attributable to common shares of $1 million for the quarter ended March 31, 2001.

Total revenues for the quarter of $4,142,513 consisted principally of net investment income of $4,119,379 on the company's insurance reserves. No premiums were written in this quarter and the reserves relate to premiums written in prior years.

The company incurred acquisition and operating expenses and accrued discount relating to its insurance reserves of $2.8 million.

Diluted income per share of common stock was $0.25 and weighted average common shares outstanding were 4,079,014.

Colin O'Connor, president and chief executive officer, said: "Results continue to be determined primarily by investment income on the company's long duration insurance reserves, and our investment managers achieved an excellent return in this quarter.

"Net income attributable to common shares of $0.25 per share is very satisfactory and is near the high end of the range of our expectations for sustainable quarterly net income.''