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ARI HOLDINGS, INC. (FORMERLY KNOWN AS AMERICAN RELIANCE GROUP, INC.) REPORTS RESULTS OF THIRD QUARTER AND NINE MONTHS

 LAWRENCEVILLE, N.J., Nov. 11 /PRNewswire/ -- ARI Holdings, Inc. (AMEX: ARI) (formerly known as American Reliance Group, Inc.) today reported results for the third quarter and nine months ended Sept. 30, 1993.
 Revenues for the quarter were $1,713,000 compared to $24,530,000 for the same period in 1992. There were no realized investment gains in the third quarter of 1993, compared to $5,039,000 in the third quarter of 1992. Net income was $224,000, or $.10 per share, for the third quarter of 1993, compared to net loss of $28,877,000, or $11.92 per share for the third quarter in 1992.
 Revenues for the nine months were $8,057,000 compared to $66,068,000 for the first nine months of 1992. The first nine months of 1993 included $1,805,000 in realized investment gains, compared to $5,944,000 for the same period in 1992. Net loss for the first nine months was $3,027,000 or $1.35 per share, compared to the net loss of $23,752,000 or $9.77 per share in 1992.
 Subsequent to the June 30, 1993 closing of the company's Asset Purchase Agreement with Vik Brothers Insurance, Inc., the company has not had any significant insurance operations. Revenues for the third quarter of 1993 included $1,414,000 in post-closing consideration. The book value per share of ARI was $5.72 as of Sept. 30, 1993.
 The 1992 results for the third quarter and nine months included $48 million in losses related to Hurricane Andrew.
 As previously reported in 1993 and thereafter, ARI Holdings, Inc. will have no significant insurance operations and the principle source of revenues will be post closing considerations pursuant to the Asset Purchase Agreement and investment income.
 AMERICAN RELIANCE GROUP, INC.
 (In thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Premiums written $ 6 $16,829 $ 1,076 $49,685
 Premiums earned 6 16,779 2,342 51,395
 Net investment income 243 2,030 1,440 7,056
 Realized investment gains --- 5,039 1,805 5,944
 Total revenues 1,713 24,530 8,057 66,068
 Income (loss) before tax 224 (37,846) (2,989) (30,491)
 Net income (loss) 224 (28,877) (3,027) (23,752)
 Share Data:
 Earnings (loss) per share: $.10 $(11.92) $(1.35) ($9.77)
 Average shares outstanding 2,236 2,418 2,236 2,433
 /delval/
 -0- 11/11/93
 /CONTACT: Karen S. Fulton, president of ARI Holdings, Inc., 609-895-3067/
 (ARI)


CO: ARI Holdings, Inc. ST: New Jersey IN: INS SU: ERN

JM-MJ -- PH029 -- 3393 11/11/93 16:44 EST
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Publication:PR Newswire
Date:Nov 11, 1993
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