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ACCEPTANCE RIGHTS OFFERING EXCEEDS MAXIMUM $31.9 MILLION

 OMAHA, Neb., Jan. 28 /PRNewswire/ -- Acceptance Insurance Companies Inc. (NYSE: AIF) today announced the completion of its rights offering with funds received in excess of $45 million. Sine? proceeds exceeded the $27.7 million basic subscription, the company elected to exercise its overallotment option to increase the offering to its maximum of $31.9 million.
 Final allotments in the oversubscription will be calculated after Feb. 4, 1993, which marks the end of the six day broker protect period by which all right certificates must be received.
 Commenting on the success of the offering, Kenneth C. Coon, CEO of the company, said, "We are excited to complete our recapitalization activities of the last 12 months with such a positive statement by our shareholders. We are looking forward to putting this new capital to work."
 Acceptance Insurance is an A- rated specialty property and casualty insurance company concentrating its efforts in the excess and surplus lines business. The company's insurance operations are conducted through its three insurance subsidiaries and an insurance agency. The company seeks specialty books of insurance business throughout the Unites States in which the application of its skilled underwriting and claims techniques can provide the company with an advantage over the insurance industry.
 -0- 1/28/93
 /CONTACT: William J. Gerber, vice president of Acceptance Insurance Companies, Inc., 402-344-8800, or Edward Silverman or Cynthia Bond of Silverman Heller & Bond, Inc., 212-682-9222, for Acceptance Insurance/
 (AIF)


CO: Acceptance Insurance Companies Inc. ST: Nebraska IN: INS SU: SRP

TS-SM -- NY013 -- 0089 01/28/93 09:18 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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