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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
GCR Holdings Limited
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(Name of issuer)
Ordinary Shares, par value $0.10 per share
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(Title of class of securities)
G3774N 10 0
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(CUSIP number)
Check the following box if a fee is being paid with this statement / /.
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 9 pages
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CUSIP NO. G3774N 10 0
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Johnson & Higgins
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 913,429
REPORTING -----------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
913,429
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
913,429
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
[ ]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.7%
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12. TYPE OF REPORTING PERSON
CO
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Page 2 of 9 pages
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CUSIP NO. G3774N 10 0
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Johnson & Higgins (Bermuda) Limited
- --------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY -----------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 904,429
REPORTING -----------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
-----------------------------------------------------
8. SHARED DISPOSITIVE POWER
904,429
- --------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
904,429
- --------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.7%
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12. TYPE OF REPORTING PERSON
OO
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Page 3 of 9 pages
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ITEM 1(a). NAME OF ISSUER:
GCR Holdings Limited
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
P.O. Box HM 762
Hamilton HM CX, Bermuda
ITEM 2(a). NAME OF PERSON FILING:
See the responses to Item 1 on the attached
cover pages
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF
NONE, RESIDENCE:
Johnson & Higgins Johnson & Higgins (Bermuda)
125 Broad Street Limited
New York, NY 10004 Victoria Hall
P.O. Box HM 1826
Hamilton HM HX, Bermuda
ITEM 2(c). CITIZENSHIP:
See the responses to Item 4 on the attached cover pages.
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Ordinary Shares, par value $0.10 per share
ITEM 2(e). CUSIP Number:
G3774N 10 0
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
(a) / / Broker or dealer registered under Section 15 of
the Act,
(b) / / Bank as defined in Section 3(a)(6) of the Act,
(c) / / Insurance Company as defined in Section 3(a)(19)
of the Act,
(d) / / Investment Company registered under Section 8 of
the Investment Company Act,
Page 4 of 9 pages
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(e) / / Investment Advisor registered under Section 203
of the Investment Advisers Act of 1940,
(f) / / Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see 13d-1(b)
(1)(ii)(F),
(g) / / Parent Holding Company, in accordance with Rule 13d-1(b)(ii)
(G); see Item 7,
(h) / / Group, in accordance with Rule 13d-1(b)(ii)(H),
ITEM 4. OWNERSHIP.
(a) Amount beneficially owned:
See the responses to Item 9 on the attached cover pages.
(b) Percent of class:
See the responses to Item 11 on the attached cover pages.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See the responses to Item 5 on the attached cover
pages.
(ii) Shared power to vote or to direct the vote:
See the responses to Item 6 on the attached cover
pages.
(iii) Sole power to dispose or to direct the
disposition of:
See the responses to Item 7 of the attached cover
pages.
(iv) Shared power to dispose or to direct the
disposition of:
See the responses to Item 8 of the attached cover
pages.
Page 5 of 9 pages
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ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
JOHNSON & HIGGINS:
If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to be
the beneficial owner of more than five percent of the class of
securities, check the following [X].
JOHNSON & HIGGINS (BERMUDA) LIMITED:
If this statement is being filed to report the fact that
as of the date hereof the reporting person has ceased to be
the beneficial owner of more than five percent of the class of
securities, check the following [X].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not Applicable
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not Applicable
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not Applicable
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not Applicable
ITEM 10. CERTIFICATION.
Not Applicable
Page 6 of 9 pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: February 14, 1997
JOHNSON & HIGGINS
By: /s/ Joseph D. Roxe
--------------------------------
Name: Joseph D. Roxe
Title: Senior Vice President and
Director
Chief Financial Officer
JOHNSON & HIGGINS (BERMUDA)
LIMITED
By: /s/ Joseph D. Roxe
--------------------------------
Name: Joseph D. Roxe
Title: Treasurer
Page 7 of 9 pages
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INDEX TO EXHIBITS
Exhibit No. Exhibit
- ----------- -------
(1) Joint Filing Agreement, dated February 9, 1996, between
Johnson & Higgins and Johnson & Higgins (Bermuda)
Limited.
Page 8 of 9 pages
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EXHIBIT (1)
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) promulgated under the
Securities Exchange Act of 1934, the undersigned agree to the joint filing of a
Statement on Schedule 13G (including any and all amendments thereto) with
respect to the Ordinary Shares, par value $0.10 per share, of GCR Holdings
Limited, and further agree to the filing of this Agreement as an Exhibit
thereto. In addition, each party to this Agreement expressly authorizes each
other party to this Agreement to file on its behalf any and all amendments to
such Statement on Schedule 13G.
Date: February 9, 1996 JOHNSON & HIGGINS
By: /s/ Joseph D. Roxe
------------------------------
Name: Joseph D. Roxe
Title: Senior Vice President
and Director
Chief Financial Officer
JOHNSON & HIGGINS (BERMUDA)
LIMITED
By: /s/ Joseph D. Roxe
------------------------------
Name: Joseph D. Roxe
Title: Treasurer
Page 9 of 9 pages
