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FRONTIER INSURANCE GROUP, INC. ANNOUNCES FIRST QUARTER 1993 RESULTS

 ROCK HILL, N.Y., May 10 /PRNewswire/ -- Frontier Insurance Group, Inc. (NYSE: FTR) (Frontier), today announced its unaudited first quarter results for 1993 as follows:
 FRONTIER INSURANCE GROUP, INC.
 Income Statement Data
 (Unaudited)
 Percent
 Three months ended March 31 1993 1992 Change
 Revenues
 Premiums written $35,920,000 $30,031,000 19.6
 Premiums ceded (7,892,000) (7,141,000) 10.5
 Net premiums written 28,028,000 22,890,000 22.4
 Net premiums earned 30,767,000 21,846,000 40.8
 Net investment income 5,696,000 5,336,000 6.7
 Realized capital gains 157,000 (4,000) N/A
 Claims adjusting income 162,000 405,000 (60.0)
 Total revenues 36,782,000 27,583,000 33.4
 Expenses
 Losses 17,051,000 12,034,000 41.7
 Loss adjustment expenses 4,966,000 3,809,000 30.4
 Policy acquisition costs 4,608,000 3,249,000 41.8
 Underwriting and other
 expenses 2,740,000 2,607,000 5.1
 Total expenses 29,365,000 21,699,000 35.3
 Income before income taxes
 and cumulative effect of
 change in accounting for
 income taxes 7,417,000 5,884,000 26.1
 Income Taxes
 State 296,000 206,000 43.7
 Federal 1,579,000 975,000 61.9
 Total income taxes 1,875,000 1,181,000 58.8
 Income before cumulative
 effect of accounting change 5,542,000 4,703,000 17.8
 Cumulative effect as of 1/1/93
 of change in method of
 accounting for income taxes 708,000 (A) -- N/A
 Net income 6,250,000 (A) 4,703,000 32.9
 Earnings per share
 Operating income .83 .70 18.6
 Realized capital gains
 (losses) .02 -- N/A
 Federal income tax
 "fresh start" benefits -- .02 N/A
 Cumulative affect of
 accounting change .10 (A) -- N/A
 Net income .95 (A) .72 31.9
 (A) -- During the first quarter of 1993, Frontier implemented FASB 109 "Accounting for Income Taxes" which resulted in a cumulative non-recurring benefit for $708,000 or $.10 per share.
 Weighted average shares
 outstanding 6,550,449 6,490,660 0.9
 Statutory combined ratio
 (as a percent) 96.3 98.2 N/A
 Balance Sheet Data (B)
 Period ended March 31 1993 1992 Percent
 change
 Total investments $276,455,000 $252,025,000 9.7
 Total assets 424,400,000 349,899,000 21.3
 Reserves for gross unpaid losses 211,901,000 169,525,000 25.0
 Gross loss adjustment expenses 39,449,000 32,726,000 20.5
 Total liabilities 311,525,000 254,939,000 22.2
 Total capital 112,875,000 94,960,000 18.9
 Book value per share 17.20 14.62 17.6
 (B) -- During the first quarter of 1992, Frontier implemented FASB 113 "Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" which resulted in no effect on income and the reclassification of 1992 balance sheet accounts to conform with the new standard.
 Frontier is an underwriter and creator of specialty insurance products serving the needs of insures in niche markets.
 -0- 5/10/93
 /CONTACT: Linda Markovits of Frontier Insurance Group, 914-796-2100, ext. 521/
 (FTR)


CO: Frontier Insurance Group, Inc. ST: New York IN: INS SU: ERN

TS-SL -- NY079 -- 6620 05/10/93 15:49 EDT
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Date:May 10, 1993
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