or $1.59 per share, for the quarter ended June 30, a decline of $2.3 million compared to the same period in 1996.

Net operating income, excluding realised investment gains and losses, declined to $37.3 million, or $1.60 per share for the quarter ended June 30, compared to $40.8 million or $1.56 per share in the same period last year.

In the previous quarter RenaissanceRe had net operating income of $35.3 million, excluding realised investment gains and losses. The company had total revenues of $63.9 million and expenses of $24.5 million during the second quarter 1997. In the second quarter 1996 the company had revenues of $70.2 million and expenses of $30.9 million.

The nine percent decline in revenue compared to last year's second quarter was mainly attributable to a $10.5 million fall to $51.5 million in net premiums earned. The company wrote net premiums of $20.6 million, compared with $32.7 million for the same quarter 1996, as the company increased its reinsurance purchases. The company wrote gross premiums of $34.8 million for the second quarter.

Operating expenses rose to $6.1 million for the second quarter compared to $3.8 million for the same period last year. The property catastrophe reinsurer attributed the increase in expenses to the addition of staff, the "continued development'' of Glencoe Insurance Ltd., and investment in technology.

Over the past 12 months staffing increased to 32 from 20 people, all based in Bermuda. The company incorporated Glencoe, which writes property insurance against natural catastrophes, in January last year.

RenaissanceRe revenues decline Net investment income for the quarter was $12.2 million, compared to $10.3 million for the same period last year. "The increase in net investment income for the quarter ended June 30, 1997, compared to the same period in the prior year was the result of higher average invested assets, which resulted primarily from cash provided by operations and increased debt outstanding, partially offset by amounts used to repurchase common stock,'' the company stated in a press release. Claims and claim adjustment expenses incurred for the quarter were $11.1 million, or about 22 percent of net premiums earned. In the same period last year the expenses were $19.3 million or about 31 percent of net premiums earned. Shareholder equity at June 30 was $562.9 million compared to $546.2 million at December 31. Book value per common share increased to $25.17 per share compared to $23.21 per share at December 31.