quarter as a result of falling premium rates.

GCR Holdings Ltd. said on Friday that net income for the third quarter fell to $23.9 million (92 cents per share), down 22 percent from $30.65 million ($1.33 per share) in the three months to June 1, 1995.

Nett operating income, excluding net realised gains and losses from investments, fell from $30.5 million in 1995 to $25 million this year.

GCR president Lawrence Doyle said the company was pleased with the results and said its loss experience and loss ratio (13.3 percent) remained "very favourable by industry standards''.

"We believe this is a result of our disciplined underwriting strategy,'' he said. "The decline in written premium resulted from pricing competition related to a very favourable loss experience.

"On average, we saw premium rates decline 12 to 15 percent during the recent quarter and 20 percent in Japan.'' He added: "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 the shift of an important reinsurance programme's renewal date to the fourth quarter also affected results.

Net income for the first nine months of the fiscal year was $73.1 million, or $2.93 per share, down from $73.5 million in 1995.

Mr. Doyle also noted that as a reslt of the company's initial public offering in December 1995 and a secondary offering on 4.8 million shares completed last Wednesday, pro forma results net income per share was 96 cents for the third quarter in 1996 and $1.24 for 1995 and $2.94 for the nine months ended June 30, 1996 and $2.96 for the same period in 1995.

AT A GLANCE (All figures in '000s, except per-share amounts) (Figures in brackets signify losses) Jun.30 Jun.30 Pct.

1996 1995 Change Net Income $23,973.0 30,657 -22% Earnings per share $0.96 $1.24 -33% Realised Invst Gain (1,045) (88) N/A