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CONNIE LEE 1991 EARNINGS RISE 46 PERCENT

 CONNIE LEE 1991 EARNINGS RISE 46 PERCENT
 WASHINGTON, Feb. 27 /PRNewswire/ -- College Construction Loan


Insurance Association, holding company for Connie Lee, today reported that consolidated full-year 1991 net income increased by 46 percent to $3.8 million, compared with $2.6 million in 1990. Connie Lee is the leading reinsurer of academic facilities bonds and recently became active as a primary insurer of higher education financing. Connie Lee has a "AAA" claims-paying rating from Standard & Poor's as both a reinsurer and primary insurer.
 Consolidated revenues rose 39 percent to $11.8 million, up from the prior year's $8.5 million. Consolidated revenues include earned premiums and income from the company's investment portfolio.
 The company raised $65 million in equity capital during 1991, increasing capital levels at the holding company by 56 percent. At year-end, consolidated capital stood at $129.2 million. The insurance company's statutory capital, consisting of policyholders' surplus and contingency reserve, was $103.6 million at year-end, compared to $52.2 million a year earlier.
 Oliver R. Sockwell, president and chief executive officer, said: "1991 results reflect the company's favorable performance as a reinsurer. Having recently added primary insurance operations, we anticipate attractive opportunities for future earnings growth."
 At Dec. 31, 1991, Connie Lee's debt service in force stood at $3.6 billion, compared to $2.8 billion at Dec. 31, 1990. This represents a 29 percent increase over 1990.
 Connie Lee was established by Congress to provide credit enhancement to educational facilities obligations. It is the only insurer that exclusively insures and reinsures bonds issued by colleges, universities and teaching hospitals. Investors include founding shareholders, the U.S. department of Education and Student Loan Marketing Association (Sallie Mae), and a consortium of prestigious private institutions.
 -0- 2/27/92
 /CONTACT: Irene E. Lombard of Connie Lee, 202-728-3447/ CO: College Construction Loan Insurance Association: Connie Lee ST: District of Columbia IN: INS SU: ERN


MH-TW -- DC025 -- 3373 02/27/92 15:11 EST
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Publication:PR Newswire
Date:Feb 27, 1992
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