ZURICH RE TO SELL $200 MILLION IN SENIOR NOTES

ZURICH RE TO SELL $200 MILLION IN SENIOR NOTES

Zurich Reinsurance Centre Holdings Inc. is selling $200 million of its 7.125 percent senior notes due 2023 in a public offering managed by CS First Boston, Donaldson, Lufkin & Jenrette Securities Corp. and J.P. Morgan Securities Inc.

ZRC, a recently formed public company, is the principal underwriting affiliate of Zurich Insurance Co. and Centre Reinsurance Cos.About 75 percent of the proceeds will be used for strategic investments, said a ZRC spokeswoman. They will include CentreCat, a Bermuda-based property- catastrophe reinsurer in which banker Morgan Stanley and parent Centre Reinsurance Holdings Ltd. are major partners, and Insurance Partners LP., a company that invests in the insurance industry. Besides Centre Re, major partners are the Robert Bass Group and Chase Manhattan Bank.