Capital Re Corp. Wednesday reported net income of $10.4 million, or 70 cents a share, in the first quarter, up 15.6% from $9 million, or 60 cents, in the first quarter of 1993.

Capital Re Corp. is the holding company for Capital Reinsurance Co., which serves the municipal bond insurers, and Capital Mortgage Reinsurance Co., which serves the mortgage guaranty industry.

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