Georges.

The company yesterday reported income of $6.9 million for the first quarter ended December 31, 1998 a drop of about 76.8 percent from the same period in 1997. The income is before minority interest, and includes net realised gains on investments.

The company had losses and loss expenses during the quarter of $30.6 million, compared to $8.7 million in the comparable period. LaSalle chairman, president, and chief executive officer Victor Blake said the losses were attributed to claims from storms in the Caribbean and Gulf coast.

"As was the case for others in our industry, this quarter was one in which we experienced further claims from Hurricane Georges, which struck the Caribbean and Gulf coast of the United States in late September,'' Mr. Blake stated.

"We also received claims from a number of international losses over the quarter. Nevertheless, we have turned in a profitable performance.'' The company wrote gross premiums of $11.8 million in the quarter compared to $9.6 million in the previous year. Net premiums earned were $35.1 million, compared with $ $37.9 million a year earlier.

LaSalle took a hit on its bottom line from Hurricane Georges and other storms in the previous quarter ended September 30. In the quarter LaSalle registered a loss of $4.6 million, after paying out losses and loss expenses of $43.3 million.

Hurricane Georges last summer caused an estimated $2.5 billion in insured property damage in Puerto Rico, the US Virgin Islands and four Gulf Coast states.

LaSalle chief operating officer Guy Hengesbaugh yesterday told The Royal Gazette the company believed it had made enough provisions for any more losses going forward.

He said LaSalle was going to maintain focus on writing specialist classes of reinsurance, including property catastrophe reinsurance.