nearly 25 percent to $29.7 million for the second quarter in 2000.

The reinsurance company, which has offices in Pembroke, reported net operating income, excluding realised investment gains and losses, of $33.3 million or $1.74 per share, for the second quarter ended June 30, 2000, compared to $29.1 million or $1.40 per share, for the same period in 1999.

Net income for the quarter ended June 30, 2000 was $29.7 million or $1.55 per share, compared to $24.0 million or $1.16 per share for the same period in 1999.

James Stanard, Chairman, President and CEO commented: "I am pleased to report that we have achieved the highest quarterly operating earnings per share in our history as a public company, along with continued growth in both gross and net reinsurance premiums.

"Although the sharp growth in quarterly premium was partially due to timing on renewals booked in the second quarter this year versus the third quarter last year, and from reinstatement premium on last year's events, we are on track for growth in both gross and net written premium for the full year.

"We expect that industry insured losses on European storms Lothar and Martin will grow to approximately $8 billion and $5 billion respectively, and Typhoon Bart to $5 billion, which are more than 50 percent above figures generally estimated in the first quarter of this year.'' Gross premiums written for the second quarter of 2000 were $97.7 million compared with $67.4 million for the same quarter of 1999.

Net premiums written for the second quarter of 2000 were $64.8 million compared to $34.9 million for the same quarter of 1999.

Net premiums earned for the second quarter of 2000 were $62.5 million compared to $57.7 million for the same quarter of 1999.

Net investment income, excluding realised and unrealised investment gains and losses, for the second quarter of 2000 was $19.2 million, compared to $14.0 million for the same period in 1999.

Claims and claim adjustment expenses incurred for the quarter ended June 30, 2000 were $24.9 million or 39.8 percent of net premiums earned. In comparison, claims and claim adjustment expenses for the quarter ended June 30, 1999 were $21.0 million or 36.4 percent of net premiums earned.

Operating expenses were $9.1 million for the second quarter of 2000, compared to $9.1 million for the same period of the prior year.

Shareholders' equity at June 30, 2000 was $625.2 million, compared to $600.3 million at December 31, 1999. Book value per common share at June 30, 2000 was $32.49 per share, compared to $30.50 per share at December 31, 1999.