performer'' rating to Zurich Reinsurance Centre Holdings Inc. (ZRC).

The rating for ZRC, which is 58 percent owned by Bermuda-based Zurich Centre Investments Ltd., is a prediction that the stock will perform in line with the Standard and Poor's 500 Index over the next 12 months, according to Oppenheimer's February 24 report.

Oppenheimer's "market performer'' rating is an investment conclusion which applies to ZRC stock. The company estimates ZRC's earnings per share will be 48 cents this year and double to 95 cents per share in 1996.

For 1994, the company -- the largest market broker in the US -- reported an operating loss of $3 million or 11 cents per share and a net loss for that year of $31.2 million or $1.19 per share.

"The company is currently in a phase of rapid growth as it approaches full premium leverage, which we expect will be achieved in 1997,'' the seven-page report said. "The associated startup costs and the dynamics of building a long-tail casualty reinsurer from scratch are pressuring earnings and book value, and should continue to do so for at least two more years.'' Other Oppenheimer ratings are: Buy -- the stock is expected to outperform the S&P 500 over the next 123 months.

Analyst buy -- the stock is expected by an analyst to outperform its respective industry group.

Underperformer -- stock expected to underperform the S&P 500 over next 12 months.

Sell -- stock expected to decline in value during next six to 12 months an shoul be sold.