The companies have been placed under the control of a new holding company, New York-based Zurich Centre Investments Limited (ZCI).

The move also places the 58 percent stake in publicly traded Zurich Reinsurance Holdings Inc. in the hands of the new holding company.

The reorganisation, which took effective on March 31, will not change the ultimate ownership of the Centre Re companies by the Zurich Insurance Group.

But Centre Reinsurance Holdings Ltd. and its subsidiaries will transfer their holdings in ZRC to ZCI. The other 42 percent are publicly held.

Mr. Steven Gluckstern, who helped found Centre Re and is president and CEO of ZRC, will be president of the new company.

"The Group is now organised along lines of business or business specialties,'' he said. "Employees of each unit can focus more effectively on the particular needs of very specific businesses and groups of clients.'' President and CEO of Centre Reinsurance and Executive Vice President of ZCI, Mr. Michael Palm said: "The Zurich Insurance Company was one of the founding investors of Centre Re in 1987 and has increased its ownership in the Centre Re over the past six years.

"Through the formation of ZCI, the Zurich further demonstrates its confidence in Centre Re Group, as well as a commitment to supporting the Group's growth and permanence in the industry.'' The business units now owned by ZCI are: The Centre Reinsurance Companies, Zurich Reinsurance Centre Holdings, Inc., Centre Investment Services, and Centre Financial Services.

Zurich Reinsurance Centre Holdings Inc., whose operating subsidiary is Zurich Reinsurance Centre Inc., writes traditional reinsurance and is the largest broker-market writer in the US.

It specialises in standard casualty, specialty casualty, property, professional liability, and facultative lines of business. To the year end 1993, it had assets of $1.1 billion, capital and surplus of $638 million and net income of $17.1 million.

Bermuda-headquartered Centre Reinsurance Companies writes finite risk insurance and had assets of $8.038 billion, capital and surplus of $856 million and net income of $187 million to the year end of 1993.

The Zurich Insurance Group, of which ZCI is a member, is a recognised leader in insurance and risk management products with operations in more than 40 countries worldwide, and had more than $55 billion in assets at the end of 1992.