its two operating subsidiaries, Centre Reinsurance (Bermuda) and CentreLine Reinsurance.

Combined assets for the two companies increased by 50 percent ($1.5 billion) and amounted to $4.5 billion at December 31, 1992.

The assets of Centre Re (Bermuda) went up by about 70 percent ($1.2 billion) to $2.9 billion, while CentreLine's assets increased by approximately a third to $1.6 billion.

Since its initial capitalisation of $250 million in 1988, Centre Re's assets have increased, on average, by 63 percent annually.

Shareholders' equity at year-end went up by 89 percent ($320 million) to $680.8 million.

Centre Re increased its profit by 37 percent ($18 million) to $66 million.

Reinsurance volume came to $1.1 billion and reached more than $2.8 billion since the company's inception five years ago.

CentreLine made a profit of $10 million in 1992, while shareholders' equity increased by 210 percent ($105 million) to stand at $155 million at year-end.

CentreLine was formed in December, 1991, and specialises in highly structured, low risk reinsurance products.

Having acquired the business of Pinnacle Reinsurance, CentreLine became the leading underwriter of "time and distance'' products for Lloyd's of London on its first day of business.

Centre Re Holdings only released certain financial results for its subsidiaries. The full results are expected to become available soon with the release of its annual report.

Mr. Steven Gluckstern, president of Centre Re Holdings, said: "The growth of Centre Re during the last five years supports our belief that finite risk reinsurance and reinsurance products are playing an increasingly important role in the risk and financial management of corporations in general and, in particular, insurance companies.'' Mr. Michael Palm, Centre Re's CEO, added: "The future for Centre Re continues to be promising, as demand for finite risk management products remains strong as evidenced by last year's results.

"We're looking forward to next year as we continue to provide innovative insurance and reinsurance solutions to new areas of application.'' Centre Reinsurance Holdings is a majority-owned subsidiary of the Zurich Insurance Group, which is one of the world's largest insurance organisations.

1992 RESULTS CENTRE RE (BERMUDA) PROFIT $66m REINSURANCE VOLUME $1.1b ASSETS $2.9b SHAREHOLDERS' EQUITY $680.8m 1992 RESULTS CENTRELINE PROFIT $10m SHAREHOLDERS' EQUITY $155m.