Shares in the parent company of Bermuda-based Global Capital Reinsurance jumped $2 in value after being taken public in the United States yesterday.

Trading of GCR Holdings Ltd. began after the company priced its shares at $18.50 each on Monday. In late trading, the shares were trading at $20.625 after earlier peaking at $20.875. Volume was 3.6 million shares.

The flotation included 6.625 million shares.

"We are pleased with the (flotation) price and with the acceptance,'' Global Capital's chief financial officer Mr. Fred Deichmann said yesterday.

The offering was priced by an underwriting group which included Goldman, Sachs & Co., Donaldson, Lufkin & Jenrette, J.P. Morgan Securities Inc. and Smith Barney.

GCR, which has about 25.7 million shares outstanding, lifted its original offering of 4.5 million shares to 6.625 million shares due to demand.

The shares are being sold by founding members of the company.

"The selling shareholders have granted the underwriters a 30 day option to purchase an additional 993,750 shares to cover over allotments,'' said GCR.

The gross spread, the difference between the price paid to the issuer and the price at which the shares are sold, was $1.20, said Bloomberg Business News service.

The selling concession, or the amount per share allocated to members of the selling group, was 72 cents while the management fee was 24 cents and the underwriting fee was 24 cents.

The reallowance, or the amount per share allocated to firms that are not members of the selling group, was ten cents.

Delivery is scheduled for Friday.

GCR, a Cayman Islands company, was established in 1993 through the sponsorship of investment bank Goldman, Sachs and insurance and reinsurance broker Johnson & Higgins.

Shares are listed on the NASDAQ National Market System under the symbol "GCREF''.

Among other publicly listed Bermuda catastrophe insurers, Mid Ocean Re traded down 25 cents to close at $37, PartnerRe was up 36.25 cents to $24.50 and Renaissance Re slipped 12.5 cents to $30.625. LaSalle Re, the latest company to be listed, fell 25 cents to close at $21.

Stocks: Page 14