down one-third.

For the three months ended June 30, the insurer's net income was $2 million compared to 1995 second quarter earnings of $2.9 million.

Per share earnings were 42 cents compared to 48 cents earlier.

The company also reported realised investment gains of $188,000 compared to $694,000 earlier, a decline of 73 percent.

Nobel Insurance services and underwrites property and casualty risks. -- Bloomberg