reported net income attributable to common shares of $1.78 million, or $0.44 per share, for the quarter ended December 31, 1999.

The company also said net income attributable to common shares was $4.66 million, or $1.14 per share, for the full year of 1999.

Revenues of $5.5 million in the fourth quarter of 1999 and $22.2 million for the full year consisted principally of net investment income on the Company's insurance reserves. These long duration reserves relate to the prior year's premiums, as no premiums were written in 1999. The Company incurred acquisition and operating expenses and accrued discount related to its insurance reserves of $3.5 million in the fourth quarter of 1999 and $16.6 million for the full year.

Colin O'Connor, President and Chief Executive Officer, said, "The results for the quarter and the year were very satisfactory, highlighted by an impressive investment return. The reinsurance markets continue to be challenging, but our operating subsidiary Oracle Reinsurance will not write new business unless we believe there is a reasonable prospect of underwriting profit.''