1997 of $22.7 million, a 27 percent increase over 1996 results.

"While looking forward to our tenth year, it is gratifying to reflect on the past, our ninth consecutive year of underwriting profits,'' President and Chief Executive Officer Jens Juul stated in a press release. "This was achieved notwithstanding the continued downward pressure on traditional insurance and reinsurance rates. We maintained our pricing posture. However, as our sector of the market -- alternative risk transfer -- is no more immune to competitive pressures than any other. We lost some business. We have countered with the creation of innovative new solutions and the restructuring of some of our proven products.'' The company had record underwriting profit of $6.1 million, while premiums earned rose about four percent to $42.9 million. Fees earned grew 19 percent to $5.3 million.