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FRONTIER INSURANCE ANNOUNCES UNAUDITED THIRD QUARTER 1992 RESULTS

 FRONTIER INSURANCE ANNOUNCES UNAUDITED THIRD QUARTER 1992 RESULTS
 MONTICELLO, N.Y., Nov. 9 /PRNewswire/ -- Frontier Insurance Group, Inc. (NYSE: FTR) today announced its unaudited third quarter results for 1992 as follows:
 FRONTIER INSURANCE GROUP, INC.
 Income Statement Data
 (Unaudited)
 Nine months ended Sept. 30 1992 1991 Pct. change
 Revenues
 Premiums written $46,373,000 $33,779,000 37.3
 Premiums ceded (8,839,000) (12,415,000) (28.8)
 Net premiums written 37,534,000 21,364,000 75.7
 Net premiums earned 26,384,000 18,125,000 45.6
 Net investment income 6,001,000 4,153,000 44.5
 Realized capital gains (46,000) 183,000 (125.1)
 Claims adjusting income 314,000 417,000 (24.7)
 Total revenues 32,653,000 22,878,000 42.7
 Expenses
 Losses 15,158,000 9,040,000 67.7
 Loss adjustment expenses 4,109,000 2,442,000 68.3
 Amortization of policy
 acquisition costs 5,076,000 4,242,000 19.7
 Underwriting and other expenses 2,810,000 2,157,000 30.3
 Interest expense -- -- --
 Total expenses 27,153,000 17,881,000 51.9
 Income before income taxes 5,500,000 4,997,000 10.1
 Income taxes
 State 392,000 245,000 60.0
 Federal 912,000 1,108,000 (17.7)
 Total income taxes 1,304,000 1,353,000 (3.6)
 Net income 4,196,000 3,644,000 15.1
 Earnings per share:
 Operating income $.62 $.53 17.0
 Realized capital gains (losses) -- .02 (100.0)
 Federal income tax
 "Fresh Start" benefits .02 .01 100.0
 Net income $.64 $.56 14.3
 Weighted average shares
 outstanding 6,518,000 6,472,000 0.7
 Statuary combined ratio
 (as a percent) 102.1 96.4 N/A
 Nine months ended Sept. 30 1992 1991 Pct. change
 Revenues
 Premiums written $116,596,000 $89,886,000 29.7
 Premiums ceded (26,163,000) (33,161,000) (21.1)
 Net premiums written 90,433,000 56,725,000 59.4
 Net premiums earned 74,104,000 55,169,000 34.3
 Net investment income 14,945,000 11,173,000 33.8
 Realized capital gains 88,000 538,000 (83.6)
 Claims adjusting income 1,097,000 1,153,000 (4.9)
 Total revenues 90,234,000 68,033,000 32.6
 Expenses
 Losses 40,098,000 30,514,000 31.4
 Loss adjustment expenses 11,369,000 8,572,000 32.6
 Amortization of policy
 acquisition costs 11,777,000 7,977,000 47.6
 Underwriting and other expenses 8,802,000 6,388,000 37.8
 Interest expense -- 241,000 (100.0)
 Total expenses 72,046,000 53,692,000 34.2
 Income before income taxes 18,188,000 14,341,000 26.8
 Income taxes
 State 936,000 802,000 16.7
 Federal 3,442,000 2,901,000 18.7
 Total income taxes 4,378,000 3,703,000 18.2
 Net income 13,810,000 10,638,000 29.8
 Earnings per share:
 Operating income $2.07 $1.74 19.0
 Realized capital gains (losses) .01 .06 (83.3)
 Federal income tax
 "Fresh Start" benefits .04 .03 33.3
 Net income $2.12 $1.83 15.8
 Weighted average shares
 outstanding 6,516,000 5,817,000 12.0
 Statuary combined ratio
 (as a percent) 96.5 96.4 N/A
 Balance Sheet Data
 (Unaudited)
 Sept. 30 1992 1991 Percent change
 Total investments $261,080,000 $206,123,000 26.7
 Total assets 337,525,000 262,819,000 28.4
 Reserves for:
 Unpaid losses 148,353,000 109,856,000 35.0
 Loss adjustment expenses 27,993,000 24,877,000 12.5
 Total liabilities 235,028,000 176,227,000 33.4
 Total capital 102,497,000 86,592,000 18.4
 Book value per share $15.67 $13.36 17.3
 Frontier is an underwriter and creator of specialty insurance products serving the needs of insureds in niche markets.
 -0- 11/9/92
 /CONTACT: Walter A. Rhulen of Frontier Insurance Group, Inc., 914-796-2100 ext. 501/
 (FTR) CO: Frontier Insurance Group, Inc. ST: New York IN: INS SU: ERN


LR-TS -- NY094 -- 8854 11/09/92 15:47 EST
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Date:Nov 9, 1992
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