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ACCEPTANCE INSURANCE ANNOUNCES RIGHTS OFFERING RESULTS

 OMAHA, Neb., Feb. 2 /PRNewswire/ -- Acceptance Insurance Companies Inc. (NYSE: AIF) announced today the final results of its Rights Offering.
 Proceeds received aggregated approximately $53.3 million. Based upon the level of Basic Subscriptions requested, Oversubscriptions will be honored at a rate of approximately 21 percent. Excess monies received will be refunded.
 The Oversubscription rate is predicated upon receipt of all Rights by 5 p.m. Eastern Time on Feb. 4, 1993, which marks the end of the six day broker protect period. Final allocations will be made based upon actual Basic Subscriptions received at that time.
 Acceptance Insurance is an A- rated specialty property and casualty insurance company concentrating its efforts in the excess and surplus lines business. The company's insurance operations are conducted through its three insurance subsidiaries and an insurance agency. The company seeks specialty books of insurance business throughout the United States in which the application of its skilled underwriting and claims techniques can provide the company with an advantage over the insurance industry.
 -0- 2/2/93
 /CONTACT: William J. Gerber, vice president of Acceptance Insurance, 402-344-8800, or Edward Silverman or Cynthia Bond of Silverman Heller & Bond, 212-682-9222, for Acceptance Insurance/
 (AIF)


CO: Acceptance Insurance Companies Inc. ST: Nebraska IN: INS SU: OFR

MK-MP -- NY014 -- 1700 02/02/93 09:28 EST
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Publication:PR Newswire
Date:Feb 2, 1993
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