second quarter of fiscal 1993 -- an increase of 65 percent on the same period the previous year.

Net income per share for the three months to May 31, 1993, rose by 70 percent to $1.82, compared with $1.07 in 1992's second quarter.

Revenue for the second quarter went up by 33 percent ($50.5 million) to $205.1 million.

Gross and net premiums written increased by 16.7 percent ($15.4 million) to $107.6 million. There were no reinsurance premiums ceded during the quarter.

Net investment income, excluding realised gains, went down by three percent ($1.3 million) to $42.7 million and net realised gains went up by 412 percent ($36.7 million) to $45.6 million.

Losses and loss expenses went up by 12 percent ($9.4 million) to $87.8 million and acquisition and administration expenses increased by five percent ($778,000).

Operating earnings, which exclude realised investment gains, for the second quarter of 1993 came to $55.4 million, or $1 per share, compared with $51.8 million, or 91 cents per share, for the second quarter of 1992.

During the quarter, EXEL's equity in the net earnings of its affiliate, Mid Ocean Reinsurance Company, was $3.6 million, or six cents per share.

Operating earnings for the quarter included charges of $800,000 for costs incurred in relation to the company's second public offering.

The combined ratio for the second quarter was 91.8 percent, compared with 92.3 percent in the same quarter of 1992, with the loss and loss expense ratio being 77.6 percent and 77.2 percent, respectively, and the underwriting expense ratio being 14.2 percent, compared with 15.1 percent.

Total assets rose by 8.5 percent ($260 million) to $3.33 billion, while unpaid losses and loss expenses increased by 4.6 percent ($53 million) to $1.2 billion.

Shareholders' equity went up by 4.9 percent ($79.7 million) to $1.7 billion.

Fully diluted book value pershare was $30.91 at May 31, 1993, compared with $28.49 at November 30, 1992.

Over the first six months of fiscal 1993, EXEL has reported a profit of $191.5 million, up 44.2 percent over the first six months of 1992.

EXEL, through its wholly-owned subsidiaries, XL Insurance and XL Europe Insurance, provides general liability, directors and officers liability coverage on a worldwide basis.

EXEL RESULTS FOR HALF-YEAR 1993 PROFIT $191.5 M REVENUES $394.1 M EXPENSES $202.0 M INCOME BEFORE TAX $192.0 M ASSETS $3.3 B UNPAID LOSSES AND LOSS EXPENSES $1.2 B SHAREHOLDERS' EQUITY $1.7 B.