$5.737 million -- a 46.8 percent increase over the same period in 1992.

The company's revenues for the three months to September 30, 1993, were $78.2 million, up 20.6 percent ($5.356 million) on the same period last year.

Expenses remained steady at $24.452 million.

In a joint statement, Mr. Robert Mulderig, MRM's chairman and CEO, and Mr.

John Kessock, Jr., the firm's president, said: "The operating results for the third quarter were excellent and reflected continued strong sales of the company's services to participants in the alternative market.'' On the revenue side, premiums earned were up by 18.2 percent ($2.84 million) to $18.417 million, risk management fees increased by 34.1 percent ($2.747 million) to $10.799 million and net investment income fell by 2.9 percent ($73,000) to $2.433 million.

Realised capital losses came to $220,000, compared with capital gains of $5,000 during the third quarter of 1992. Other losses came to $49 million, compared with $116 million.

On the expenses side, losses and loss expenses incurred dropped by 4.9 percent ($715,000) to $13.988 million, acquisition costs trebled to $4.627 million, operating expenses increased by 29.8 percent ($1.293 million) to $5.636 million and interest expense fell by 17.8 percent ($37,000) to $171,000. Other expenses totaled $30,000.

Earnings per common share were 44 cents, compared with 30 cents for the corresponding period in 1992.

Assets increased by 25.5 percent ($175 million) to $862 million between December 31, 1992, and September 30, 1993, while shareholders' equity went up from $96 million to $110 million. Book value per share went up from $8.22 to $9.07.

Profit margins on risk management fees amounted to 47 percent and 46 percent for the three and nine months of 1993, compared with 46 percent and 45 percent in the corresponding 1992 periods, they said.

Legion Insurance Company, MRM's policy-issuing subsidiary, added 16 new programmes during the third quarter, compared with 17 in the 1992 third quarter for a total of 52 new programmes during the first nine months of 1993.

Legion's renewal rate improved to 79 percent for the third quarter, compared with 75 percent in the 1992 third quarter. For the nine months of 1993, Legion's renewal rate was 76 percent, compared with 78 percent in 1992.

Gross premiums written increased by 13 percent to $176.6 million for the first nine months of 1993.

The company said: "This was lower than the corresponding increase in risk management fees, in part, as a result of the company's adoption of FASB-113 and the continued effect of large deductible programmes which generally produce lower gross premiums without materially affecting the company's fee income.

"However, for the third quarter, gross premiums written increased by 35 percent to $69 million in line with the percentage increase in risk management fees.

"The company's effective income tax rate for the third quarter of 1993 was unusually low at 17.2 percent. This was caused by a number of factors including a tax benefit recorded during the quarter derived from the exercise of employee stock options.

"The company estimates that, without the effect of these unusual items, its income tax rate for the third quarter of 1993 would have been 29.8 percent.

"Accordingly, these items added six cents per common share to the company's operating earnings for the quarter which would otherwise have been 38 cents per common share.'' MRM provides risk management services to clients in the United States, Canada and Europe seeking alternatives to traditional commercial insurance for certain of their risk exposures, especially workers' compensation.

The company's shares are listed on the New York and Bermuda stock exchanges.

MRM NINE MONTH RESULTS PROFIT $14.963 M REVENUES $78.205 M EXPENSES $58.523 M ASSETS $862,000 M SHAREHOLDERS EQUITY $110,000 M EARNINGS PER COMMON SHARE $1.13 BOOK VALUE PER SHARE $9.07 .