STIRLING COOKE BROWN HOLDINGS LIMITED
 Second Quarter Reported Earnings
 (Dollars in thousands except per share data)
 (unaudited)
 
 Three Months ended Six months ended
 June 30 June 30
 2002 2001 2002 2001
 Revenues
 Risk management fees $3,379 $4,987 $6,861 $9,786
 
 Net premiums earned 7,313 5,682 13,647 10,024
 Net investment income 1,052 1,185 1,723 2,442
 Other gains (losses) 15 (2) 22 1,021
 
 Total revenues 11,759 11,852 22,253 23,273
 
 Expenses
 Insurance costs 7,805 5,806 13,831 10,062
 Operating expenses 10,892 7,482 19,255 16,505
 
 Total expenses 18,697 13,288 33,086 26,567
 
 Loss from continuing operations
 before taxation (6,938) (1,436) (10,833) (3,294)
 Taxation (17) (308) (396) (646)
 
 Net loss from continuing
 operations before
 discontinued operations (6,921) (1,128) (10,437) (2,648)
 
 Discontinued operations:
 Net loss from operations of
 discontinued operations (555) (1,148)  (1,336) (1,557)
 Gain on disposal of
 discontinued operations 4,818 -- 4,818 --
 Net income (loss) from
 discontinued operations 4,263 (1,148) 3,482 (1,557)
 Net loss  $(2,658) $(2,276) $(6,955) $(4,205)
 
 Diluted net loss per share
 Loss from continuing operations $(0.73) $(0.12) $(1.10) $(0.28)
 Loss from discontinued operations 0.45 (0.12) 0.37 (0.16)
 Net loss per share $(0.28) $(0.24) $(0.73) $(0.44)
 
 Average number of ordinary shares
 Outstanding - Diluted (000's) 9,520 9,520
 
 
 
 Balance Sheet Data June 30, 2002 December 31, 2001
 
 Shareholders' Equity $28,574 $35,505
 Book value per outstanding share $ 3.00 $ 3.73