rising from $193,000, or three cents a share, to income of $650,000, or 14 cents a share in the three months to September 30.

The company said net income for the first nine months of the year was $4 million, or 86 cents a share, compared to $4.2 million, or 71 cents a share, a year earlier.

Third quarter realised capital gains were $101,000 compared to $354,000. Nine month gains were $501,000, down by 50 percent.

Premium earned for the quarter and nine months was $17.8 million and $45.3 million compared to $10.8 million and $30.9 million earlier. During the nine month period, Nobel purchased 1.1 million treasury shares for $14 million.

Nine month combined ratio was 99.9 percent compared to 103.1 percent.

In the third quarter, Hurricane Fran cost the Bermuda company $1.7 million.

At September 30, shareholders' equity was $52 million, down from $64.9 million in 1995.