income, excluding realised investment gains and losses, was down slightly at $29.1 million for the second quarter ended June 30 compared to $30.7 million a year ago.

Earnings per share rose to $1.40 for the quarter compared to $1.35 for the same period 1998. Net income for the quarter was $24.1 million compared to $28.5 million a year ago.

Chairman, president and chief operating officer James Stanard reported that Renaissance had a 19 percent return on equity for a quarter during which the market had significant catastrophe insurance losses. "The catastrophe reinsurance market has begun to rebound in certain areas, which has allowed us to grow gross reinsurance premium, while maintaining the quality of our portfolio,'' he said.

For the six months ended June 30 Renaissance had net income of $54.1 million or $2.57 a share compared to $64.2 million or $2.83 a share for the same period in 1998.