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CII FINANCIAL ANNOUNCES THAT IT HAS INITIATED THE REPURCHASE OF ITS COMMON STOCK

CII FINANCIAL ANNOUNCES THAT IT HAS INITIATED THE REPURCHASE OF ITS COMMON
 STOCK
 BURBANK, Calif., June 15 /PRNewswire/ -- CII Financial Inc. (AMEX: CII) today announced that it has initiated the repurchase of its common stock under the board of director's authorization to purchase up to $10 million of its securities from time to time in accordance with applicable law. Previously, the company had not repurchased any of its common shares under the authorization. In the first quarter, the company repurchased $1,450,000 of its convertible subordinated debentures, realizing an extraordinary gain of $457,000.
 Joseph G. Havlick, chairman and chief executive officer, said: "We have initiated common stock repurchases at this time in light of current market prices."
 CII Financial Inc. is a financial services holding company, whose insurance subsidiaries are California Indemnity Insurance Co. and Commercial Casualty Insurance Co. Through these subsidiaries, the company is engaged in writing workers' compensation insurance in California. These insurance companies service workers' compensation accounts of all sizes, but concentrate on small- to medium-sized companies.
 Currently based in Burbank, the company expects to relocate its home office operations to Pleasanton, Calif., in July. At this time, Northern California is serviced through a regional office in Sacramento, Calif. The company also has offices in San Bernardino, Calif., and Englewood, Colo. Policies are sold through a network of approximately 400 independent insurance agents and brokers in California. The company also finances insurance premium loans through CII Premium Finance Co.
 -0- 06/15/92
 CONTACT: Lee Spitler, senior VP of CII Financial, 818-846-5297
 (CII) CO: CII FINANCIAL INC. IN: INS ST: CA -- LA007 -- X479 06/15/92
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Publication:PR Newswire
Date:Jun 15, 1992
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