loss of $2.5 million.

The company, which is the parent of Oracle Reinsurance Company Ltd., a Bermuda-based specialty reinsurer, also reported a profit for the year 2000 of $300,000.

Revenues of $0.7 million in the three months to December 31 and $13.2 million for the full year consisted principally of net investment income on the Company's insurance reserves. These long duration reserves relate to prior year's premiums, as no premiums were written in 2000.

The Company incurred acquisition and operating expenses and accrued discount related to its insurance reserves of $2.9 million in the fourth quarter of 2000 and $11.9 million for the full year.

Colin O'Connor, president and chief executive officer, said: "The company's results are determined primarily by investment income. The fourth quarter loss was entirely attributable to a temporary mark-down of certain assets whose market value fully rebounded in the first two months of 2001.''