the first quarter of fiscal 1993 -- up 25 percent on the same period the previous year.

Net income per share for the three months to February 28, 1993, was $1.61, compared with $1.25 a year ago.

"These very satisfactory results reflect solid business growth and strong gains in our investment operations,'' said Mr. Michael Kevany, EXEL's chairman, president and CEO.

"Good underwriting discipline continues to be the key to the company's success.

"Despite lower interest rates, I am pleased with the overall performance of our investment managers and the growth in book value, which now exceeds $30 per share.'' Total assets at the end of the quarter stood at $3.2 billion, compared with $3.1 billion at November 30, 1992.

Shareholders' equity was up by the same amount to $1.7 billion over the quarter.

Gross premiums for the quarter increased by 13.5 percent ($16 million) to $135 million, while net premiums written were up by 7.5 percent ($7.1 million) to $101 million.

Net premiums earned went up by 11.6 percent ($11.1 million) to $107 million.

During the first quarter of 1993, EXEL ceded $33.7 million of its gross premiums to reinsurers, compared with $24.7 million for the same period in 1992.

The combined ratio for the quarter was 91.7 percent, compared with 93.2 percent a year ago. The loss and loss expense ratio was 77.5 percent versus 76.7 percent in 1992.

The underwriting expense ratio was 14.2 percent, compared with 16.5 percent, benefitting from a higher level of premiums and fee income related to services provided to its new affiliate, Mid Ocean Reinsurance Company.

In addition, charges relating to the company's second public offering negatively impacted the 1992 underwriting expense ratio by 1.25 percent.

Net investment income, including realised gains, was $80.8 million in the first quarter, up 22 percent from $65.9 million over the same period in 1992.

Operating earnings, excluding realised investment gains, were $52.1 million, or 93 cents per share, compared with $48.7 million, or 85 cents per share, in 1992.

Losses and loss expenses increased by 12.8 percent ($9.4 million) to $82.9 million.

EXEL, through its subsidiaries, provides general liability, directors and officers liability and professional liability coverage to industrial, commercial and other enterprises, directors and officers of such enterprises and professional service firms on a worldwide basis.

Mr. Michael J. Kevany.