in its first four months of business.

The company wrote premiums worth $156.878 million between November 1, 1992, and March 31, 1993.

Total revenues for the period came to $37.26 million, while total expenses were $24.033 million.

Net premiums earned came to $27.706 million, net investment income was $6.06 million and net realised gains on sale of investments was $3.494 million.

Losses and loss expenses occurred were $12.115 million, acquisition expenses were $2.776 million and operational expenses were $3 million and organisational expenses were $1.818 million.

The company suffered an exchange loss of $4.314 million, comprising the net realised and unrealised exchange differences. Net income per ordinary share came to $3.79.

Total assets at March 31, 1993, were $537.943, total shareholders' equity was $378.5 million and total liabilities were $159.443.

The financials have been released in the prospectus for Mid Ocean's current $240 million initial public stock offering prior to being listed on the New York Stock Exchange.

The prospectus also shows the annual compensation of executive officers for 1993 is: Mr. Robert J. Newhouse, Jr., chairman, $260,000; Mr. Michael Butt, president and CEO, $440,000; Mr. Ian R. Heap, former president and CEO, $426,000; Mr. Henry C. V. Keeling, senior vice president and underwriter, $380,000; and Mr. John Wadson, vice president and treasurer, $160,000.

Bonuses will be determined at a later date by the compensation committee, but Mr. Butt's contract calls for a minimum bonus of $75,000 and Mr. Keeling will receive a bonus of at least $50,000.

The figures do not include substantial long-term compensation packages that have been set up for each officer.

Mid Ocean Re, which was capitalised at $350 million when it began operating last November, plans an initial public offering of 7.5 million shares of its shares, with a further 2.5 million to be taken up one of its shareholders, Bermuda-based excess liability carrier XL Insurance. More shares will be made available for sale should the offer be significantly oversubscribed.

The company was formed by Marsh & McLennan and J.P. Morgan to provide urgently needed new capacity in the property catastrophe market.

Since then, a wave of other property catastrophe companies have either formed in Bermuda or are in the process of doing so.