SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Zurich Reinsurance Centre Holdings, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
98 9822101
-----------------------------------
(CUSIP Number)
Michael S. Paquette
Vice President and Controller
Fund American Enterprises Holdings, Inc.
The 1820 House,
Main Street,
Norwich, Vermont 05055-0850
(802) 649-3633
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
January 10, 1996
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box _____.
Check the following box if a fee is being paid with this statement _____.
(A fee is not required only if the reporting 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 re-porting beneficial ownership of five percent or less of
such class. See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
CUSIP NO. 98 9822101
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(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Fund American Enterprises Holdings, Inc.
94-2708455
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(2) Check the Appropriate Box if a Member (a) _______________________
of a Group (See Instructions)
(b) _______________________
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(3) (SEC Use Only)
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(4) Source of Funds (See Instructions) N/A (See Item 3.)
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(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
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(6) Citizenship or Place of Organization Delaware
--------
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Number of Shares (7) Sole Voting Power
Beneficially Owned ----------------------
by Each Reporting 0
Person With (8) Shared Voting Power
----------------------
0
(9) Sole Dispositive Power
----------------------
0
(10) Shared Dispositive Power
------------------------
0
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
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(13) Percent of Class Represented by Amount in
Row (11) 0%
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(14) Type of Reporting Person (See Instructions) HC, CO
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CUSIP NO. 98 9822101
- --------------------------------------------------------------------------------
(1) Name of Reporting Person. S.S. or I.R.S. Identification No. of Above
Person
Fund American Enterprises, Inc.
51-0328932
- --------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) _______________________
of a Group (See Instructions)
(b) _______________________
- --------------------------------------------------------------------------------
(3) (SEC Use Only)
- --------------------------------------------------------------------------------
(4) Source of Funds (See Instructions) N/A (See Item 3.)
- --------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d)
or 2(e)
- --------------------------------------------------------------------------------
(6) Citizenship or Place of Organization Delaware
--------
- --------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned -----------------
by Each Reporting
Person With (8) Shared Voting Power
-------------------
0
(9) Sole Dispositive Power
----------------------
(10) Shared Dispositive Power
------------------------
0
- --------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
0
- --------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
- --------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount
in Row (11) 0%
- --------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
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ONLY ITEMS REPORTED IN THIS AMENDMENT NO. 1 TO SCHEDULE 13D ARE AMENDED FROM THE
FILING ON SCHEDULE 13D FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON
AUGUST 31, 1995. ALL OTHER ITEMS REMAIN UNCHANGED. UNLESS OTHERWISE SPECIFIED,
ALL DEFINED TERMS USED HEREIN HAVE THE MEANING PREVIOUSLY ASCRIBED TO THEM IN
THE SCHEDULE 13D.
Item 3. Source and Amount of Funds or Other Consideration.
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On December 26, 1995, FAE transferred 97,428 Shares to FAEH at $30.00
per Share. FAEH subsequently transferred 140,000 Shares to certain of its direct
and indirect wholly-owned subsidiaries on December 26, 1995 at $30.00 per Share.
Item 4. Purpose of Transaction.
-----------------------
Sales by FAEH and certain of its direct and indirect wholly-owned
subsidiaries and FAE outlined in Schedule II, attached hereto, and incorporated
herein by reference, were made in the ordinary course of business and not for
the purpose or effect of changing or influencing the control of ZRC or in
connection with, or as a participant in, any transaction having such purpose or
effect.
Item 5. Interest in Securities of the Issuer.
-------------------------------------
(a) FAEH owns 0 Shares directly and 0 Shares indirectly through FAE
and certain of FAEH's direct and indirect wholly-owned subsidiaries. The
aggregate number of Shares and the corresponding percentage of the outstanding
Shares such number represents is as follows:
Percentage of
Shares Shares
Beneficially Beneficially
Person Owned Owned
------ ----- -----
FAEH * 0 0%
FAE 0 0%
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* FAEH and certain of its direct and indirect wholly-owned subsidiaries
Neither Mr. Arthur Zankel, a director of FAEH, nor First Manhattan Co., a
partnership in which Mr. Zankel is a general partner, directly own any Shares.
No general partners in First Manhattan Co. directly own any Shares. Limited
partners in First Manhattan Co. directly own 2,100 Shares. No relatives of
partners (general or limited) in First Manhattan Co. directly own any Shares.
Mr. Zankel has non-specific discretionary authority over 1,500 Shares owned by
First Manhattan Co.'s clients. Other personnel of First Manhattan Co. (not
including Mr. Zankel) have specific discretionary authority over 600 Shares
owned by First Manhattan Co.'s clients.
Other than as set forth above, only the following persons named on Schedule
I beneficially own any Shares.
Percentage of
Shares Shares
Person on Beneficially Beneficially
Schedule I Owned Owned
---------- --------- ---------
John J. Byrne * 150,000 0.6%
George J. Gillespie, III 20,000 less than 0.1%
Gordon S. Macklin 20,000 less than 0.1%
* Retired as a Director of ZRC effective 12/31/95
(b) FAEH has sole voting power and dispositive power with respect to 0
Shares and shares voting power and dispositive power with respect to 0 Shares
with FAE and certain of FAEH's direct and indirect wholly-owned subsidiaries.
The persons on Schedule I listed above have sole voting power and dispositive
power with respect to Shares individually owned by them respectively.
(c) Schedule II, attached hereto and incorporated herein by reference,
describes all transactions by FAEH and certain of its direct and indirect
wholly-owned subsidiaries and FAE or to the best knowledge of FAEH and FAE, any
of the persons listed on Schedule I in Shares effected during the past 60 days.
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(d) None
(e) As of January 10, 1996, FAEH and certain of its direct and indirect
wholly-owned subsidiaries and FAE ceased to be the beneficial owners of more
than five percent of the outstanding Shares of ZRC.
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SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: January 19, 1996
FUND AMERICAN ENTERPRISES HOLDINGS, INC.
BY: /s/
---------------------------------------
Name: Michael S. Paquette
Title: Vice President and
Controller
FUND AMERICAN ENTERPRISES, INC.
BY: /s/
---------------------------------------
Name: Terry L. Baxter
Title: President and Secretary
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SCHEDULE II TO SCHEDULE 13D
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Sales of Shares of Common Stock of Zurich Reinsurance Centre Holdings, Inc.
by the Reporting Persons and by persons listed in Schedule I within the last 60
days.
Sold By Date Number Sold Unit Price
------- ---- ----------- ----------
FAEH 11/30/95 260,000 $ 29.00
FAEH * 1/10/96 140,000 $ 30.50
FAE 1/10/96 1,902,572 $ 30.50
John J. Byrne 12/12/95 2,300 $28.875
John J. Byrne 12/13/95 5,268 $28.875
John J. Byrne 12/14/95 300 $28.875
* By certain direct and indirect wholly-owned subsidiaries of FAEH.
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