Brockbank Group Plc business contributed significantly to Mid Ocean Ltd.'s fourth quarter premium figures, the Bermuda-based reinsurer said Friday.

Without Brockbank, Mid Ocean's fourth quarter gross premium written would have dropped substantially while net premium earned for the three months to October 31 would have been unchanged, compared to earlier figures.

A year ago, to diversify, Mid Ocean took a majority stake in Brockbank. The remaining 49 percent will be bought next year.

Mid Ocean provides corporate capital to Lloyd's syndicates managed by Brockbank's managing agency.

"Our fiscal fourth quarter results featured a strong top line contribution from Brockbank,'' Mid Ocean president and CEO Michael Butt said.

"We remain very pleased with our interest in Brockbank and look forward to completing the transaction in 1997.'' The positive Brockbank premium figures were part of Mid Ocean's fourth quarter and full year results. In fourth quarter, Mid Ocean's profit was $56.6 million compared to $43.2 million, up 31 percent.

For fiscal year, profit was $211.6 million compared to $182.9 million, up 16 percent.

Assets rose to an impressive $2.02 billion at October 31, compared to $1.66 billion a year earlier, an increase of 22 percent.

Fourth quarter gross premium written was $45.7 million compared to $20.9 million earlier. Gross premium written included $41 million from Brockbank.

Fourth quarter net premium earned rose to $117.6 million from $99.4 million.

Brockbank accounted for $23.2 million of the increase.

Mid Ocean said that the decline in 1996 non-Brockbank Group related gross premium written was due to a $3.5 million differential for reinstatement and adjustment premiums, $1.6 million in premium portfolio transfers, negative adjustments in the proportional treaty book and a positive $8.3 million adjustment in the 1995 quota share treaty which did not occur in 1996.

On renewals, Mr. Butt said: "The upcoming renewal season looks to be challenging and we intend to maintain underwriting discipline while focussing on our strengths. If reasonable pricing is not attainable, we will take appropriate action, which may result in reduction of premium volumes or making shifts in our mix of business.'' For the quarter, losses and loss expenses were $55.4 million compared to $58.7 million. Year losses were $216.5 million compared to $200.1 million.

"Catastrophic loss activity remained very light, although we increased our specific aviation IBNR loss reserves by $5 million to a total of $7.5 million,'' Mr. Butt said.

Total expenses were $89.7 million compared to $76.2 million for the quarter.

Year figures were $321.4 million and $269.3 million.

Gross premiums written for the year were $566.3 million compared to $445.8 million.

Net premiums earned for the year were $436.1 million versus $379.4 million in 1995.

Fully diluted book value per share was $30.88 at October 31 compared to $26.87 a year earlier.

Fourth quarter net operating income, excluding net investment gains and losses, was $53.3 million compared to $40.1 million.

For the year ended October 31, Mid Ocean's net operating income, excluding investments gains and losses, was $209.5 million compared to $181.5 million.

Revenues for the fourth quarter were $149.6 million compared to $119.3 million.

Year revenues rose to $539.1 million from $452.3 million.

Net investment income, excluding net gains or losses on investments, was $23.3 million in 1996 fourth quarter compared to $19.1 million in the same period a year earlier.

Net year investment income was $83.3 million compared to $78.8 million.

Net gains on investments were $3.3 million for the quarter compared to a $3.1 million gain for the same quarter a year earlier.

Net gains on investments were $2.1 million compared to $1.5 million in 1995.

(See also `Dividend, Page 14)