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AMERICAN RELIANCE GROUP REPORTS PRELIMINARY IMPACT OF HURRICANE ANDREW

AMERICAN RELIANCE GROUP REPORTS PRELIMINARY IMPACT OF HURRICANE ANDREW
 LAWRENCEVILLE, N.J., Aug. 31 /PRNewswire/ -- American Reliance Group, Inc. (AMEX: ARI) and its principal shareholder American Reliance Insurance Company, announced today that they expect to incur substantial direct losses relating to property damage in southern Florida caused by Hurricane Andrew.
 The company and American Reliance Insurance Company have approximately 28,000 insurance policies in force in the state of Florida and as of today have received approximately 5,400 claims. The company is responsible for 60 percent of such losses. The company further reported that while it is too early to predict the extent of such losses, it said it anticipates that its net loss will be significant.
 The company and American Reliance Insurance Company maintain substantial proportionate reinsurance on their property risks in Florida. Personal property risks are principally reinsured through a 60 percent quota share program. Commercial property risks are primarily reinsured through a combination of a 40 percent quota share treaty and a proportional treaty for coverages in excess of $500,000. The company and American Reliance Insurance Company also maintain an aggregate of $79,923,000 of catastrophe reinsurance on their property coverages to protect against multiple losses from a single occurrence. Effective June 1, 1992, the catastrophe program was supplemented by adding a 25 percent quota share treaty on its net personal property business.
 American Reliance Group, Inc., a property and casualty insurance holding company, specializes in providing insurance coverage in New Jersey, Florida, Pennsylvania, Delaware, Maryland and Virginia to small- to medium-sized businesses and individuals located primarily in rural and suburban locations.
 /delval/
 -0- 8/31/92
 /CONTACT: Bruce W. Herrick, chairman and president, or Dennis M. Bandish, senior vp-finance, 609-896-1921, both of American Reliance Group/ CO: American Reliance Group, Inc. ST: New Jersey, Florida IN: INS SU:


JS-CC -- PH033 -- 5149 08/31/92 17:31 EDT
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Publication:PR Newswire
Date:Aug 31, 1992
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