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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) : March 31, 1999
LaSalle Re Holdings Limited
(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 1 of 2 Pages
Exhibit Index Located on Page 2
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ITEM 5. OTHER EVENTS
On March 31, 1999, LaSalle Re Holdings Limited issued a press release announcing
that it anticipates a reserve strengthening charge aggregating $35.0 million. A
copy of the press release is attached hereto as an exhibit.
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
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Registrant
Date: March 31, 1999 /s/ Robert P. Cuthbert
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Name: Robert P. Cuthbert
Title: Senior Vice President &
Chief Financial Officer
EXHIBIT INDEX
Exhibit Description
Number
99.1 Press Release, dated March 31, 1999, issued by LaSalle Re Holdings
Limited.
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[LaSALLE LOGO]
Continental Building
25 Church Street, Hamilton HM 12
P.O. Box HM 1502, Hamilton HMFX, Bermuda
Telephone: (441) 292-3339 Telefax: (441) 292-1501
NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Robert P. Cuthbert
Senior Vice President and
Chief Financial Officer
(441) 292-3339
LASALLE RE HOLDINGS LIMITED REPORTS FORMAL REVIEW
OF OPERATIONS AND RESERVE STRENGTHENING CHARGE
TO BE INCLUDED IN SECOND QUARTER RESULTS
Hamilton, Bermuda, March 31, 1999 -- LaSalle Re Holdings Limited (NYSE:LSH)
announced today the results of a formal review of operations and reserves that
it had conducted during the second quarter of 1999. LaSalle anticipates that
second quarter results, which will be released early in May, will include a
charge to earnings of approximately $35.0 million, or $1.68 per share.
The reserve strengthening of $35.0 million includes case reserves and reserves
for incurred but not reported for various non-catastrophe exposed lines of
business, including aggregate stop loss coverage for extended warranty and motor
physical damage reinsurance contracts.
LaSalle's Chief Executive Officer initiated a thorough and rigorous review of
the Company's operations and reserves. This review identified issues pertaining
to prior-year reserves as well as unprofitable lines of business, resulting in a
strengthening of reserves and curtailment in writing unprofitable business.
Victor H. Blake, O.B.E., Chairman, President and Chief Executive Officer, said,
"We have been part of an industry caught in a prolonged soft insurance cycle
which has created excessive competition and over supply of capital. In
diversifying our portfolio, certain lines of business have proven to be
unprofitable. We have identified the unprofitable lines of business and have
discontinued them. We have reaffirmed our underwriting strategy as a specialty
catastrophe reinsurer emphasizing low frequency, high severity business. We
believe that LaSalle Re's reserve position will be among the strongest in the
reinsurance industry with the action we have taken".
LaSalle Re Holdings Limited, through its operating company, LaSalle Re Limited,
writes specialist classes of reinsurance on a worldwide basis, including
property catastrophe reinsurance.
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Forward-Looking Information: The Private Securities Litigation Reform Act of
1996 provides a "safe harbor" for forward-looking statements. This press release
or any other written or oral statements made by or on behalf of LaSalle may
include forward-looking statements which reflect LaSalle's current views with
respect to future events and financial performance. These forward-looking
statements are subject to certain uncertainties and other factors that could
cause actual results to differ materially from such statements. These
uncertainties and other factors (which are described in more detail elsewhere in
documents filed by LaSalle with the Securities and Exchange Commission) include,
but are not limited to, uncertainties relating to general economic conditions
and cyclical industry conditions, uncertainties relating to governmental and
regulatory policies, volatile and unpredictable developments (including storms
and catastrophes), the legal environment, the uncertainties of the reserving
process, and the competitive environment in which LaSalle operates. The words
"believe", "expect", "anticipate", "project", "plan", and similar expressions
identify forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the dates
on which they are made. LaSalle undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise.
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