losses again this year.

The company reported a net loss of $2.6 million for the quarter, compared to a net loss of $2.6 million for the same period in 1999.

A release from the company attributed the losses to pricing pressures in the specialised markets Stirling Cooke operates in and on adverse loss development of $2.1 million resulting from discontinued programmes.

"These difficult conditions resulted in reduced revenue and shrinkage in operating margins,'' the company said.

It also held that the strengthening of reserves in its insurance and reinsurance segments was part of an ongoing effort to ensure that it was appropriately reserved in all business segments.

The company reported a diluted net loss of $0.27 per share for the third quarter ended September 30, 2000, consistent with diluted net loss per share of $0.27 for the corresponding quarter of 1999. For the nine months ended September 30, the company reported a net loss of $5.8 million, compared to net income of $2.0 million for the same period in 1999.

Diluted net loss per share for the nine months ended September 30, 2000 was $0.61, compared to diluted net income per share of $0.21 for the first nine months of 1999.

The company also reported that its Board of Directors had declared a quarterly dividend of $0.03 per ordinary share payable on December 1, 2000 to shareholders of record on November 17, 2000.

For the quarter ended September 30, 2000, total revenues were $15.0 million, an increase of $0.7 million from $14.3 million in the third quarter of 1999.

For the nine months, total revenues were $41.8 million, a decrease of $16.7 million from $58.5 million for the first nine months of 1999.

Brokerage revenues were $2.9 million in the third quarter compared to $5.5 million in the third quarter of 1999, and $9.4 million in the first nine months of 2000 compared to $24.0 million for the same period a year ago.

This decrease in revenues was primarily the result of reduced business being brokered due to the significantly diminished reinsurance capacity for workers' compensation business.

The company's programme business revenues were $3.8 million in the third quarter compared to $5.3 million in the third quarter of 1999, and $12.5 million in the first nine months of 2000 compared to $17.1 million for the first nine months of 1999.

Stirling Cooke posts losses This decrease was due to reduced fee margins on programmes and a reduction in programme business volume due to a re-underwriting of the book of business.

Insurance revenues earned by the company's US-based insurance carrier increased to $6.5 million in the third quarter of 2000, from $3.2 million for the third quarter last year, and increased to $15.7 million in the first nine months of this year, from $10.2 million for the first nine months of 1999.

This increase in revenues reflects an increase in premiums earned as the company reduced the amount of reinsurance on its programmes. This increase in net retained premium was partially offset by the decision to discontinue certain loss making programmes.