Former president of Centre Re (Bermuda) Ltd., Daniel Malloy, begins today as president and CEO of Stockton Reinsurance Ltd., the reinsurance operations of Stockton Holdings Ltd.

The move fills the void created by the departure of Richard Black and Michael Cascio, who left Centre Re in 1994 to help Stockton establish its insurance and reinsurance business.

Mssrs. Black and Cascio left Stockton last summer amid market rumours that there was a fall-out with the company.

Meanwhile, Thomas F. Dailey, who launched Stockton Re in the summer of 1994 and served as president, is returning to his former position with the parent company as executive vice president of Stockton Holdings Ltd.

Dan Malloy, 38, a former chief underwriting officer and senior vice president of Zurich Reinsurance's North American finite reinsurance division, brings 17 years of insurance industry experience.

His reinsurance expertise will be used in directing the continued growth and development of Stockton's insurance and reinsurance business.

Chairman of privately-held Stockton Holdings Ltd. Robert G. Easton said, "Under Dan's leadership, coupled with his special expertise in finite risk, we expect Stockton Re to continue to expand significantly and take an even greater industry leadership role.'' Mr. Easton said, "This gives us a proven leader to head the effort. We have been on a search for several months, to bring a new member to the team who has proven credentials in the finite specialty sector of insurance.'' Stockton Re is an insurer and reinsurer of specialty risks, including both traditional and finite products, and wrote about $200 million in mostly finite specialty premium for the last fiscal year to March 31.

Mr. Easton said, "We believe we are at a point where the business volume is about to grow. We have been in a competitive environment, with pressures on rates.

"In our area, the finite specialty area, there is strong growth ahead. And Dan has had experience with one of our chief competitors, experience we believe will help us participate in that growth.

"Our underwriting standards mean we are quite selective. There was some business we just refused to write. We didn't want to have to change that philosophy, but we needed the experience that Dan can bring to the table.'' BUSINESS BUC