the first quarter to January 31, compared to last year's figures of $16.6 million ($0.44 per share).

But they also announced their first regular quarterly dividend of $0.25 per share since the company went public in August 1993. It is payable April 21 to shareholders of record March 24. And a $75 million repurchase of company stock is to be scheduled for a future date.

Net operating income, excluding net gains and losses on investments, was $40.9 million ($1.09 per share) compared to 1994 first quarter figures of $8.9 million ($0.24 per share).

Gross written premiums for the first quarter, which make up more than 50 percent of what is normally expected to be written for the year, shot up 33.9 percent from $225.2 million to $301.5 million in the comparative period.

Net earned premiums were up 54.9 percent to $90.3 million from $58.3 million.

Total revenues were up 8.5 percent to $84.8 million from $78.2 million.

Net investment income was $17.3 million (up from $12.2 million), after net losses on investments of $22.8 million (compared to last year's first quarter net gains on investment of $7.7 million). The company suffered realised losses of $12.1 million on the sale of securities and $10.7 million of unrealised foreign currency losses on bonds and currency forwards. There was also a $14 million unrealised appreciation movement in the investment portfolio as reflected in the balance sheet.

The 42 percent increase in net investment income can be attributed to a larger investment base in 1995 and higher yields attained (up to 6.8 from 5.61 percent).

A pleased Mr. Michael Butt, president and CEO said: "Our sizable growth in gross written premiums was focused in marine, energy and aviation -- areas specifically targeted for growth in 1995.'' He noted a substantial new reinsurance contract with an estimated annual gross written premium of about $38 million, that might not be renewed next year. He said that it was such contracts that reinforced the belief that Mid Ocean had quickly become one of the leading reinsurers in the world.

Property catastrophe prices remained reasonably firm in the US and softened outside the US. He expects future pricing in the industry could be much more experience-based, increasingly taking into account client circumstances and, to some extent, country experience.

The company set aside $15 million for the Kobe earthquake, after tentatively capping their losses in the last quarter for Northridge at $95 million.

Total assets rose over the last quarter from $1.22 billion to $1.49 billion.

In the same period, shareholders' equity rose from $804.6 million to $837.8 million. Fully diluted book value per share was $22.48 as opposed to $21.68 at the end of fiscal 1994.