STIRLING COOKE BROWN HOLDINGS LIMITED First Quarter Reported Earnings (Dollars in thousands except per share data) (unaudited) Three Months Ended March 31 2002 2001 Revenues Risk management fees $3,482 $4,799 Net premiums earned 6,334 4,342 Net investment income 671 1,257 Other income 7 1,023 Total revenues 10,494 11,421 Expenses Insurance costs 6,026 4,256 Operating expenses 8,363 9,023 Total expenses 14,389 13,279 Loss from continuing operations before taxation (3,895) (1,858) Taxation (379) (338) Net loss from continuing operations before discontinued segments (3,516) (1,520) Discontinued segments: Net loss from operations of discontinued segments (781) (409) Net loss from operations $(4,297) $(1,929) Diluted net loss per share Loss from continuing operations $(0.37) $(0.16) Loss from discontinued segments (0.08) (0.04) Net loss per share $(0.45) $(0.20) Average number of ordinary shares Outstanding - Diluted (000's) 9,520 9,520 Balance Sheet Data March 31, December 31, 2002 2001 Shareholders' Equity $30,801 $35,505 Book value per outstanding share $3.24 $3.73