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CENTRE RE ANNOUNCES NEW MANAGEMENT STRUCTURE

 HAMILTON, Bermuda, March 11 /PRNewswire/ -- Steven M. Gluckstern, president and C.E.O. of Bermuda-based Centre Reinsurance Holdings Limited (Centre Re Holdings), announced today, as a result of his role in a new operating subsidiary, Zurich Reinsurance Centre, Inc. (ZRC), a traditional property and casualty reinsurer, that effective March 23, 1993, Michael D. Palm has been named the new president and C.E.O. of Centre Reinsurance (Bermuda) Limited (Centre Re Bermuda). Mr. Gluckstern will relinquish his operating responsibilities connected with Centre Re's reinsurance subsidiaries (while retaining his holding company responsibilities) in order to serve as chairman, president and C.E.O. of ZRC. Mr. Palm will continue to serve as E.V.P. of Centre Re Holdings.
 Lawrence W. Cheng, currently C.F.O. of Centre Re Bermuda, has been named its chief operating officer. Richard E. Smith, formerly S.V.P. of Centre Re Bermuda, has been named E.V.P. and chief operating officer of ZRC.
 Mr. Palm commented that the change in leadership in Centre Re's operating units "in no way reflects a change in our fundamental business focus or the importance of the finite risk concept to Centre Re." Mr. Palm went on to say, "along with our expansion into the traditional reinsurance market, we expect to continue the finite risk business strategy that led Centre Re to its tremendous success over the past five years. We believe finite risk applications in insurance, reinsurance, and financial risk are growing at a rapid rate both in the U.S. and internationally, and it is our intention to continue to be a leader in this market."
 "With the formation of ZRC, the Centre Re Group of Companies is diversifying and expanding the range of products and services it provides with a view to increasing the number of companies with whom we do business," said Mr. Gluckstern. "We expect ZRC and Centre Re to work together to develop products that span both finite risk and traditional areas."
 Centre Re's operating companies have an excellent or "AA" claims- paying rating from 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 of Centre Re, 809-295-8501/


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

SM-GK -- NY079 -- 5267 03/11/93 16:52 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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