$11.37 million for the first nine months of 1992 -- 66 percent up on the same period the previous year.

Revenues for the first nine months to September 30, 1992, were up 62.2 percent ($24.25 million).

This was largely as a result of increased premiums earned, which jumped 89.4 percent ($15.66 million) to $33.17 million, and management fees, which rose by 38 percent ($6.5 million) to $23,453 million.

MRM's operating results have been restated following the acquisition this August of Bermuda-based broker and captive manager, Park International.

In accordance with generally accepted accounting practices, a firm's accounts have to be restated back to the incorporation date of the company it has taken over, which, in Park's case, was July, 1989.

MRM's expenses for the nine month period rose by 67.2 percent ($18.9 million) to $28.2 million.

This was due mainly to a 62.9 percent ($11.18 million) rise in losses and loss expenses to $29 million; a 1,760 percent ($4.3 million) jump in acquisition costs to $4.58 million and a 37 percent increase ($3.5 million) in operating expenses to $12.9 million.

Earnings per common share went up from $0.98 at September 30, 1991, to $1.29 at the same date this year.

Total assets rose by 23.5 percent from $405 million as at December 31, 1991, to $500 million as at September 30, 1992.

Over the same period, shareholders' equity jumped 46 percent to $92 million and book value per share rose from $8.88 to $11.41.

In a joint statement, MRM chairman and CEO Mr. Robert Mulderig and president Mr. John Kessock Jr. said: "The continued strong operating results reflect Mutual Risk Management's concentration on the growing alternative market and the increasing demand for workers' compensation coverage, despite a continuing soft property/casualty market.'' MRM provides risk management services to clients in the US, Canada and Europe seeking options to traditional commercial insurance for certain types of risk exposures, especially workers' compensation.

MRM's common shares are listed on the New York and Bermuda stock exchanges under the symbol MM.