Property catastrophe reinsurer Mid Ocean Ltd. has reported third quarter profits to July 31 of $66.1 million, triple the net income of $20.

5 million recorded in the comparable period last year.

Earnings per share were $1.76, compared to last year's third quarter of $0.54.

Net operating income, excluding net gains and losses on investments, was $50.8 million ($1.35 per share) compared to $36.1 million ($0.95 per share) for the same period in 1994.

The strong earnings results came as the company received approval from the UK Department of Trade and Industry for a UK branch office, licensed to underwrite marine, energy and aviation reinsurance from a suite at the London Underwriting Centre.

President and CEO of Mid Ocean Mr. Michael A. Butt said,"We are very pleased to have secured all of the regulatory approvals acquired to begin the operations in the United Kingdom. This will allow us to expand our marine and aviation business in the international market, broaden and diversify our client base, and build upon our present infrastructure.

"By obtaining DTI's approval for a branch office rather than a subsidiary, we will be able to offer our clients the full strength of Mid Ocean's balance sheet with capital and surplus in excess of $925 million as of July 31, 1995, ranking it among the most highly capitalised reinsurers in the world.'' Meanwhile, company results for the nine month period are net income of $139.8 million ($3.70 per share), or almost 178 percent better than 1994's $50.3 million ($1.33 per share).

Net operating income, excluding net gains or losses on investments, for the three quarter period was at $141.4 million ($3.74 per share) compared to $65.3 million last year ($1.73 per share).

Total revenues rose 60 percent for the third quarter from $78 million in 1994 to $124.8 million for this year's third quarter.

Gross written premiums were up 4.0 percent to $67.8 million, while net earned premiums rose 12 percent to $90.8 million.

Net investment income, excluding net gains or losses on investments, was $18.7 million in the 1995 third quarter, compared with $12.4 million in the same period a year ago, an increase of 51 percent.

The increase in net investment income is attributed to a larger investment base in 1995 and the attaining of higher yields (6.44 versus 5.2 percent) than 1994. Net gains on investments for the quarter were $15.3 million, compared to net losses of $15.6 million for the same period last year.

Mr. Butt said, "Third quarter results reflect a continuation of our strong performance in 1995 on both an operational and financial level.

"Our loss ratio for the third quarter was 43.8 percent. This reflects an absence of major loss activity in the quarter as well as our Kobe earthquake provision being reduced from $15 million to $10 million, based on lower than expected reported claims activity related to this event.'' The company is in the middle of an up to $75 million share repurchase plan, repurchasing 1,765,000 shares for about $49 million during the quarter.

Gross written premiums for the nine month period have jumped 22 percent over last year, climbing from $347.6 million to $425 million. Net premiums earned were up from $217 million to $280 million.

Net investment income for the three quarter period rose from $35.5 million to $54.8 million. Net losses on investments fell from $15 million during last year's first nine months to $1.6 million for the same period this year.

At July 31, total assets were $1.59 billion, up $370 million from $1.22 billion at the end of fiscal 1994. Shareholders' equity had risen over the same period from $804.6 million to $925.8 million. Fully diluted book value per share was $25.77 at the quarter's end, as compared to $21.68 at the end of the 1994 fiscal year.

Mid Ocean also announced that the chief underwriters at the new London branch will be Mr. Steve Adams, who is responsible for underwriting a marine and energy excess of loss reinsurance account; and Mr. Adrian Walter, who is responsible for underwriting an aviation excess of loss reinsurance account.

They have been writing marine and aviation business from Mid Ocean's Bermuda office since last October.