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Equisure Inc. announces 216% increase in net income for nine month reporting period.

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 22, 1996--Equisure Inc. (OTC BB:EQSU) reported net income for the nine months ended Sept. 30, 1996 increased 216% to $3,364,045 or $.62 per share, as compared to net income of $1,063,909 or $.20 per share, for the same period in the prior year.

Total revenues increased to $8,126,519 for the current nine month period, compared to reported revenues of $5,076,828 for the previous year. Income before taxes for the nine months ended Sept. 30, 1996 was $5,096,045, a 379% increase over the $1,063,909 reported for the previous comparable period.

For the three months ended Sept. 30, 1996, net income decreased 23% to $1,136,517, or $.20 per share, from $1,367,198, or $.26 per share, reported for the three months ended Sept. 30, 1995. The decrease is attributable to a $682,000 tax liability, which the company was not subject to in the previous year. Total revenue for the current reporting period was $2,877,186, as compared to $2,764,128 reported for the three months ended Sept. 30, 1995. Income before taxes for the current three month period was $1,818,517, a 33% increase over the previous year's reported $1,367,198.

Equisure Inc. reported total assets of approximately $69 million, including $54 million in cash and marketable securities. The company has reserved $27.9 million in funds to cover 100% of customer liabilities. All or a portion of these cash reserves will eventually be converted to company profits, depending on the impact of claims filed and processed.

The company further announced that it has entered into the final stages of negotiations for a significant reinsurance contract within the United States, details, of which, will be provided in the near future. Equisure has also engaged Continental Capital & Equity Corp. to provide comprehensive, financial public relations services and to enhance awareness of the company within the investment arena.

Based in Antwerp, Belgium and Minneapolis, Equisure Inc. is a reinsurance company engaged primarily in covering the financial and political risks associated with the delivery and warehousing of raw, refined or constructed metal products. The company has also begun underwriting a complementary general reinsurance account, which focuses at present on aviation and marine coverage but is expanding into other areas. -0-


 EQUISURE INC. AND SUBSIDIARY
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (UNAUDITED)


 For The For The
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,

 1996 1995 1996 1995
Revenues
Reinsurance
 Income Assumed $2,216,244 $2,202,207 $4,495,204 $4,292,907
Net Investment
 Income 660,942 561,921 3,631,315 783,921

Total Revenue 2,877,186 2,764,128 8,126,519 5,076,828

Expenses 1,058,669 1,396,930 3,030,474 4,012,919

Income Before
 Taxes 1,818,517 1,367,198 5,096,045 1,063,909

Income Taxes (682,000) ---- (1,732,000) ----

Net Income 1,136,517 1,367,198 3,364,045 1,063,909

Net Income Per
 Weighted Average
 of Common Shares
 Outstanding $ .20 $ .26 $ .62 $ .20

Weighted Average
 Number of Common
 Shares
 Outstanding 5,575,833 5,297,041 5,443,075 5,297,041




CONTACT: Continental Capital & Equity Corp.

John Womack, 407/875-1110

Internet: www.insidewallstreet.com

or

Equisure Inc.

Joseph Nielson, North American Divisional Director

612/578-1509
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 22, 1996
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