Global Capital Reinsurance Ltd., the wholly owned subsidiary of GCR Holdings Ltd. which just went public this year, is forming a new corporate syndicate for the 1997 underwriting year.

The new syndicate 2741, will underwrite in parallel to Archer Marine Syndicate 741, P.P.A. Wright and Others, which specialises in marine hull and energy business.

Global Capital Re will provide the new syndicate its capacity and will back underwriter Peter Wright through a newly formed corporate member, Global Capital Underwriting Ltd.

CEO Lawrence S. Doyle said, "We are excited about this affiliation with Archer Marine Syndicate 741 and look forward to a long, stable and profitable relationship. Syndicate 2741 represents a further expansion by Global Capital Re in the marine lines of business.

"Peter Wright and his experienced team's underwriting approach meshes well with Global Capital's conservative underwriting philosophy. Both firms are committed to targeting and capturing the highest quality accounts.

"Further, Peter Wright's analytical approach to underpin the assessment of risk is compatible with our reliance on computer modeling systems to assist our underwriters.'' Risks will be divided between the two syndicates in a fixed proportion, relative to their respective capacities.

Peter Wright added, "I am delighted by this new support from fellow insurance professionals and by the stability this committed capacity will bring to the combined syndicates, which will be an enormous benefit to current Members of Syndicate 741.

"I intend to continue my conservative underwriting policy and to focus on quality accounts in order to maximise the profit potential for all the Members of Syndicate 741 and 2741.'' Global Capital Re has specialised in cat business since it began in October 1993, and by this June 30 had capitalisation of $433 million and written premiums on in force business of $122 million.