7,500 copies of a special 20-page reprint of the April issue of The Bermudian magazine, which highlighted Bermuda's international insurance industry.

The reprint, which will carry a focus on Centre Re's co-founder Steven Gluckstern, will comprise 20-pages but, alas, will not feature any of the Bermudian lovelies who were pictured in the original April swimsuit edition.

This bulk order has pushed the sale of this edition of the magazine over the 15,000 mark, making it probably the best selling local magazine ever.

* * * BUC Centre Re co-founder Steven Gluckstern was close to suffering a paper loss of $1.138 million come last Friday as shares in the newly-formed Zurich Reinsurance Centre Holdings (ZRC), of which he is chairman, president and CEO, dipped to $331 on the New York Stock Exchange compared with their recent flotation price of $35.

Part of Gluckstern's executive compensation package with ZRC, which pays him a basic annual salary of $750,000, requires that, for every $1 increase or decrease in the price of ZRC's stock, the value of his Centre Re stock options and related stock appreciation rights will go up or down by approximately $569,000.

Likewise, ZRC director Michael Palm, who is president and CEO of Centre Re, will gain or lose $486,000 for every dollar fluctuation in ZRC's stock, while fellow ZRC director Laurence Cheng, executive vice-president and chief operating officer of Centre Re, is affected to the tune of $85,000 per dollar fluctuation.