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DELPHI FINANCIAL GROUP ANNOUNCES ELECTION OF LEWIS S. RANIERI AS DIRECTOR

 DELPHI FINANCIAL GROUP ANNOUNCES
 ELECTION OF LEWIS S. RANIERI AS DIRECTOR
 WILMINGTON, Del., July 27 /PRNewswire/ -- Delphi Financial Group, Inc. (NASDAQ: DLFI) today announced the election of Lewis S. Ranieri to its board of directors.
 Ranieri, chairman and chief executive officer of Ranieri Wilson & Company, Inc., oversees Hyperion Partners, L.P., a fund created to invest in the financial services, housing and real estate industries. As part of his responsibilities with Hyperion, Ranieri serves as chairman of Hyperion Capital Management, a New York-based money management firm specializing in mortgage-backed securities, and as chairman of United Savings Association of Texas FSB, a Houston-based savings and loan institution.
 Ranieri, the former vice chairman of Salomon Brothers, is generally considered to be the "father" of the secondary mortgage market, Delphi Financial said. Ranieri helped develop the capital markets as a source of funds for housing and commercial real estate and established Salomon's leadership position in the mortgage-backed securities area. Ranieri also led the effort to obtain federal legislation to support and build this market. At Salomon, Ranieri had responsibility for the firm's activities in the mortgage, real estate and government-guaranteed areas. Ranieri remains active with the government, continuing to participate in and advise on the sale of specialized securities. He is a member of the National Association of Home Builders Mortgage Roundtable.
 In welcoming Ranieri to the board, Robert Rosenkranz, chairman and chief executive officer, commented, "We have worked closely with Lew Ranieri in the past in evaluating investment opportunities in the mortgage-backed area and I am delighted that he has agreed to serve on our board of directors. As a manager of a large and highly successful financial institution, and as probably the leading creative force in the field of mortgage backed securities, he will be a most valuable addition to our company."
 Delphi Financial Group, Inc. is an insurance holding company that underwrites, through its subsidiaries, a portfolio of life, long-term disability and personal accident insurance, targeted principally to the employee benefit market, and annuities and guaranteed investment contracts throughout the 50 states and the District of Columbia.
 /delval/
 -0- 7/27/92
 /CONTACT: Patrick J. Mitchell of Delphi Financial, 215-787-3943/
 (DLFI) CO: Delphi Financial Group, Inc. ST: Delaware IN: INS SU: PER


LJ-CC -- PH024 -- 3650 07/27/92 16:15 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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