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CENTRAL RESERVE LIFE CORPORATION ANTICIPATES FIRST QUARTER LOSS

 STRONGSVILLE, Ohio, May 4 /PRNewswire/ -- Central Reserve Life Corporation (NASDAQ: CRLC) today announced it anticipates a loss of approximately $700,000 for the three months ended March 31, 1993. This represents a net loss per share of approximately $.17 for the first quarter, compared to net income of $.15 per share a year ago. The company plans to announce complete financial results for the first quarter of 1993 during the week of May 10, 1993.
 Premiums for the first quarter of 1993 rose over 25 percent for the three months ended March 31, 1993. Three key factors impacted the first quarter 1993 results. First, reserve accruals for future claims increased due to higher premium volume and large claims which continued during the first quarter, particularly in the company's Gemini program, a partially self-funded program for businesses with 15 or more employees. Second, renewal rate increases implemented during the second half of 1992 were not sufficient, particularly in the Gemini product, due to leveraging effects of deductibles and claims. Third, a specific block of business experienced claims in excess of 100 percent during March 1993.
 Specific steps have been taken to improve Central Reserve's long- term profitability. These actions include more aggressive rate increases, adjustments in attained age ratings and reductions in certain expenses.
 Central Reserve Life Corporation is a leading insurer of preferred risk accident and health insurance and related financial products, specializing in groups of 50 or fewer employees. Based in Strongsville, Ohio, the company is currently active in 20 of the 36 states in which it is admitted.
 -0- 5/4/93
 /CONTACT: Frank Grimone, chief financial officer, Central Reserve Life Corporation, 216-572-2400; or Robert A. Lentz of Robert A. Lentz and Associates, Inc., 614-228-2142, for Central Reserve Life Corporation/
 (CRLC)


CO: Central Reserve Life Corporation ST: Ohio IN: INS SU: ERP

AR -- CL004 -- 4175 05/04/93 09:04 EDT
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Publication:PR Newswire
Date:May 4, 1993
Words:313
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