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CITATION INSURANCE CEO OUTLINES STRATETIC EXPANSION PLAN, MERGER WITH MADISON CAPITAL AT ANNUAL SHAREHOLDERS MEETING

 SAN JOSE, Calif., May 7 /PRNewswire/ -- "Despite a difficult operating environment in 1992, Citation accomplished all of the important goals we had set for the year," Don Young, chief executive officer, told shareholders yesterday at Citation Insurance Group's (NASDAQ-NMS: CITN) annual meeting. "We refocused our efforts in workers' compensation, significantly expanded our profitable commercial property and casualty operations, opened our first office outside of California and reported record earnings for the year. However, our greatest opportunities are still ahead of us.
 "During the first quarter of 1993, operating earnings were up 62 percent reflecting the continued growth in our profitable property and casualty operations and an improvement in our workers' compensation loss experience. In addition, we recently announced plans to merge with Madison Capital Inc., a privately held insurance holding company with a complementary marketing strategy. This merger will broaden our product line, more than double our current property and casualty operations and significantly expand our producer network within California. In addition, Madison's license in Washington will accelerate our expansion into other western states. We are very excited about the operating and marketing synergies presented by this opportunity."
 Also at the meeting, shareholders:
 -- Reelected seven directors: J. Philip DiNapoli, Theodore J. Biagini, Donald F. Imwalle, Louis J. Mariani, Sr., Donald H. McComber, Larry D. Russel and Donald D. Young;
 -- Amended the company's Articles of Incorporation and Bylaws to provide for classification of the board into two classes serving staggered, two-year terms; and
 -- Amended the company's Articles of Incorporation and Bylaws to provide that the affirmative vote of holders of 66.66 percent of the outstanding shares of Common Stock will be required to amend the Articles of Incorporation and Bylaws in the future.
 Headquartered in San Jose, Citation Insurance Group is a regional multiple-line specialist operating in tightly focused segments of the workers' compensation and commercial property and casualty marketplace, through its insurer subsidiary, Citation Insurance Co. Citation's common shares are traded on the NASDAQ National Market System, symbol: CITN. Citation Insurance Co. is rated B++ (Very Good) by the A.M. Best Co. The company has approximately 170 employees at offices in San Jose, Tustin, Sacramento, San Diego, Fresno and Phoenix.
 NOTE: Additional information can be obtained on Citation Insurance Group via VAX, at no cost. Dial 800-PRO-INFO, code no. 108.
 -0- 5/7/93
 /CONTACT: Dennis Pastirik, chief financial officer of Citation Insurance Group, 408-292-0222; or Lise Needham of the Financial Relations Board, 415-986-1591, for Citation/
 (CITN)


CO: Citation Insurance Group; Citation Insurance Co.;
 Madison Capital Inc. ST: California IN: INS SU: TNM


GT -- SF009 -- 5994 05/07/93 13:32 EDT
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Publication:PR Newswire
Date:May 7, 1993
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