Management (Bermuda), has reported a pre-tax profit of 10.1 million (approx. $14.5 million) for 1992, compared with a loss of 1.8 million ($2.6 million) the year before.

Sphere Drake (Bermuda), which is headed by Mr. Jonathan Crawley, contributed $4.85 million of the total profit -- up 57 percent ($1.76 million) on 1991.

The 1992 net premiums of Sphere Drake (Bermuda) came to $33.5 million -- an increase of 32 percent ($8.1 million).

Sphere Drake Insurance Plc chairman Mr. Ian Dean said: "I believe the profit for the year to be quite exceptional and results from the very careful selection of both classes and volumes of business written.'' He commented that this had been achieved in a year which suffered the consequences of Hurricane Andrew, the largest insured catastrophe loss in history.

"This loss had very little adverse effect on Sphere Drake's results, as it was contained within the company's reinsurance programmes,'' he added.