percent to $25.5 million, including realised gains and losses from the sale of investments, when compared to net income for the second quarter to June 30, 1996. IPC provides property catastrophe reinsurance and, some marine, aviation, property-per-risk excess and other short tail property reinsurance on a worldwide basis.

Net income for the combined first two quarters was up 5.6 percent to $53 million.

Earnings for the three month period represented 96 cents per share, compared to 89 cents a share recorded for the same period a year before and $2.01 for the first half of the year.

Operating income rose 13.8 percent to $27.4 million for the quarter, but was up 16 percent for the six months of the first half of the year. Premiums written dipped 3.1 percent to $18.2 million for the quarter, but rose 11.2 percent to $89.6 million for the first half of the year.

Premiums earned for the three month period ($27.3 million) and the six month period ($55.7 million) were in line with the year before. Net investment income rose 12 percent to $8 million for the quarter.