for the six months to July 1, 1995 of $16.9 million, up 67 percent on the $10.2 million half year profit in 1994.

Shareholders' equity reached $337.3 million, after a $25.6 million stock repurchase at the end of 1994.

Gross written premium in the six month period exceeded $115.2 million, and premium earned with paid and reported losses of $14,483,743.

Operating expenses were almost $12.3 million and investment income totaled more than $3.3 million.

Assets totaled $441.6 million. That included cash and equivalents of $111.4 million, fixed maturity securities of $260.5 million, premiums receivable of $58.9 million and a further $10.8 million in other assets.

Reserve for losses was $32.2 million. 1995 projections at August 15 included gross premium written of $131 million, with an earned premium of $102,000.

CEO Mr. Paul Hasse and president Mr. Charles Kline reported this month that the average ceded premium to Centre Cat is in excess of $1 million on an average ceded limit of more than $10 million.

Formed in 1993, the privately held property catastrophe reinsurer is backed by Morgan Stanley, the Chubb Corporation, Zurich Insurance, Chemical Bank, Plymouth Rock and the pension funds of General Motors and AT&T.

Centre Cat provides innovative risk transfer solutions.