the world, as measured by net reinsurance premiums written.

The finite risk reinsurer stands in with some impressive company, after its $715,970,000 in 1995 writings ranked it 20th on the list (1994: $487.1 million).

President of Centre Re (Bermuda) Ltd., Dan Malloy, said, "Premium is an interesting way of keeping score, because we tend to look at profitability.

"But as an eight-year-old company, a scan down that list shows companies that on average are probably a hundred years older than us.'' The survey, published by Business Insurance, ranks the top companies as Munich Re ($11 billion), Swiss Re Group ($8.9 billion), Employers Re ($7 billion) and General & Cologne Re ($6.1 billion).

The Centre Re figures are unconsolidated because the Bermuda-based company is owned 100 percent by the Zurich Insurance Group.

Mr. Malloy said it is interesting how Centre Re has been embraced by the market with its own identity. It is the largest writer of finite risk products.

He said, "The experts said there was no real future for Centre Re after FASB (Financial Accounting Standards Board) in 1993. But ultimately, it is what the client wants and needs.

"Centre Re was born of the hard market in the mid-eighties for US casualty.

What makes this 1995 number interesting in a relatively soft market, where the terms favour the buyer, is that there are still enough clients whose needs are being met, when they look for alternatives to their own specific situation.

"They want something that fits their own needs and that's where we come in.'' The survey lists the Centre Re with net premiums earned for the 1995 year at $637.5 million and after tax net income of $200,845,000. Just six of the other top 20 had a better bottom line result.

Capital and surplus was placed at $1,077,673,000, while loss and loss adjustment expenses for the year were $556.2 million.

The loss ratio was 87.3 and the combined ratio was 98.8, an improvement from 1994's 103.8.

Expansion helps Centre Re Centre Re has just opened an office in San Francisco, joining Bermuda, New York, an underwriting office in Dublin and representative offices in London and Zurich.

Mr. Malloy said that while a significant amount of business is still written in Bermuda, the company's geographic expansion has helped.

"And then,'' he said, "there's been a split, moving away from just casualty reinsurance to a mix, where property is now a meaningful part of it, where insurance is now a meaningful part of it -- where we are looking at either reinsurance of a captive or a direct insurance policy.'' Centre Re was this week honoured by the Beyond Barriers Group with a certificate for work it has done that will help South Africans buy their first homes.

Placed by the Lloyd Thompson Group, Centre Re has underwritten a reinsurance contract with the Home Loan Guarantee Company of South Africa. Home provides guarantees to lenders. Centre Re will provide reinsurance capacity to captive insurer, Home Finance Guarantors.

South African President Nelson Mandela wants to build at least one million new homes within ten years.

The scheme will help lower income communities into the housing market, by paving the way for an additional $555 million in home loans over the next five to seven years.

Beyond Barriers spokesman, Glenn Fubler said, "The people of Bermuda supported the establishment of democracy in South Africa through the work and the campaigns of the Anti-Apartheid Coalition.

"Out of that movement has been Beyond Barriers, which works both locally and has its Project South Africa, in an effort that has supplied both funds and books towards the healing of that country at its crossroads.

"This is an example that corporate compassion makes good business sense.''