$70 million to June 30, a gain of 16 percent over the second quarter of 1997.

For the three months net income per diluted share was $1.12 compared with $1.14 for second quarter 1997. Net income for the half year was $147.7 million, 22 percent above the same period last year.

"Our second quarter results are very positive in light of the continuing competitive pressures in our industry,'' president and chief executive officer Herbert Haag stated in a press release. "...As competitive pressures continue unabated, my encouragement this quarter stems from the advances that we have made toward our strategic goals. The integration of our Bermuda, Paris and New York operations continued with a joint planning process for the 1999 renewals and beyond.'' He said PartnerRe US was "experiencing significant growth opportunities outside the most contested lines of business''.

PartnerRe also announced yesterday the opening of a representative office in Tokyo to cater to clients in Japan.

The group wrote net premiums of $168.8 million for the three months, an increase of $131 million over second quarter 1997. Second quarter 1997 figures do not include Paris-based SAFR, which PartnerRe bought in July that year.

Total revenues for the 1998 second quarter were $220.7 million, made up of $177.1 of net premiums earned and net investment income of $41.8 million.

At June 30, the company had total assets of $3.7 billion and shareholders' equity of $2 billion. Diluted book value per common share was $31.18 compared to $29.57 at December 31.

Looking ahead Mr. Haag said consolidation and "excessive competition'' will continue to drive the industry.

"While I must remain cautious about near term growth and proft expectations, I am convinced that our future success lies in our ability to remain focused and committed to our philosophy of discipline, selective growth and creativity,'' he said.

PartnerRe provides multi-line reinsurance to insurance companies through its subsidiaries in Bermuda, Paris and New York.