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PIEDMONT MANAGEMENT COMPANY INC. REPORTS ESTIMATE OF HURRICANE LOSSES

PIEDMONT MANAGEMENT COMPANY INC. REPORTS ESTIMATE OF HURRICANE LOSSES
 NEW YORK, Sept. 30 /PRNewswire/ -- Piedmont Management Company Inc. (NASDAQ-NMS: PMAN) today reported an estimate of its reinsurance subsidiary's losses from Hurricanes Andrew and Iniki.
 On an after-tax basis, the company estimates that losses will reach $5.4 million, $1.10 per share. The estimate is net of reinsurance and, after consideration of the effects of restoring various levels of catastrophe reinsurance protection. The losses will be reflected in the company's third quarter operating results for 1992. Piedmont reported total stockholders' equity as of June 30, 1992, in the amount of $116 million and there is substantial liquidity to cover the losses at its subsidiary.
 Piedmont Management Company Inc. is a financial services company whose principal subsidiaries include the Reinsurance Corporation of New York (RECO), a property and casualty reinsurer, and Lexington Management Corporation, an investment advisory and mutual fund management company.
 -0- 09/30/92
 CONTACT: Peter Palenzona, CFO of Piedmont Management, 212-363-4650
 (PMAN) CO: PIEDMONT MANAGEMENT COMPANY INC. IN: FIN ST: NY -- NY026 -- X359 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
Words:178
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