quarter ending March 31, 1993 -- up by 27.7 percent on the same period last year.

Revenues increased by 47 percent ($8.3 million) to $26 million, while expenses went up by 58.4 percent ($7.3 million) to $19.75 million.

On the revenues side, risk management fees increased by 27 percent ($2 million) to $9.6 million, premiums earned went up by 72 percent ($6 million) to $14.3 million and net investment income jumped by 16.4 percent ($299,000) to $2.1 million.

On expenses, losses and loss expenses incurred increased by 59 percent ($4.2 million) to $11.4 million, acquisition costs went up by 153 percent ($1.8 million) to $3 million and operating expenses increased by 32 percent ($1.2 million) to $5.1 million.

Pre-tax operating income came to $6.25 million, up by 19.6 percent ($1 million) on the same period in fiscal 1992. Operating income per share was 50 cents, compared with 42 cents last year.

Assets went up by 7.4 percent ($37 million) to $536 million as at March 31, 1993, while shareholders' equity increased by 4.2 percent ($4 million) to $100 million.

Book value per share came to $12.58, compared with $12.34 a year earlier. In a joint statement chairman and CEO Mr. Robert Mulderig and president Mr. John Kessock, Jr. attributed the results to a strong demand for the company's services from participants in the alternative market, "especially for workers' compensation business in the US despite the continued depressed state of the commercial lines casualty market''.

Legion Insurance Company, which is Mutual Risk's wholly-owned domestic US insurance subsidiary, based in Pennsylvania, added 17 new programmes during the first quarter of 1993, compared with eight new programmes for the same period in 1992.

Legion's renewal rate was 77 percent in the 1993 first quarter, compared with 79 percent a year earlier.

1993 FIRST QUARTER RESULTS OF MUTUAL RISK MANAGEMENT PROFIT $4.46 M PREMIUMS EARNE $14.30 M DREVENUES $26.01 M EXPENSES $19.75 M ASSETS $536.00 M SHAREHOLDERS' EQUITY $100.00 M.