delivered a second quarter net income increase of 23 percent, to $62.9 million or $1.65 per share.

It pushed its half year net income figures up to $114.9 million ($3.09 per share), from the $108.8 million ($2.95 per share) recorded for the six months to April 30 a year ago.

Total second quarter revenues were up 24 percent to $157.4 million and gross written premiums rose 27 percent to $137.9 million, of which $95.4 million came from the Brockbank Group.

The corporate syndicates managed by Brockbank also accounted for $39.9 million of the $130.8 million in earned premium for the quarter.

Net investment income, excluding net gains or losses on investments was up 27 percent to $25.3 million for the second quarter, compared with $19.9 million for the same period a year before. Net investment losses for the quarter were $3.4 million, versus a net loss of two million dollars in the second quarter of 1996.

President and CEO, Michael Butt, said: "Mid Ocean achieved substantial financial gains for the quarter and the growth in premiums written reflects the increasing impact of our decision to enhance our capacity in 1997 in support of our dedicated vehicles underwritten by the Brockbank Group at Lloyd's.

"These very satisfactory results have been achieved despite modestly unfavourable comparisons to the prior year in the areas of foreign exchange and investment losses. The strong profitability also stems from a lack of loss activity and the continuing positive development of our loss reserves.

"This positive growth has been accomplished in an increasingly competitive global insurance and reinsurance environment. In this situation, we continue to exert underwriting discipline which has caused us to reduce business written in those areas which we perceive to be inadequately rated.

"Mid Ocean initiated during this past quarter the process which was agreed to with The Brockbank Group Plc shareholders in December, 1995 which we expect will culminate in a tender offer for the shares of the Brockbank Group Plc.'' Gross written premiums for the six month period were down two percent to $397.7 million, while net premiums earned rose from $204.4 million to $238.8 million.

Net investment income for the combined two quarters was up from $39 million to $49.2 million. Net losses on investments were $700,000, compared to net gains of $7.2 million for the same period in the previous year.

Total assets at April 30, 1997 were $2.26 billion, nearly a quarter of a billion dollar improvement over the $2.02 billion reported at the end of fiscal 1996.

Shareholders' equity was $1.21 billion at April 30, improved from $1.12 billion six months before. Fully diluted book value per share was $31.91 at the end of the second quarter, compared to $30.88 per share at the end of fiscal 1996.

Mid Ocean closed at $51 per share on Friday, $1.63 higher than when it opened on the New York Stock Exchange.

Hutchings promoted Bermudian W. Preston Hutchings (left), has been promoted to senior vice president and chief investment officer at Mid Ocean Ltd. Mr. Hutchings, the son of former Shell Companies of Bermuda boss, Ford Hutchings, joined Mid Ocean Ltd. as vice president and chief investment officer in January, 1995.

He was previously managing director of the Bank of N.T. Butterfield & Son Ltd.'s investment management subsidiary, Butterfield Asset Management.

Preston Hutchings