reported a profit of $67.68 million or $1.84 per share for its first fiscal year, which ended on October 31.

The company wrote gross premiums of $257.5 million and had net premiums earned of $138.2 million.

Net investment income came to $23.2 million, while net realised gains on sale of investments were $11.9 million.

Losses and loss expenses incurred was the biggest expense at $74.7 million and acquisition and other expenses came to $31 million.

Mid Ocean's combined ratio was 76.5 percent, comprising a loss ratio of 54.1 percent and an expense ratio of 22.4 percent.

Net income excluding realised gains was $55.7 million or $1.52 per share. At October 31, 1993, Mid Ocean had cash and investments of $839.6 million, assets of $954 million, reserves of $71.4 million and shareholders' equity of $769.4 million.

For the fourth quarter of fiscal 1993, Mid Ocean made a profit of $23.2 million or 61 cents per share.

The combined ratio for the fourth quarter was 76.3 percent, which was comprised of a loss ratio 55.3 percent and an expense ratio of 21 percent.

Gross premiums written during the quarter were $10.5 million while net premiums earned amounted to $50.7 million.

Mid Ocean began operations in November, 1992, and went public on August 4, 1993.

After the company formed in Bermuda, several similar entities followed suit to fill a huge coverage void in the worldwide property catastrophe market.

Mr. Michael Butt, Mid Ocean's president and CEO, said: "The fourth quarter saw a satisfactory continuation of demand for our services, although, as expected, this was the quietest quarter of the year for us. Pricing remained firm in our sectors of the reinsurance market.

"Looking ahead, we start our second year with substantially greater financial strength and infrastructure and look forward confidently to the continued development of Mid Ocean as a long-term leader in the international reinsurance marketplace.'' MID OCEAN 1993 RESULTS PROFIT .................................. $67.7 M GROSS PREMIUMS .......................... $257.5 M NET PREMIUMS ............................ $138.2 M COMBINED ................................ 76.5 PERCENT ASSETS .................................. $ 954.0 M RESERVES ................................. $71 .4 M SHAREHOLDERS'EQUITY .................... $769.4 M FULLY DILUTED BOOK VALUE PER SHARE ...... $20.82.