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ARI HOLDINGS, INC. (FORMERLY KNOWN AS AMERICAN RELIANCE GROUP, INC.) REPORTS RESULTS OF SECOND QUARTER AND SIX MONTHS

 LAWRENCEVILLE, N.J., Aug. 20 /PRNewswire/ -- ARI Holdings, Inc. (AMEX: ARI) (formerly known as American Reliance Group, Inc.) today reported results for the second quarter and six months ended June 30, 1993.
 Revenues for the quarter were $2,229,000 compared to $21,108,000 for the same period in 1992. There were no realized investment gains in the second quarter of 1993, compared to $359,000 in the second qurter of 1992. The net loss was $3,651,000 or $1.63 per share for the second quarter of 1993, compared to net income of $2,789,000 or $1.15 per share for the second quarter in 1992.
 Revenues for the six months were $6,344,000 compared to $41,538,000 for the first half of 1992. The first six months of 1993 included $1,805,000 in realized investment gains, compared to $905,000 for the same period in 1992. Net loss for the first half was $3,251,000 or $1.45 per share, compared to net income of $5,125,000 or $2.11 per share in 1992.
 The decline in revenues is primarily due to certain reinsurance agreements implemented in December 1992 and January 1993 in connection with the company's Asset Purchase Agreement with Vik Brothers Insurance, Inc. The closing of the Asset Purchase Agreement ocurred on June 30, 1993.
 The net loss for 1993 is primarily due to a $1.8 million increase in the company's estimate of the loss from Hurricane Andrew and a $1.1 million provision for remaining lease obligations for contracts not assumed by Vik Brothers Insurance, Inc. in connection with the Asset Purchase Agreement.
 As previously reported, in 1993 and thereafter, ARI Holdings, Inc. will have no significant insurance operations and the principle source of revenues will be post closing considerations and investment income.
 AMERICAN RELIANCE GROUP, INC.
 (Amounts in thousands, except per-share data)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Premiums written $16 $19,081 $1,070 $32,856
 Premiums earned 1,424 17,864 2,336 34,616
 Net investment income 336 2,462 1,197 5,026
 Realized investment gains --- 359 1,805 905
 Total revenues 2,229 21,108 6,344 41,538
 Income (loss) before tax (3,651) 4,036 (3,213) 7,355
 Net income (loss) (3,651) 2,789 (3,251) 5,125
 Share data:
 Earnings (loss) per share $(1.63) $1.15 $(1.45) $2.11
 Average shares outstanding 2,236 2,418 2,236 2,433
 /delval/
 -0- 8/20/93
 /CONTACT: Karen S. Fulton, president of ARI Holdings, 609-896-1921/
 (ARI)


CO: ARI Holdings, Inc. ST: New Jersey IN: INS SU: ERN

JM-CC -- PH019 -- 8738 08/20/93 16:59 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
Words:458
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