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CHIPPEWA RESOURCES ANNOUNCES REVERSE SPLIT, CHANGES NAME TO UNDERWRITERS FINANCIAL GROUP; NEW AMEX SYMBOL IS UFG

CHIPPEWA RESOURCES ANNOUNCES REVERSE SPLIT, CHANGES NAME TO UNDERWRITERS
 FINANCIAL GROUP; NEW AMEX SYMBOL IS UFG
 NEW YORK, Nov. 11 /PRNewswire/ -- Chippewa Resources Corporation (AMEX: CWA) today announced that its board of directors authorized a reverse split of 1 to 10 of the company's common stock. The company expects the reverse split to be effective on Nov. 13, 1992.
 The company also announced that it was changing the name of the company to Underwriters Financial Group, Inc. and The American Stock Exchange Symbol to UFG. The stock will trade under that symbol effective Nov. 13, 1992.
 "These actions will help us properly position Underwriters Financial Group to our clients and the public markets," explained Donald Ferrarini, chairman of the board. "Underwriters Financial Group is looking to expand all of its financial services businesses, including the acquisition of additional insurance brokerage and reinsurance businesses as well as to manage other insurance companies."
 As a result, the company's oil and gas operation is being folded into the company's 88 percent-owned Delta Petroleum Corporation subsidiary.
 The company also announced that effective immediately, the corporate offices would be relocated to New York. The new address is: 156 William Street, New York, New York, 10038. The telephone number is 212-233-7171.
 -0- 11/11/92
 /CONTACT: David Castaneda (investors) of MDC Group, Inc., 303-446-8440; or Steven Bruce or Rick Stockton (media) of The Abernathy/MacGregor Group, 212-371-5999, all for Chippewa Resources Corporation/
 (CWA) CO: Chippewa Resources Corporation ST: New York, Colorado IN: OIL SU:


SH -- NY073 -- 9835 11/11/92 15:33 EST
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Publication:PR Newswire
Date:Nov 11, 1992
Words:257
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