Ocean Re, has reported a profit of $44.47 million, or $1.23 per share, for its first nine months in business.

Gross premiums written for the first nine months to July 31, 1993, were $247 million and net premiums were $237 million.

Net premiums earned came to $87.5 million, net investment income was $13.2 million and net realised gains on sale of investments was $10.7 million.

Losses and loss expenses incurred was $46.6 million and acquisition and other expenses was $20.3 million.

Net income excluding investment gains was $33.7 million or 93 cents per share.

The company's loss ratio was 53.3 percent, its expense ratio was 23.2 percent and combined ratio was 76.5 percent.

Mid Ocean's president and CEO Mr. Michael Butt said: "The third quarter was particularly active for our company with two key objectives satisfactorily achieved.

"Gross premiums for the third quarter, which included the important July 1 renewals for Australasia and the United States, amounted to nearly $50 million, bringing the total for nine months to $247 million,'' he said.

"We now have a global spread of business and client base, which gives an essential balance in our portfolio.'' Mid Ocean's recent initial public offering, which increased capital by $325 million and raised total capital and surplus to over $735 million, would "enable us to now market our exceptional financial strength to both existing and new clients as the January 1 renewal season approaches''.

He added: "We have noted continuing rate increases through the third quarter in our principal area of focus -- property catastrophe reinsurance.

"Since the beginning of the third quarter, there has been a continuation of significant catastrophe losses, including the tragic flooding in the mid-west of the US and, most recently, Typhoon Robyn in Japan and an earthquake in Guam.

"We do not anticipate significant involvement in any of these events though we are continuing to monitor each situation carefully and have adopted an appropriately conservative reserving strategy.'' MID OCEAN NINE-MONTH RESULTS PROFIT $44.5 M GROSS PREMIUMS WRITTEN $247.0 M NET PREMIUMS WRITTEN $236.9 M LOSSES AND LOSS EXPENSES $46.6 M ASSETS $944.4 M COMBINED RATIO 76.5 PERCENT PHOTO Mr. Michael Butt.