Bermuda insurer, Exel Ltd., has reported a 43.8 percent increase in first quarter net income to February 28 at $155.4 million or $1.81 per share.

Operating earnings, excluding realised investment gains, were $92.5 million, compared to $75.5 million in the same period the year before.

President and CEO, Brian M. O'Hara, said the results represent a 26 percent increase in operating earnings per share at $1.08 per share, on a diluted basis, over last year's first quarter of 86 cents per share.

Earnings per share are based on the weighted average number of shares calculated in accordance with SFAS-128 on a diluted basis, which is equivalent to the primary earnings per share calculation under APB-15. Prior year earnings per share have been adjusted to reflect this change.

Mr. O'Hara said, "The increase (in operating earnings per share) is largely attributable to growth of our reinsurance operations, including the contribution related to our acquisition of GCR Holdings in June 1997, higher investment income and also efforts of our underwriters to maintain discipline in a challenging market.'' Revenues for the first quarter were $275.6 million, higher than the $217.2 million for the first quarter of 1997.

Gross premiums written were $250.3 million, compared with $104.4 million in the comparative period. Net premiums written rose from $77 million to $217.4 million. Net earned premiums rose from $119.8 million to $139.9 million.

Net investment income, excluding realised gains, increased 12 percent to $57.5 million. Exel earned $15.2 million in the first quarter from its equity investment in Mid Ocean Ltd.