million for the second quarter ended June 30, an increase of 27 percent over the same period last year.

Company chairman, president and chief executive officer Mark Cooke said the results reflected the continued growth of the company's business.

"Net income grew by 27 percent in the second quarter to $4 million, and grew by 34 percent to $8 million for the first six months of 1998, as compared to $3.2 million and $6 million, respectively, in 1997,'' he said in a press release.

Diluted net income per share for the three months increased by one cent to 41 cents, and for six months by nine cents to 81 cents.

Risk management fees increased 20 percent to $14.1 million for the quarter and by $4.8 million or 22 percent to $26.8 million. Managing general agency fees increased by $900,000 to $3.5 million in the second quarter, and by $2.1 million to $7.2 million for the first six months.

"The growth reflected the continued expansion of the company's managing general agency network primarily in the Southeastern United States,'' Mr.

Cooke stated.

The brokerage operation's fee income increased $300,000 to $6.9 million in the quarter, and by $1.1 million to $12.9 million in the first six months.