Bermuda-based Centre Re (Bermuda) Ltd., now known as Centre Solutions, was ranked 21 our of 100 top reinsurers by 1996 net written premiums, according to Standard & Poor's.

Centre Re had $879.7 million in written premiums for 1996. The next Bermuda company on the list is Overseas Partners Ltd., which took in 560.6 million.

The rankings are published in Reactions magazine top 100 list.

Mid Ocean Ltd., which was acquired by Exel Ltd. this year, was ranked 40, Renaissance Re ranked 87, and Partner Re placed 94. LaSalle Re was 103, Terra Nova 115, and Tempest Re was 124 by net written premiums.

In other analysis published by Reactions, the magazine noted Bermuda's catastrophe companies benefited from light losses in 1996 and "lean'' operating costs.

"The light catastrophe losses in 1996 combined with their lean operating costs pushed the combined ratios of the Bermudian cat companies down to almost unprecedented levels,'' the magazine stated.

Partner Re rated as the company with the lowest combined ratio out of the top reinsurers. The company had a combined ratio of 25.7 percent in 1996, followed in the number two spot by Renaissance Re, which had 50.7 percent, third by Overseas Partners with 55.9 percent, and fourth by Mid Ocean Re with 66.7 percent.

Partner Re also came in fourth among companies with the largest fall in technical reserves. Partner Re's reserves fell by 12.7 percent in 1996.

Renaissance Re came in ninth position in those with the largest drop in net premiums. Renaissance Re's net premiums fell 13.6 percent. The top in that category was General Re Europe which experienced a 57.7 percent drop.

None of the Bermuda companies came in the top ten companies with the largest growth in net premiums, or in capital. Mid Ocean came in 10th position of those with the largest growth in technical reserves. The company's reserves grew 31.6 percent in 1996.

"Prospectively, Standard & Poor's anticipates business volume trends for 1998 and those still to be reported for 1997, to be similar to those for 1996,'' S&P analysts stated. "In other words, the underlying exposure is definitely growing, and cheap rates are encouraging greater recourse to reinsurance. But the widely reported softening of the renewal seasons for both 1997 and 1998 suggest that actual net premium volumes may at best only grow slightly, and could even decline.'' The ratings agency also warns some below average performers in the reinsurance market may be under reserving to appear to be keeping up with the pack in retaining business in the competitive market.

S&P forecasts the rates will remain at low levels, unless there is a large catastrophic event, until 2000.