skyrocketed nearly 90 percent to $92.9 million or $1.82 a share, compared with $49 million or $0.90 a share in 1994's third quarter to August 31.

EXEL Ltd. is the parent of X.L. Insurance Company Ltd. and X.L. Europe Insurance, which provide general liability, directors and officers liability, professional liability and excess property coverage to industrial, commercial and other enterpises, directors and officers of such enterprises and professional service firms on a world wide basis.

Net income for the nine months of fiscal 1995 was $244.3 million, compared with a running total for last year's first three quarters of $147.5 million.

The third quarter's net operating income, excluding realised investment results, was $66.7 million, compared with $63.1 million for the same period in 1994. Net operating income over the first nine months was this year $210.1 million, compared with last year's $174.2 million.

Mr. Brian O'Hara, president and CEO of EXEL Ltd., said, "These results reflect the strong fundamentals of our core business. In addition, year to year comparisons reflect the improvement in the fixed income markets and the increased contribution from the company's equity in the earnings of its affiliate, Mid Ocean Ltd.

"I am pleased to note the strong growth in premiums written during the third quarter of 1995 from our specialty reinsurance and property operations.'' Third quarter revenues were $222.9 million, up 32 percent from $168.7 million from a year ago. Total assets at August 31 were $4.3 billion, up from $3.9 billion as of November 30, 1994. Shareholders' equity was $1.9 billion at the end of the third quarter, compared with $1.7 billion at the end of last November. Fully diluted book value per share during the same period rose from $31.45 to $39.35.

Gross written premiums for the quarter increased to $248.6 million from $161 million during last year's third quarter. Net earned premiums were $139.2 million, an eight percent increase over last year's third quarter.

Net investment income, excluding realised gains, declined in the third quarter of 1995 to $39.1 million from $47.8 million the year before. After adjusting for unrealised currency losses of $12.2 million in the third quarter and $1.5 million of unrealised currency gains in the 1994 period, third quarter 1995 net investment income increased by 11 percent to $51.3 million, up from $46.3 million a year ago. Realised investment gains in the 1995 third quarter were $26.2 million up from losses a year ago of $14.1 million.

The third quarter earnings from Mid Ocean Ltd. were $18.4 million ($39 million for nine months), an increase from the $5.7 million ($13.6 million for nine months in 1994).