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UFG ACKNOWLEDGES FRIVOLOUS SUIT

 DENVER, Feb. 2 /PRNewswire/ -- Underwriter's Financial Group Inc. ("UFG") (AMEX: UFG) has been notified that Underwriters Insurance Group, PLC, and related parties, have filed suit against UFG (and others) claiming fraud, deceit and conspiracy in connection with a settlement agreement dated Nov. 18, 1992 and seeking in excess of $112,000,000 of damages and injunctive relief. UFG, based on initial review of the complaint and the underlying facts and applicable law with legal counsel, believes the claims are frivolous and groundless, without basis in either fact or law. Further, UFG believes that the lawsuit has been filed as attempted extortion and to prevent UFG from requiring the plaintiff to comply with applicable S.E.C. statutes, rules and regulations.
 UFG's management and legal counsel believe that the lawsuit will have no material effect on the company.
 UFG is traded on the American Stock Exchange under the symbol "UFG."
 -0- 2/2/93
 /CONTACT: Buzz Larson of UFG, 303-298-7425/
 (UFG)


CO: Underwriter's Financial Group Inc.; Underwriters Insurance Group
 PLC ST: Colorado IN: FIN SU:


BB -- DV010 -- 1979 02/02/93 14:35 EST
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Publication:PR Newswire
Date:Feb 2, 1993
Words:183
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