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E. W. BLANCH HOLDINGS, INC. ANNOUNCES SECOND QUARTER RESULTS

 MINNEAPOLIS, July 23 /PRNewswire/ -- E. W. Blanch Holdings, Inc. (NYSE: EWB), today announced its second quarter results. Net income after pro forma income taxes was reported at $1.8 million, or $0.13 per share on revenues of $12.7 million for the quarter ended June 30, 1993. This compares with $2.0 million, or $0.17 per share on revenues of $13.0 million for the second quarter of 1992. Net income after pro forma income taxes for the six months ended June 30, 1993 was reported at $5.8 million, or $.45 per share on revenues of $29.3 million. This compares with $5.2 million, or $0.42 per share on revenues of $26.7 million for the six months ended June 30, 1992.
 E. W. Blanch Jr., chairman and CEO, stated, "Production of new accounts continues to be strong in 1993 and our financial performance year to date is on track with our growth expectations. As we previously advised shareholders, revenue recognition on property catastrophe reinsurance contracts has generally shifted from a quarterly basis in 1992 to a semiannual basis in 1993, which has and will continue to result in brokerage revenues on the renewal of such contracts shifting out of the second and fourth quarters into the first and third quarters, respectively.
 E. W. Blanch Holdings, Inc. is a reinsurance intermediary with headquarters in Minneapolis. Reinsurance intermediares bring primary insurers and reinsurers together and assist them in negotiating reinsurance contracts with each other.
 E. W. BLANCH HOLDINGS, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands, except per share data)
 (Unaudited)
 Three months ended Six months ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenues $12,658 $13,035 $29,280 $26,656
 Operating expenses 10,362 9,656 20,913 18,333
 Operating income 2,296 3,379 8,367 8,323
 Investment and other income 793 223 1,563 622
 Interest and other expense 114 224 296 305
 Income before taxes 2,975 3,378 9,634 8,640
 Income taxes 451 -- 451 --
 Net income 2,524 3,378 9,183 8,640
 Pro forma income taxes 762 1,338 3,399 3,421
 Pro forma net income $1,762 $2,040 $5,784 $5,219
 Pro forma net income
 per share $0.13 $0.17 $0.45 $0.42
 Weighted average of shares
 and assumed shares
 outstanding 13,319,176 12,300,000 12,812,403 12,300,000
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 (Unaudited)
 6/30/93 12/31/92
 Assets
 Current assets $7,685 $4,886
 Other assets 49,648 23,741
 Fiduciary funds-assets 359,903 365,534
 Total assets 417,236 394,161
 Liabilities and stockholders' equity
 Current liabilities $3,442 $8,605
 Other liabilities 3,065 4,679
 Fiduciary funds-liabilities 359,903 365,534
 Total liabilities 366,410 378,818
 Stockholders' equity 50,826 15,343
 Total liabilities and stockholders'
 equity 417,236 394,161
 -0- 7/23/93
 /CONTACT: Tom Nelson, 612-835-3310, or Jennifer Roy, 617-261-4141, both of E. W. Blanch/
 (EWB)


CO: E. W. Blanch Holdings, Inc. ST: Minnesota IN: INS SU: ERN

DB -- MN004 -- 5025 07/23/93 09:13 EDT
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Date:Jul 23, 1993
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