for the first nine months of fiscal 1992 -- up 20 percent ($22.8 million) for the same period the previous year.

During this period, ACE added 40 new excess liability accounts to its books, of which one-third were non US-based corporations, and 20 new directors' and officers' accounts.

Written premiums for the nine months to June 30, 1992, increased by 24 percent ($51 million) from $209.2 million to $260.2 million.

Net premiums earned went up by 14 percent ($24.8 million) from $174.3 million to $199.1 million.

Strong premium growth was partially offset by a 5.8 percent ($9.2 million) increase in the provision for loss reserves and loss expenses from $160 million to $169.2 million.

The result was a small underwriting profit of $4.7 million compared with a loss of $10.9 million for the first nine months of fiscal 1991.

Mr. Walter Scott, ACE's president and CEO, said: "We expect the above average growth to continue at least through calendar year end, due principally to the reduced excess liability capacity available in London.

"Our stepped-up marketing and broker educational programmes have also contributed to the strong growth in new business.

"There's now a greater awareness amongst insurance buyers of the necessity to purchase increased limits from financially secure and stable insurance markets.'' ACE has also completed the price increase programme begun a year ago. The increases are expected to generate extra premium income of $40 million annually.

Mr. Scott said: "More significantly, only five accounts were lost as a direct result of these price increases, illustrating the importance of ACE's coverage to our policyholders and the professional manner in which our underwriters implemented and explained the price increase.'' A quarter of ACE's customer base is soon to be hit with further price increases, he said. Excess liability price increases are scheduled for chemical, pharmaceutical, energy and petrochemical accounts.

Mr. Scott said: "These industries have already generated a disproportionate level of the losses that ACE has experienced since its inception and continue to represent substantial exposure for operational as well as product liability risks.'' ACE's investment income for the nine month period fell by 2.1 percent ($1.78 million) to $81.96 million.

Realised gains on securities rose by 21.8 percent ($10.3 million) to $57.3 million.

The overall total investment return for the nine month period was 8.3 percent, which was substantially down on the 13.4 percent total return during the same period the previous year, which benefitted from buoyant capacity and fixed income markets, said Mr. Scott.

Administrative expenses went up by 21.1 percent ($1.3 million) from $6.32 million million to $7.66 million.

ACE's total assets rose by 26 percent ($402.4 million) to $1.95 billion while its total liabilities went up by 71.2 percent ($306.4 million) to $736.6 million.

Shareholders' equity increased by $134.9 million to $1.21 billion resulting in a 15 percent increase in the fully diluted net asset value per ordinary share from $173 to $199 at June 30, 1992.

ACE LTD. NINE MONTH 1992 RESULTS PROFIT: $136.4 million PREMIUMS WRITTEN: $260.2 million NET PREMIUMS EARNED: $199.1 million UNDERWRITING PROFIT: $4.7 million ASSETS: $1.95 billion LIABILITIES: $736.6 million Mr. Walter Scott.