Reinsurer GCR Holdings Ltd. yesterday reported fiscal year profit virtually unchanged from year earlier results.

Company president and CEO Lawrence Doyle cited hurricane Fran, which hit the North Carolina coast in September, and lower premium written as significant to the results.

For the 12 months ended September 30, the Bermuda-based company made $90.8 million compared to $90.7 million while operating income, excluding net realised gains and losses on investments, was $90.8 million compared to $90.3 million.

Fourth quarter profit was up slightly to $17.6 million from $17.1 million.

"Despite losses of $6.8 million from hurricane Fran in our fourth quarter, our loss experience and our loss ratio remain very favourable by industry standards,'' Mr. Doyle said.

"The year over year decline in premium written resulted from pricing competition related to very favourable loss experience,'' he said.

Year premium written was $119.8 million compared to $136.9 million, down 12 percent while premium earned was $124.5 million, up three percent, from $120.6 million earlier.

Fourth quarter premium written was $20.1 million, up 18 percent from $17.1 million earlier while premium earned was $30.5 million compared to $32.9 million, down seven percent.

"Although continued softness in the property catastrophe market can be expected in the near term, pricing on our overall book and in the property catastrophe market generally is still very attractive on a historical basis,'' Mr. Doyle said.

GCR also reported year revenue was $153.3 million compared to $155.6 million.

Fourth quarter revenue was $36.6 million, down 15 percent from $43 million last year.

Year investment income was $29 million compared to $32.7 million reflecting declining yields and the elimination of the company's debt in late February.

Year loss and loss expenses were $28 million compared to $35.3 million, an improvement of 21 percent. Quarter loss and loss expenses were $10.6 million, a 30 percent improvement over the $15 million in fourth quarter a year earlier. As well as Fran, GCR was affected by hurricane Opal, which struck the Florida panhandle in October 1995.

Year expenses were $62.5 million compared to $62.9 million.

Year loss ratio, the ratio of losses and loss expenses to earned premium, was 22.5 percent compared to 29.3 percent. Quarter loss ratio was 34.8 percent compared to 45.7 percent. Year combined ratio was 44 percent compared to 47.9 percent. Quarter combined ratio percentages were 57.9 and 66.5 respectively.

GCR said that its establishment of a Lloyd's corporate syndicate, to provide marine insurance capacity, while relatively modest in size, is expected to have a positive impact on 1997 results.

At September 30, GCR's assets were $516.8 million compared to $597.6 million a year earlier. The decline reflects using investment assets to repay borrowing and dividends. Shareholders equity rose to $417 million from $356.4 million.

Pro forma book value per share rose to $16.87 from $15.07.

In December 1995, GCR went public with a 7.6 million share offering. Company sponsors exercised options to acquire 3.3 million shares. The company completed a secondary offering of 5.4 million shares in July with subsidiary, Global Capital Reinsurance Ltd., repurchasing one million of those shares.

GCR, through its subsidiary, provides catastrophe, property risk excess of loss, property pro rata, marine and satellite reinsurance.