down roots in Bermuda, has reported net operating income for the quarter to the end of January at $16.6 million (44 cents per share), which represents a 180 percent increase over the $5.9 million (pro forma earnings of 17 cents per share) reported for the same period in 1993.

Net operating income (excluding investments) was $9.7 million (26 cents a share), compared to $5.1 million (15 cents per share on a pro forma basis).

Chief Executive Officer of Mid Ocean, Michael A. Butt, said, "We are generally pleased with our first quarter results, which were achieved despite the Northridge (California) earthquake, the third largest insured loss in US history. Although it is still too early to accurately assess the actual insured loss for Mid Ocean or the marketplace as a whole, our results include a $37 million provision for the Northridge earthquake.'' Mr. Butt said that the estimate is based on an over-all market loss assessment in excess of $3 billion.

"We are pleased,'' he said, "that we are able to absorb this loss and still maintain a profit in the quarter.'' Mid Ocean Ltd. began operations in November 1992 and principally reinsures property risks through its subsidiary, Mid Ocean Reinsurance.

Total revenues for the first quarter of this year are $78.2 million, up 492 percent from last year's first quarter of $13.2 million.

Total assets at the end of January were $1.19 billion, a jump from $513.8 million at the end of January last year. Shareholders' equity climbed from $363.4 million ($16.56 book value per share on a pro forma basis) at the end of January 1993 to $784.4 million ($21.20 value per share) at quarter's end.

Gross premiums increased 73 percent to $225.2 million from $130.1 million in the same quarter of 1993. Net earned premiums for the first quarter were $58.3 million, up 541 per cent from the prior year's first quarter of $9.1 million.

Net investment income, excluding net gains on investments, was $13 million in the first quarter, compared with $3.4 million in the same period in 1993, an increase of 282 per cent. Net gains on investments were $6.9 million in the quarter, compared with $800,000 in the prior year's first quarter, due to a much larger investment base than in the year before.

MID OCEAN LTD. 1994 FIRST QUARTER RESULTS Profit...........................................$16.59m Gross Premiums Written...........................$225.227m Net Premiums Written.............................$221.038m Net Premiums Earned..............................$58.29m Earnings Per Share...............................$0.44 Losses and Loss Expenses.........................$53.191m.