cents a share, for the first quarter ended March 31, a gain of 19 percent over the same period last year.

Net premiums increased 32 percent to $2.09 million, while total revenues increased 19 percent to $3.59 million.

"We enjoyed excellent growth in net premiums, total revenues and net earnings during the first quarter, attributable primarily to increases in our core environmental business unit,'' American president and chief executive officer Lloyd Fox said. "Also during the first quarter, we successfully launched a new insurance programme for pest control operators and implemented a workers' compensation insurance programme for coal mine operators. At the same time, we established a specialty risk underwriting and reinsurance facility to enable us to initiate new programmes more quickly.'' American is a specialty insurance holding company which markets primary casualty insurance and reinsurance programmes in the alternative insurance market.

The company was established in Bermuda in the 1980s to write liability coverage for asbestos abatement contractors. In 1988 the group formed a Vermont-domiciled issuing company, American Safety Risk Retention Group, Inc.

The Bermuda company became the reinsurer.