Another Bermuda-based reinsurer is planning to substantially participate in the Lloyd's of London market starting in January. For LaSalle Re, it could mean its most significant departure to date from its initial line of business, property catastrophe.

LaSalle's newly-formed LaSalle Re Corporate Capital Ltd. has applied under the Companies Act for consent to alter its memorandum, to clear the way for participation in certain Lloyd's syndicates.

The plan by the company's parent, LaSalle Re Ltd., to follow other Bermuda-based companies by investing and being a part of the restructured Lloyd's, was privately unveiled last April in statements to shareholders and securities analysts.

LaSalle Re Corporate was established in June for the express purpose of carrying on business as a corporate member of Lloyd's as of January. An application with Lloyd's is pending.

But as one step in satisfying regulatory requirements in the corporate membership application, LaSalle must have the approval of the Bermuda Registrar of Companies to have LaSalle Re Corporate Capital registered as "a member of a recognised association of underwriters'' under section 10 of Bermuda's Insurance Act 1978.

In a speech to insurance analysts last month in Bermuda, LaSalle chairman, Victor H. Blake, explained the rationale of LaSalle's participation in Lloyd's syndicates by pointing out: "The Lloyd's franchise will allow us to write complementary business to the business acquired directly by LaSalle.'' Mr. Blake added that Lloyd's business would be an extension to the opportunities in other lines of business.

LaSalle has applied to have the company accepted as a corporate member of Lloyd's to provide capacity to three specific Lloyd's syndicates as of January.

The plan is to further the reinsurer's book of business beyond property catastrophe and participation in the three syndicates would add to premium income, with a limited acquisition cost.

The company believes this arrangement would provide better value than actually buying a managing agency or a group of syndicates that would require the taking on of past liabilities.

Just a week ago LaSalle Re reported record profits of nearly $130 million for the year ending September 30, a 24 percent increase in the net profit reported the year before. At September 30, the company had capital totaling $487 million, a significant near 31 percent increase since the company began in 1993.

The company has been involved in writing other risks in a limited way, taking advantage of pricing opportunities that may occur in other lines of reinsurance.

Such examples include crop hail, marine, aviation, satellite and casualty clash. The company also writes a small amount of property risk excess and pro rata treaty insurance.