driven its major shareholders Centre Reinsurance (Bermuda) to set in motion plans to accumulate further stock.

The directors of Centre Re have authorised the purchase of additional shares of ZRC common stock outstanding.

Mr. Michael Palm, president and chief operating officer of Centre Re Companies, said: "ZRC is a very attractive company and one with which Centre Re plans to have a long and profitable association, and therefore the board of directors waited to ensure it had the opportunity to increase its shareholding in ZRC''.

ZRC stock has fallen from an all-time high this year of $363 to its lowest point to date this year, $273 , at the close of trading last Thursday. The stock has tumbled throughout this month.

Centre Reinsurance (Bermuda) currently owns about 57 percent of the issued and outstanding shares of common stock of ZRC.

The purchases will be made on the open market from time to time, according to Centre Re.

ZRC last month reported an after tax profit of $43.7 million for the third quarter of 1993.

Bermuda-based Centre Reinsurance Holdings set up ZRC in March, 1993. ZRC is headquartered in New York. Through its operating subsidiary, Zurich Reinsurance Centre, it is the main underwriting affiliate of the Zurich Insurance Company and Centre Reinsurance Companies in the North American market for brokered traditional property and casualty reinsurance. ZRC is also owned by Fund American Enterprises and its subsidiaries, which have a nine percent stake, and 34 percent publicly held.