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NORTH EAST INSURANCE COMPANY REPORTS RESULTS

 SCARBOROUGH, Maine, May 21 /PRNewswire/ -- North East Insurance Company (NASDAQ: NEIC) today reported results for the three months ended March 31, 1993.
 Of the results, Robert G. Schatz, North East's president, commented, "The first quarter of 1993 was very encouraging. The significant changes to our risk selection process and pricing of our products in 1992 appears to be achieving the desired result. Expense controls as well as product profitability remain our focus of attention on order for our base operations, excluding capital gains, to provide bottom line income. Declining interest rates resulting in smaller returns from investments highlight the need for such improvement."
 NORTH EAST INSURANCE
 Quarter ended March 31 1993 1992
 Net premiums written 3,492,876 2,976,440
 Net premiums earned 2,519,310 2,121,768
 Net investment income 499,445 601,004
 Realized gains 295,304 227,878
 Total revenue 3,314,059 2,950,650
 Losses and loss adjustment
 expense incurred 2,041,176 2,661,492
 Underwriting expenses
 incurred 999,553 1,687,101
 Income before income taxes
 and extraordinary item 273,330 (1,397,949)
 Provision for income taxes 92,934 3,705
 Income before extraordinary item 180,396 (1,401,648)
 Extraordinary item 87,467 0
 Net income (loss) 267,863 (1,401,649)
 Shareholders' equity 5,461,768 5,815,957
 Per share net income (loss) 9 cents (47 cents)
 Shareholders' equity per share 1.83 1.95
 -0- 5/21/93
 /CONTACT: Graham S. Payne of North East Insurance Company, 207-883-2232/
 (NEIC)


CO: North East Insurance Company ST: Maine IN: INS SU: ERN

SM -- NE003 -- 1122 05/21/93 10:04 EDT
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Publication:PR Newswire
Date:May 21, 1993
Words:273
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