nine months of fiscal 1992 -- up 12.8 percent ($24.4 million) on the same period the previous year.

During the nine months to August 31, 1992, the company's net income grew to $3.78 per share compared to $3.48 for the same period in 1991.

Unaudited results released yesterday showed that gross premiums written grew by 14.2 percent ($42.78 million) to $343.2 million.

Net premiums written jumped by 8.6 percent ($25.26 million) to $318.49 million. This figure was affected by premiums ceded as part of a new reinsurance programme entered into by the company on December 1, 1991.

Net premiums earned rose by four percent ($11.8 million) to $302.8 million.

Net investment income, including unrealised currency gains of $1.5 million compared to unrealised currency losses of $800,000 in 1991, went up by 5.5 percent ($6.87 million) to $131.29 million.

Realised gains rose 28.8 percent ($13.55 million) to $60.57 million.

EXEL managed to reduce its acquisition costs and administration expenses by 1.15 percent ($544,000) to $46.79 million.

Losses and loss expenses rose 3.7 percent ($8.36 million) to $232.4 million.

EXEL's assets rose 6.7 percent ($183.4 million) to $2.9 billion while shareholders' equity jumped 16 percent ($219.6 million) to $1.586 billion.

Unpaid losses and loss expenses rose by 14.4 percent ($137.8 million) to $1.095 billion.

EXEL's fully diluted book value per share as at August 31, 1992, was $28.53, compared with $24.75 the year previously.

Mr. Michael Kevany, EXEL's president and CEO, said he was pleased with the results.

"They look very good in my opinion,'' he said. "Premiums are looking healthy and the underlying profit expenses are well controlled. Despite a very difficult market, we're doing quite well.'' He said it was difficult to compare his company's performance with ACE Ltd., released its nine month results the day before, because EXEL was a public company, whereas ACE was privately held.

ACE reported a 20 percent increase in profit to $136.4 million, which, Mr.

Kevany said, indicated ACE also had a good nine months.

EXEL's management said it should be known over the next few months whether the insurance industry generally will harden as a result of Hurricane Andrew.

Mr. Brian Walford, EXEL's chief financial officer, said: "People are starting to see if Hurricane Andrew is a turning point for the market and will make the market harden. If the market hardens, obviously it will be of benefit to us.'' Although EXEL is domiciled in the Cayman Islands, all its operating staff are based in Bermuda, where XL Insurance is located.

EXEL Ltd. 1992 NINE MONTH RESULTS Profit $214.6m Premiums written $343.2m Net premiums earned $302.8m Assets $2.9b Shareholders equity $1.586b Unpaid losses/loss expenses $1.095b.