months of fiscal 1992 -- a 3.6 percent drop compared with the same period the year before. Written premiums increased by 15 percent to $27.3 million while earned premiums rose by 5.9 percent to $25.6 million. The number of policyholders jumped by six percent to 182.

Losses and loss expenses were up by 5.9 percent to $21.7 million and acquisition costs rose slightly to $3.46 million. Net underwriting profit rose by 15.2 percent to $377,000, investment was slightly down at $22.46 million and net realised gains on sales of securities dropped by 14.2 percent to $1.98 million.

Assets rose by 13.2 percent to $445.7 million, while liabilities went up by 10.3 percent to $214.4 million. CODA president Mr. Don Snyder said: "The level of activity and severity of losses has stabilised. CODA continues its practice of reserving at 85 percent of premiums.''