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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Frederico Dominic John
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(Last) (First) (Middle)
Flagship #7
11 Salt Kettle Road
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(Street)
Paget Bermuda PG01
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
10/10/99
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
_______________________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
Capital Re Corporation (NYSE: KRE)
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [X 1/ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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_______________________________________________________________________________
6. If Amendment, Date of Original (Month/Day/Year)
_______________________________________________________________________________
7. Individual or Joint/Group Filing (Check applicable line)
[X] Form Filed by One Reporting Person
[ ] Form Filed by More than One Reporting Person
<PAGE>
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 4)
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<S> <C> <C> <C>
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Common Stock, par value $0.01
per share 0 See footnote 1
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* If the Form is filed by more than one Reporting Person, see Instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
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1/ Mr. Frederico was elected to the Board of Directors of Capital Re Corporation ("Capital Re") pursuant to ACE Bermuda
Insurance, Ltd.'s ("ACE Bermuda") exercise of its rights under the Stock Purchase Agreement, dated February 19, 1999 (as
amended) between ACE Bermuda, a wholly owned subsidiary of ACE Limited ("ACE") and Capital Re. The shares purchased by ACE
Bermuda under the Stock Purchase Agreement are now held by ACE. Mr. Frederico is an executive officer of ACE. ACE owns
4,499,279 shares of Capital Re, which represents 12.3% of the issued and outstanding shares of Capital Re. This number of
4,499,279 shares does not include 7,280,480 shares of Capital Re common stock beneficially owned by Minnesota Power, Inc.
through its wholly owned subsidiary, MP Investments, Inc., and 4,984,340 shares of Capital Re common stock beneficially owned
by Constellation Energy Group, Inc. through its wholly owned subsidiary, Constellation Investments, Inc., in each case as a
result of the execution of a Stockholder Support Agreement, dated June 10, 1999 between ACE and MP Investments, Inc. and
ACE and Constellation Investments, Inc., respectively. ACE has also entered into a Stock Option Agreement with Capital Re
pursuant to which ACE has an option to purchase up to 3,220,135 shares of Capital Re common stock at a price per share equal
to $17.40. Mr. Frederico disclaims beneficial ownership of the shares of Capital Re common stock beneficially owned by ACE.
</TABLE>
(Form 3-07/98)
Page 1 of 2
<PAGE>
FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 6. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
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See footnote 1
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</TABLE>
Explanation of Responses:
/s/ Dominic J. Frederico 10/20/99
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Dominic J. Frederico Date
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 2
