profits for the year to October 31.

Fourth quarter net income of $43.2 million ($1.18 per share) pushed the years profits to $182.9 million (4.90 per share).

The results come after a $215 million loss provision for Hurricanes Luis and Marilyn, which was offset by reduction in the provision for earthquake Kobe, down from $10 million to $5 million.

Net earnings for last year's fourth quarter were $40.7 million or $1.08 per share, resulting in a full year profit of $91 million or $2.41 per share.

Net operating income, excluding net gains and losses on investments for this year's fourth quarter was $40.1 million or $1.09 a share, compared to 1994's first quarter of $43.9 million or $1.17 per share.

Net operating income, excluding net gains and losses on investments, for this year's fourth quarter was $40.1 million or $1.17 per share.

Net operating income for the year excluding net gains or losses on investment, was $181.5 million or $4.86 per share, compared to $109.2 million or $2.89 per share in the prior year.

Total revenues for the fourth quarter jumped 26 percent to $121.6 million, when compared with the $96.7 million for 1994.

Gross written premiums in fourth quarter rose 88 percent from $11.1 million last year to $20.9 million this year. Net premium earned for the same comparative periods were up 18 percent from $84 million to $99.4 million.

Net investment income, excluding net gains or losses on investments, was $19.1 million in the 1995 fourth quarter, a 20 percent increase on the $16 million for the three month period a year ago.

The company attributed the increase in the net investment to the large investment base in 1995 as yields were slightly lower than 1994. Net gains on investments for the quarter were $3.1 million, compared to net losses of $3.2 million in the previous year's fourth quarter.

Mr. Michael A. Butt, president and CEO of Mid Ocean, said, " We are pleased with our excellent performance during our third year in operations, both from a strategic and financial perspective.

"Not only have we managed to become a significant leader in our chosen lines of business, we have also been able to successfully diversify both in terms of geographic spread and lines of business.

"Our results were aided by a reduced level of catastrophe losses in 1995 relative to 1994 and a much more favourable bond market.'' Mr. Butt added, "During the quarter the company completed a secondary offering of 4,203,600 ordinary shares priced at $33.75 per share. All shares offered were sold by existing shareholders and no proceeds were received by the company.'' The company finished the year with gross written premiums of $445.8 million, a 24 percent increase from the $358.6 million in 1994. Net premiums earned climbed from $301 million in 1994 to $379.4 million in 1995.

Net investment income was sizably increased from $51.5 million to $73.8 million. Net gains on investments were $1.5 million, compared to net losses of $18.2 million last year.

Mid Ocean Ltd., through subsidiary Mid Ocean Reinsurance Company Ltd., is a leading reinsurer providing property catastrophe; property risk excess of loss, property pro rata, marine, energy, aviation, satellite and other reinsurance to insurers on a worldwide basis.

Total assets at October 31 were $1.66 billion, up from $1.22 billion at the end of fiscal 1994. Shareholders equity was $968.8 million at October 31, up from $804.6 million at the end of fiscal 1994. The fully diluted book value per share was $26.87 at the end of the 1995 fiscal year, compared to $21.68 at the end of the 1994 fiscal year.

The company's stock was trading late yesterday at $38 per share.

Mr. Michael A. Butt