quarter profit.

For the three months to September 30, the company made $4.8 million, or 18 cents per share, compared to $8.9 million, or 34 cents a share. Nine month profit was $15 million, or 57 cents per share, compared to $25 million, or 98 cents per share.

The company reported a $3.6 million loss on sale or disposal of securities compared to a $5 million gain in prior third quarter.

Quarter operating income, which excludes the realised capital loss, more than doubled to $8.4 million compared to $3.8 million. Nine month operating income was $22.1 million compared to $10.8 million. The company said improved underwriting results and growth in net investment income comprised the operating income increase.

Gross premiums written rose to $190.8 million from $179 million. Nine month figures were $558.3 million and $426.8 million.

Net premiums were $188.6 million compared to $173.8 million. Nine month figures were $553.4 million and $418.5 million.

Investment income was $23.3 million compared to $21.5 million, for the nine months, $67.3 million and $58.8 million. Investment portfolio return was 2.2 percent.

The company experienced no significant losses in 1995 or 1996. Quarter loss ratio was 70.5 percent compared to 76.8 percent while combined ratio was 103 percent compared to 107 percent. Nine month figures were similar.

At September 30, book value was $26.11, up nine cents from three months earlier.