Connie Lee Insurance Co. last month announced it reversed a statutory net income loss of $73,700 from the first half of 1991, generating $1.27 million during the first six months of 1992.

On a generally accepted accounting principles basis, net income rose 75% to $2.8 million for the first half from $1.6 million during the same period last year.

That compares to a 40% increase in GAAP net income for Municipal Bon Investors Assurance Corp., the industry's biggest player. MBIA saw net income in the first half rise $91.2 million from $65.3 million in the same period last year.

Net premiums written for Connie Lee, which became a primary insurer of higher education bonds in late 1991, jumped to $10.5 million during the first six months of the year, a 144% increase over the $4.3 million written in the first half of 1991.

Most of the gain in net premiums written came in the second quarter, Connie Lee reported. During the April-through-June period, premiums increased to $6.9 million, compared to just $1.7 million in last years's second quarter.

Connie Lee insured $176.6 million of bonds in the second quarter and $298 million in the first half.

The company's policyholders' reserve which counts unearned premium, capital, surplus, and contingency reserves, rose to $144.3 million . stood at $133.3 million.

Connie Lee is the smallest of the industry's six primary insurers, focusing exclusively on bonds issued by colleges, universities, and teaching hospitals.

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