Exhibit 23.1



                        Consent of Independent Auditors





      We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3 No. 333- ) and related Prospectus of Life Re
Corporation for the registration of 1,725,000 Units and to the incorporation by
reference therein of our report dated February 4, 1997, with respect to the
consolidated financial statements and schedule of Life Re Corporation included
in its Annual Report (Form 10-K) for the year ended December 31, 1996, filed
with the Securities and Exchange Commission.


                                    /s/   Ernst & Young LLP



Stamford, Connecticut
February 12, 1998