profit of $3.5 million for 1992.

The publicly-quoted company, which provides risk management services to clients in the US, Canada and Europe seeking alternatives to traditional commercial insurance, had operating income of $3.48 million for the period.

In a joint statement, chairman and CEO Mr. Robert Mulderig and president Mr.

John Kessock, Jr. said: "The operating results for the first quarter of 1992 were excellent, producing record levels of revenue, risk management fees and net income.

"Net income per common share amounted to 41 cents, a 37 percent increase over the first quarter of 1991 level of 30 cents.

"These earnings were achieved, despite the continued depressed state of the property/casualty insurance market, by concentrating on providing services to clients' participating in the alternative market with an emphasis on workers' compensation business.'' Risk management fees for the quarter to March 31, 1992, increased by 43 percent to $7.4 million. Revenues reached a record of $17.5 million, an increase of 67 percent.

Income from continuing operations before income taxes was up by 68 percent to $5.1 million from $3 million.

Risk underwriting income came to $3.9 million, up by 71 percent, and investment income was $1.6 million, up by 30 percent. General corporate expenses came to $414 million.

Net income per common share was 41 cents.

Mutual Risk Management First quarter results (unaudited) Profit $3.5m Income $17.5m Expenses $12.4m Assets $444m Shareholders' equity $86m.