reinsurer, reports results, though down from a year earlier, were still healthy.

For the year ended March 31, 1995, the company reported net income of $33.8 million, down 39.4 percent from the $55.8 million reported a year earlier.

Premiums written in the company's first year with insurance and reinsurance programmes were $55 million.

The company, formed by Commodities Corporation and former Centre Re executives Mr. Michael Cascio and Mr. Richard Black, last year obtained an insurance licence and changed its name from Commodities Trading Corporation Ltd.

Investment income -- which is responsible for a substantial portion of total income -- was $35.7 million compared to $58.9 million a year earlier, a drop of 39 percent.

"Whilst the return on equity for the year ended March 31, 1995 of 15.6 percent is below the exceptional return for the year ended March 31, 1994 of 32 percent and below Commodities Corporation's average annual return over 25 years of 23.9 percent, it is nevertheless impressive given the difficult financial markets during the past year,'' the company said.

"In comparison to traditional insurance and reinsurance companies, with their concentration of assets in fixed income securities, the return is outstanding,'' the company said.

Assets rose to $406.8 million compared to $260.3 million for the year earlier.

Expenses were up $9 million to $10.9, the company said its recently released annual report.

This is the first ever annual report for the company under its new name.

Stockton Re, as a Commodities Corporation company, has a 15 year history as an investment company and received its insurance licence September 30, 1994.

The company's quota share participation in traditional crop hail and multi-peril crop insurance contract as well as their First Line programme are examples of Stockton Re's specialty risks.

Under the latter, Stockton Re was approved as an authorised insurer by the US Coast Guard to provide evidence of financial responsibility in support of Certificates of Financial Responsibility (CoFRs) required by ship owners under the Oil Pollution Act 1990.

Developed with Johnson & Higgins, First Line is the "leading programme of its kind,'' the company.

Mr. Richard Black