million, or $1.08 per share, for the first quarter ended March 31, 1998, an increase of about five percent over the same period last year.

The results include realised gains and losses from the sale of investments.

President and Chief Executive Officer John Dowling said the company was able to increase by $13 million new and additional business from existing clients over first quarter 1997. The increased buisness was offset in part by rate reductions and the impact of recognising two years written premium from a major account last year.

"Despite the continuing downward pressure on rates, we have been able to maintain and increase the level of our written premium volume, primarily by continuing to build strong relationships with core clients,'' he stated in a press release. "...As I have indicated during most of the past 12 months, the amount of claims we have been incurring is still below the level that we would typically expect for this business, although catastrophe activity has not been low so far this year.'' IPC earned premiums of $72.2 million in the first quarter, about one percent above the level written in first quarter 1997. The property catastrophe reinsurer earned premiums of $28.9 million in the same period, about two percent above the level in first quarter 1997.

Investment income contributed $7.3 million in realised gains during the first quarter, $300,000 below the gains in first quarter 1997.

IPC incurred losses of $4.3 million in the first quarter, or 14.2 percent, compared to $2.5 million, or 8.7 percent of earned premiums in first quarter 1997.

Losses include reserves for expected claims from the Canadian ice storms in the first week of January.

The company had total assets of $640.7 million at March 31, an increase of 9.5 percent over total assets at December 31, 1997.