the third quarter of 1994 increased 20.3 percent to $542.5 million, compared to $451.1 million a year earlier.

For the first nine months of 1994, net income was $1.6 billion, up 11.8 percent from $1.43 billion in 1993 while third quarter net income per share was $1.71 compared to $1.42, Bloomberg Business News said.

The insurer has a large stake in Bermuda-registered IPC Re and is a sponsor of excess liability insurer Starr Excess in addition to its own eponymous operations in Bermuda.

The company also reported third quarter revenues rose 10.9 percent to $5.68 billion from $5.12 billion a year earlier while nine month revenue was $16.53 billion, up 11.8 percent over $14.78 billion in 1993.

At September 30, 1994, assets and shareholders' equity were about $114 billion and $16.2 billion respectively.

CONTAINER FIRM SUED BUC Container firm sued Bermuda-registered Sea Containers Ltd. is being sued by a German company over a 1993 purchase of $52 million worth of containers.

Clou Containers claims Sea Containers is still owed $12 million on the deal, including rental income from 9,500 containers under Clou management and part of a $1.8 million order for new containers, Lloyd's List reported.

Sea Containers said it could not comment because the issue was "sub judice'' but did say it had received the writ.

Clou chairman Mr. Ian Karan claimed that earlier this week, Sea Containers had the $12 million "in its pocket'' since last October when the deal was struck.

The 1993 deal, which included the purchase of Clou's 56,000 container fleet, was part of Sea Containers efforts to re-establish itself in the container leasing department after selling its standard dry cargo container fleet to rival Tiphook in 1990.

SHIPPER'S PROFITS UP BUC Shipper's profits up Bermuda-based Ocean Wilsons Holdings Ltd. this week reported an unaudited profits rose 21.1 percent for the first six months of this year.

The tug and lighter owners, stevedores, import and export merchant company reported 2.12 million first half shareholders' earnings compared to 1.75 million for the six months ending June 30, 1993.

Turnover rose to 58.09 million for the first half from 46.36 million for last year's first half, an increase of 25.3 percent while earnings per share jumped from 4 pence to 4.32p. The interim dividend of 1p per share will be paid on November 30, 1994 to shareholders on the register as of November 17, 1994.

Contributing significantly to the latest six month results was a drop of 849,000 in Brazilian tax. For the first six months of last year the company paid 1,435,000 in Brazilian taxation compared to this year's 586,000, according to Bloomberg financial news service.

Company directors approved the results at a board meeting held on October 24, 1994.

Audited 1993 year end results show the company's shareholders' profit was 4.61 million.

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