(Bermuda) Ltd., formerly known as Centre Re, swelled by 80 percent year-over-year, audited results for the 12 months to December 31 show.

The company reported net income of $275.8 million, as compared to $152.8 million for the 1996 year. A statement indicated $73 million of that income represented unusual realised gains that are not representative of the core insurance and reinsurance activities. After adjusting for that amount, the company said that income from "normal'' operations was $202.8 million, up 33 percent from the previous year.

Total assets for the company rose 15 percent to $7.8 billion, up from $6.7 billion at year end 1996.

Total net premium earned for the year was up three percent from $1.4 billion to $1.5 billion. Total capital and surplus rose $600 million year-over-year to $2.2 billion at December 31, reflecting the 1997 merger of Zurich Reinsurance Centre with one of Centre Solutions' subsidiaries.

Pleased with the results, Centre Solutions president, David Brown, said, "It is particularly satisfying to achieve these results despite the continued soft rates that we see in both the traditional insurance and reinsurance markets.

"As Centre Solutions expands its reinsurance business to include a focus on corporate clients, we will continue to provide our clients with leading edge solutions that respond to their individual corporate needs.

"In 1997, we changed our name to Centre Solutions reflecting our expanded focus on corporate clients and the fact that we provide solutions and not products.'' Centre Solutions is a full-service provider of customised insurance and reinsurance and risk management programmes. The group of companies is rated "A'' or "Excellent'' by A.M. Best Co. and "AA'' or "Excellent'' by Standard & Poor's for their claims paying ability.

Centre Solutions is a member of the Zurich Group, with offices in Bermuda, Dublin, London, New York, San Francisco, Sydney and Zurich, and plans to open a representative office in Hong Kong this year.

The Zurich Group for 1996 had premium income of $23.7 billion and net income of $849 million, and employed 43,500 people in 50 countries. Zurich has more than $280 billion in overall assets under management.