percent over the same period in 1992.

For the first nine months, the company has made a profit of $290.6 million ($5.22 per share), compared with $214.6 million ($3.78 per share) in 1992 -- an increase of 38 percent per share.

Revenues for the three months ending August 31, 1993, were up by 16.5 percent ($29.44 million) to $207.7 million. Expenses increased by 12.9 percent ($12.38 million) to $108.43 million.

On the revenues side, net premiums earned went up by 13.3 percent ($13.95 million) to $119.21 million, net investment income increased by 14.6 percent ($6.56 million) to $38.2 million and net realised gains on sale of investments went up by 49.6 percent ($14.03 million) to $42.3 million.

Equity in net earnings of its affiliate, Bermuda-based property catastrophe reinsurer Mid Ocean, came to $8 million.

On the expenses side, losses and loss expenses went up by 14.3 percent ($11.53 million) to $91.95 million, acquisition costs increased by 10.8 percent ($11.89 million) and administration expenses went up by 12.88 percent ($12.38 million) to $108.43 million.

Assets increased by 19.5 percent ($597.2 million) to $3.664 billion, while liabilities went up by 25.1 percent ($361.94 million) to $1.802 billion.

Shareholders' equity was $1.9 billion at August 31, 1993, up from $1.6 billion on November 30, 1992.

Fully diluted book value per share went from $28.49 to $33.70 during the same period.

EXEL's chairman, president and CEO, Mr. Michael Kevany, said: "As these results indicate, 1993 continues to be an excellent year for the company.

"I'm pleased with the growth of our insurance operations in an increasingly competitive operating environment which we expect to continue.

"Our investment managers had excellent overall results during the period and we're satisfied with the initial contribution from our equity investment in Mid Ocean Ltd.'' On October 12, 1993, EXEL announced that one of its operating subsidiaries, XL Insurance Company, is entering the excess property insurance business to write high layer risks for large commercial corporations, many of whom are now XL excess liability insurance policyholders.

Mr. Kevany said: "This action has been taken in response to demand from our current customers who are faced with shrinking availability of excess level property insurance capacity.

"By building on our strong excess general and professional liability insurance relationships and broker distribution network, the company is uniquely positioned to offer this new coverage and add considerable value to the products and services now provided to our existing insured without affecting our ability to continue to grow the excess liability lines of business already offered by XL.'' *** EXEL 1993 NINE MONTH RESULTS PROFIT $290.64 M REVENUES $601.78 M EXPENSES $310.48 M ASSETS $3.66 B LIABILITIES $1.80 B.