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UNDERWRITERS FINANCIAL GROUP RESTATES 92 ANNUAL REPORT AND FIRST QUARTER 93 EARNINGS

    NEW YORK, Aug. 5 /PRNewswire/ -- Underwriters Financial Group Inc. (AMEX: UFG) announced that pursuant to the company's adoption of APB Opinion 16, paragraph 70, with respect to its accounting treatment of the Oct. 21, 1992 acquisition of BHC, the company has restated its financial results in their entirety as a reverse purchase, including prior comparison periods, for the period ended Dec. 31, 1992.  Total assets were restated to eliminate intangibles, such as goodwill, recorded in the acquisition, and are now recorded as $31.5 million versus $55.9 million as previously reported.  Total liabilities remained virtually unchanged at $40.1 million.
    A corresponding elimination of future write downs of intangibles increased the company's first quarter earnings report, also restated, to $457,242 up from $230,852 or up to 7 cents a share versus the 4 cents previously reported for the quarter ended March 31, 1993.  Historical reporting data was further restated to reflect comparisons with operations as currently organized, so as to remove irrelevant comparisons between results of the financial services and insurance brokerage entity and its prior oil and gas exploration activities which are now conducted through a 42 percent ownership in Delta Petroleum Corp. (NASDAQ: DPTR).
    Howard Miller, senior vice president, said, "We are pleased with the results of the restatement on earnings and with the clearer picture the historical data presents of our operations.  We are now positioned to implement our strategic business plan."
    Louis Weiss & Associates Inc., Independent Auditors for the company has issued a clean opinion on the financial statements for the company for the year ended Dec. 31, 1992, as follows:
                     UNDERWRITERS FINANCIAL GROUP INC.
                   (in thousands except per share data)
                                   Dec. 31,             March 31,
                               1992        1991      1993      1992
                                  (Audited)            (Unaudited)
    Assets                   $31,480     $16,787   $31,739   $31,479
    Liabilities               40,096      20,682    39,898    40,096
    Shareholders' equity      (8,616)     (3,894)   (8,158)   (8,616)
    Total revenues            16,325      15,950     3,371     2,861
    Expenses                  27,322      17,315     2,809     2,876
    Net income (loss) from
     operations              (10,997)     (1,365)      563       (15)
    Income taxes (provision)    (622)       (175)     (297)      ---
    Extraordinary income-
     utilization of NOL
      carry forward              ---          ---      191       ---
    Net income (loss)        (11,684)(a)  (1,500)      457       (15)
    Income (loss) per share    (7.04)(a)   (2.95)      .07      (.03)
    (a)  Includes one time write down of $5.4 million, prorata
         writedown to UFG of full cost pool of $3.3 million and loss on
         investment in Delta of $1.9 million, or a total of ($6.40) per
         share associated with the company's former oil and gas
         operation.
    Copies of the company's amended 10K and amended 10Q are available upon request.
    -0-             08/05/93
    CONTACT:  MDC Group, 303-446-8440
    (UFG DPTR) CO:  UNDERWRITERS FINANCIAL GROUP INC. IN:  FIN SU:  ERN ST:  NY


-- DV004 -- X378 08/05/93
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Date:Aug 5, 1993
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