LaSalle Re Holdings Ltd., one of Bermuda's top ten insurers, has reported net income of $37.7 million for the third quarter ended June 30, down from the $40.8 million reported in the same period last year.

Earnings per share were $1.63 compared with $1.70 in the third quarter last year. Earnings per share were affected by the fewer number of common shares outstanding as a result of a $100 million tender offer completed in April this year.

The company wrote gross premiums of $29.5 million, a 10.5 percent increased compared with $26.7 million written during the third quarter 1996. The increase was mainly due to the company's participation in three Lloyd's syndicates, a press release stated.

The company earned net premiums of $45.9 million for the third quarter, compared with $55.3 million a year earlier. Losses and loss expenses for the quarter were $4.5 million or 9.7 percent of net premiums earned, compared with $10 million or 18 percent of premiums earned in third quarter 1996.

Net investment income for the quarter was $8.5 million.

For the nine months ended June 30, the company had net income of $98.4 million, compared with $101.6 million in the corresponding period ended June 30, 1996.

"Our third quarter was one of continued profitability and increased premiums,'' chairman, president and chief executive officer Victor Blake stated. "The growth in premiums is the result of our ongoing strategy to write other specialty lines while retaining the core client make up of our property catastrophe book.'' The company listed its common and preferred shares on the New York Stock Exchange during the quarter.