SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
October 25, 1999
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Date of Report
(Date of earliest event reported)
LaSalle Re Holdings Limited
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(Exact name of registrant as specified in its charter)
Bermuda 1-12823 Not Applicable
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation or Number) Identification Number)
organization)
Continental Building, 25 Church Street, Hamilton HM12, Bermuda
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(Address of principal executive offices)
441-292-3339
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(Registrant's telephone number, including area code)
<PAGE>
Item 4. Changes in Registrant's Certifying Accountant
On October 28, 1999, LaSalle Re Holdings Limited (the "Company")
announced that it has engaged Deloitte & Touche as its independent
auditors, effective October 25, 1999. The engagement of Deloitte & Touche
has been recommended by the Company's audit committee, authorized by its
board of directors, and will be presented for shareholder approval at the
Company's next annual general meeting of shareholders.
The Company's previous independent auditors, KPMG, tendered their
resignation effective October 25, 1999, citing a potential independence
issue in connection with the upcoming audit of the Company's September 30, 1999
financial statements.
The audit reports of KPMG on the financial statements of the
Company for the past two years contain no adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty, audit scope,
or accounting principles.
During the Company's two most recent fiscal years and the interim
period to date, there have been no disagreements between KPMG and the
Company with respect to any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure. None of the
reportable events described in Item 304(a)(1)(v) of Regulation S-K occurred
with respect to the Company within the two most recent fiscal years and
through the interim period.
KPMG has furnished the Company with a letter addressed to the
Securities and Exchange Commission. A copy of such letter is filed as
Exhibit 16 to this Form 8-K.
Item 7. Financial Statements and Exhibits
(c) Exhibits
16. Letter from KPMG dated October 28, 1999 re change in certifying
accountant.
99. Press Release dated October 28, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
LASALLE RE HOLDINGS LIMITED
Date: October 25, 1999 By: /s/ Guy D. Hengesbaugh
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Guy D. Hengesbaugh
President and
Chief Executive Officer
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description of Document
- ------- -----------------------
16. Letter from KPMG dated October 28, 1999 re change in
certifying accountant.
99. Press Release dated October 28, 1999.
Exhibit 16
[Letterhead of KPMG]
Securities and Exchange Commission
Washington, D.C. 20549
October 28, 1999
Ladies and Gentlemen:
We were previously accountants for LaSalle Re Holdings Limited (the "Company")
and, under the date of October 26, 1998, we reported on the consolidated
financial statements of the Company and subsidiaries as of and for
the years ended September 30, 1998 and 1997. On October 25, 1999, we resigned.
We have read the Company's statements included under Item 4 of its Form 8-K
dated October 25, 1999, and we agree with such statements, except that we are
not in a position to agree or disagree with the Company's statement that the
engagement of Deloitte and Touche was recommended by the Company's audit
committee and authorized by its board of directors.
Yours faithfully
/s/ KPMG
KPMG
Exhibit 99
CONTACT: Diane Newman
Investor Relations Manager
[email protected]
(441)292-3339
FOR IMMEDIATE RELEASE
LaSalle Re Holdings Names Interim Chief Financial Officer;
Appoints Accountants
Hamilton, Bermuda, October 28, 1999 -- LaSalle Re Holdings Limited (NYSE:LSH)
today announced that it has appointed Clare E. Moran Senior Vice President,
Treasurer and interim Chief Financial Officer. Ms. Moran was previously
Vice President, Finance.
"We welcome Clare to the role of interim Chief Financial Officer," said
Chief Executive Officer Guy D. Hengesbaugh. "She has a long association
with LaSalle Re and, in her new capacity, will lead our financial reporting
function while ensuring a smooth transition to a new audit group."
The company also announced that effective October 25, 1999, it has engaged
Deloitte & Touche as its independent auditors. The engagement of Deloitte &
Touche has been recommended by the company's audit committee, authorized by
its board of directors and will be presented for shareholder approval at
the company's annual general meeting of shareholders on February 23, 2000.
LaSalle Re's previous independent auditors, KPMG, tendered their
resignation effective October 25, 1999, citing a potential independence
issue that could have arisen in connection with the company's upcoming
audit. KPMG stated that, based on emerging independence standards and
guidelines from the American Institute of Certified Public Accountants, the
Independence Standards Board, and the Securities and Exchange Commission,
it believed the potential independence issue could have arisen as a result
of a personal relationship between an officer of LaSalle Re and a member of
the firm of KPMG who was not working on the audit engagement.
KPMG has provided a letter to the SEC and the company confirming that there
have been no disagreements between KPMG and the company with respect to any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, and that its past audit reports
contain no adverse opinion or disclaimer and have not been qualified or
modified.
LaSalle Re Holdings Limited, through its operating company, LaSalle Re
Limited, writes high severity, low frequency reinsurance, primarily
property catastrophe reinsurance, on a worldwide basis.
