$23.3 million or $5.70 per share for its first 11 months of operating.

Delphi International Ltd. -- the parent of Bermuda-based specialty reinsurer Oracle Reinsurance Company Ltd -- blamed the poor show on investment turmoil.

But the company also suffered from poor underwriting results with a $3 million loss on top of $4.2 million in interest and incorporation expenses.

For the final quarter of 1998 Delphi reported a net loss of $8.1 million or $1.99 per share. The reported net income per share reflects the June two-for-one stock split.

The company released a terse statement hinting at and distancing itself from high-risk investments inflicted by "investment vehicles of independent managers''.

President and chief executive officer Colin O'Connor was upbeat last night and predicted a hardening of the workers' compensation market which would benefit the company.

He stressed the company was a long-term player in the market.

"The global turmoil in financial markets produced a negative investment result for the quarter, most of which occurred in October,'' he said.

"Our plan has been to aim for good long-term investment returns using in part a multi-manager, multi-strategy investment programme. That style, as we have long advised shareholders, can produce an occasional down quarter, even a down year.

"Further, the Company is geared to the long-term: the insurance liabilities it assumed at inception were particularly long-tailed ones, so it has a long period to invest before any payouts will be required.'' He said the investment picture had improved since October and while the losses were regrettable the company's underlying strategy was sound.

"In the meanwhile capital levels at Oracle Re remain strong at $31 million and we are in position to take advantage of new business opportunities as they develop.'' The company reported premiums for the quarter ended December 31 of $2.5 million. Oracle completed a rent-a-captive transaction for $2.9 million.

Delphi wrote $135.3 million in premiums for the 11 months. It took $119.2 million of revenues during that period.

The premiums were derived primarily from $82.1 million of workers' compensation aggregate excess of loss reinsurance and premiums from the quota share reinsurance of long-term disability business of $39.2 million.