Bermuda-based LaSalle Re Holdings Ltd. has completed its initial public offering (IPO).

The company floated 3.75 million shares, representing $75 million of its initial capital of $373.1 million, on the NASDAQ National Market on Tuesday under the symbol "LSREF''.

The holding company, through its Bermuda-based subsidiary LaSalle Re Ltd., writes property catastrophe reinsurance.

Shares were priced at $19.25 on Monday and traded at $20 in mid-afternoon activity yesterday after opening at $20.375.

Shares first opened at $19.50 on Tuesday.

The IPO was made to access public markets and widen share holding, not to generate new capital, LaSalle Re Holdings chairman, president and CEO Mr.

Victor Blake said.

Mr. Blake is also president and CEO of LaSalle Re Ltd.

"We decided to do this when we did not need more capital and to get a public listing,'' he said.

"The company will use the net proceeds from the sale of the common shares offered by it to enable its subsidiary, LaSalle Re Ltd., to redeem shares of its capital stock held by certain shareholders.

"The company will not receive any proceed from the sale of the common shares offered by the selling shareholders,'' according to the prospectus. The IPO does, however, better position the company for potential future public offerings, he said.

Among LaSalle Re's private group of shareholders, the three major investors retain pre-IPO share holding levels, he said.

LaSalle Re was formed and capitalised in October 1993 by Chicago-based Aon Corp., CNA Financial Corp. and Corporate Partners L.P. and several other investors.

"Some of the (other) existing shareholders were reluctant to put their shares up for sale,'' Mr. Blake said.

The 3.75 million shares were purchased primarily by US and UK investors. An underwriting group led by Lazard Freres & Co. priced the shares.

The gross spread, the difference between the price paid to the issuer and the price at which the shares are sold, was $1.27.

The selling concession, or the amount per share allocated to members of the selling group, was 76 cents.

Management fee was 25 cents while the underwriting fee was 26 cents. The reallowance, or the amount per share allocated to firms that are not members of the selling group, was ten cents.

Delivery is slated for Monday, said Bloomberg business news service. LaSalle Re reported a $59.1 million profit in its first fiscal year and nine month profit to September 30, 1995 of $77.5 million compared to $30.8 million for the nine months ended September 30, 1994.

LaSalle Re now assumes a fiscal year from October 1 to September 30. At September 30, 1995, LaSalle Re's shareholders' equity was $402.2 million.

The holding company was incorporated in September 1994 in connection with the offering.

Subsidiary LaSalle Re Ltd. was incorporated in Bermuda in 1993.