University of New York, Brooklyn College, and his Ph.D. in economics from the University of Minnesota.
 Bermuda-based Centre Reinsurance Companies are "AA" rated by Standard & Poor's. Since its inception in 1988, Centre Re Bermuda's assets, capital and surplus have grown from $250 million to approximately $3 billion in assets and $680 million in capital and surplus at year end 1992. Centre Re is a majority owned subsidiary and member of the Zurich Insurance Group -- a group that at year end 1991 reported assets of $49 billion and capital and surplus of $4.9 billion. Centre Re's other principal shareholders include: Kemper Corporation, ACE Limited, and the Northwestern Mutual Life Insurance Company.
 -0- 3/11/93
 /CONTACT: Elizabeth Richardson, assistant vice president of Centre Re, 809-295-8501/


CO: Centre Reinsurance Holdings Limited ST: IN: INS SU:

GK-LD -- NY076 -- 5269 03/11/93 16:54 EST
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Date:Mar 11, 1993
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