quarter. LaSalle Re Holdings Limited has reported a loss before minority interest, including net realised losses on investments, of $4.3 million for the three months ended September 30, 1999, compared with a loss before minority interest, including net realised gains on investments, of $4.6 million for the corresponding quarter of fiscal 1998.

Gross premiums written for the quarter were $17.8 million, compared with $24.3 million for the fourth quarter of 1998. Net premiums earned for the quarter were $21.4 million, compared with $32.7 million a year earlier. Net investment income in the third quarter of 1999 was $8.5 million, a similar level to that reported for fourth quarter 1998.

"The quarter and the year have been marked by a large number of catastrophe losses,'' said Guy D. Hengesbaugh, president and chief executive officer.

"The tempo of catastrophes has increased, and this is reflected in the losses which we have reported for our final quarter and for our full year.'' Mr. Hengesbaugh continued: "Loss activity has also begun to turn the reinsurance pricing cycle. As market prices fell over the past three years, we pulled back from writing business that did not meet our internal return requirements. Now some segments of the market are offering stronger rates.

This means more business is meeting our pricing threshold, and we can look forward to growing our top line.'' For the year ended September 30, 1999, loss before minority interest, including net realised losses on investments, was $5.7 million, compared with net income of $65.2 million for the year ended September 30, 1998.

LaSalle Re Holdings Limited, through its operating company, LaSalle Re Limited, writes specialist classes of reinsurance on a worldwide basis, including property catastrophe reinsurance.

La Salle Re's rating affirmed: Page 40