re-insurer Oracle Reinsurance, yesterday announced its third quarter earnings.

The picture was mixed as results for the third quarter beat out earnings of the third quarter of 1999, while net income for the first nine months of the year was down slightly over the same period last year.

Net income attributable to common shares was $0.6 million, or $0.14 per share, for the quarter ended September 30, 2000 and net income attributable to common shares of $2.8 million, or $0.68 per share, for the nine months ended September 30, 2000. Comparable net income for the quarter ended September 30, 1999 was $0.5 million, or $0.13 per share, and net income for the nine months ended September 30, 1999 was $2.9 million, or $0.70 per share.

Revenues of $3.8 million for the quarter ended September 30, 2000 and $12.6 million for the nine months to that date consisted principally of net investment income on the Company's insurance reserves.

The Company incurred acquisition and operating expenses and accrued discount related to its insurance reserves of $3.0 million for the quarter and $9.0 million for the nine months to September 30, 2000.

Colin O'Connor, President and Chief Executive Officer, said he was pleased to report the profits in the face of a "difficult investment environment''.

He also noted that the results were in keeping with those of last year.

"Our operating subsidiary, Oracle Reinsurance, closed a number of rent-a-captive transactions in the third quarter, and continues to seek out interesting opportunities,'' he said.