diluted share, for the first quarter of 2001. This represents a massive increase from the same period last year when it had a net loss of $15.4 million, or $0.99 per diluted share.

The merger of LaSalle Re Holdings and Trenwick Group occurred at the end of the third quarter of 2000 and the transaction was treated as a purchase of Trenwick by LaSalle for accounting purposes. Therefore the results for prior to this reflect the results of LaSalle alone.

James Billett, chairman, president and chief executive officer, said: "Our view of market conditions in those lines and territories in which we underwrite remains very positive. Rates rose in the first quarter and continue to increase in all our business platforms.''