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FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED SECOND QUARTER 1992 RESULTS

FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED SECOND QUARTER 1992 RESULTS
 MONTICELLO, N.Y., Aug. 10 /PRNewswire/ -- Frontier Insurance Group, Inc. (NYSE: FTR). The company today announced its unaudited second quarter results for 1992 as follows:
 FRONTIER INSURANCE GROUP, INC.
 Income Statement Data
 (Unaudited)
 Period ended Three months Percent
 June 30 1992 1991 Change
 Revenues
 Premiums written $40,192,000 $32,984,000 21.9
 Premiums ceded (10,184,000) (12,957,000) (21.4)
 Net premiums written 30,008,000 20,027,000 49.8
 Net premiums earned 25,875,000 18,438,000 40.3
 Net investment income 3,609,000 3,541,000 1.9
 Realized capital gains 138,000 291,000 (52.6)
 Claims adjusting income 377,000 371,000 1.6
 Total revenues 29,999,000 22,641,000 32.5
 Expenses
 Losses 12,905,000 10,387,000 24.2
 Loss adjustment expenses 3,451,000 2,961,000 16.5
 Amortization of policy
 acquisition costs 3,452,000 1,914,000 80.4
 Underwriting and other expenses 3,386,000 2,204,000 53.6
 Interest expense -- 75,000 (100.0)
 Total expenses 23,194,000 17,541,000 32.2
 Income before income taxes 6,805,000 5,100,000 33.4
 Income taxes
 State 339,000 296,000 14.5
 Federal 1,555,000 1,046,000 48.7
 Total income taxes 1,894,000 1,342,000 41.1
 Net income 4,911,000 3,758,000 30.7
 Earnings per share:
 Operating income .75 .62 21.0
 Realized capital gains (losses) .01 .03 (66.7)
 Federal income tax
 "Fresh Start" benefits -- .02 (100.0)
 Net income .76 .67 13.4
 Weighted average shares
 outstanding 6,517,972 5,635,029 15.7
 Statutory combined ratio (In pct.) 88.8 93.7 N/A
 Period ended Six months Percent
 June 30 1992 1991 Change
 Revenues
 Premiums written $70,223,000 $56,107,000 25.2
 Premiums ceded (17,324,000) (20,746,000) (16.5)
 Net premiums written 52,899,000 35,361,000 49.6
 Net premiums earned 47,720,000 37,045,000 28.8
 Net investment income 8,945,000 7,020,000 27.4
 Realized capital gains 134,000 356,000 (62.4)
 Claims adjusting income 783,000 735,000 6.5
 Total revenues 57,582,000 45,156,000 27.5
 Expenses
 Losses 24,940,000 21,473,000 16.1
 Loss adjustment expenses 7,260,000 6,130,000 18.4
 Amortization of policy
 acquisition costs 6,701,000 3,735,000 79.4
 Underwriting and other expenses 5,992,000 4,232,000 41.6
 Interest expense -- 241,000 (100.0)
 Total expenses 44,893,000 35,811,000 25.4
 Income before income taxes 12,689,000 9,345,000 35.8
 Income taxes
 State 545,000 556,000 (2.0)
 Federal 2,530,000 1,794,000 41.0
 Total income taxes 3,075,000 2,350,000 30.9
 Net income 9,614,000 6,995,000 37.4
 Earnings per share:
 Operating income 1.45 1.23 17.9
 Realized capital gains (losses) .01 .04 (75.0)
 Federal income tax "Fresh Start"
 benefits .02 .03 (33.3)
 Net income 1.48 1.30 13.8
 Weighted average shares
 outstanding 6,504,317 5,383,456 20.8
 Statutory combined ratio (In pct.) 93.1 95.5 N/A
 FRONTIER INSURANCE GROUP, INC.
 Balance Sheet Data
 (Unaudited)
 6/30/92 6/30/91 Pct. Chng.
 Total investments $254,634,000 $201,150,000 26.6
 Total assets 313,344,000 252,971,000 23.9
 Reserves for:
 Unpaid losses 142,186,000 106,409,000 33.6
 Loss adjustment expenses 26,790,000 24,584,000 9.0
 Total liabilities 214,147,000 170,085,000 25.9
 Total capital 99,197,000 82,886,000 19.7
 Book value per share 15.20 12.80 18.8
 Frontier is an underwriter and creator of specialty insurance products serving the needs of insureds in niche markets.
 -0- 8/10/92
 /CONTACT: Walter A. Rhulen of Frontier Insurance Group, 914-796-2100, ext. 501/
 (FTR) CO: Frontier Insurance Group, Inc. ST: New York IN: INS SU: ERN


SM-OS -- NY050 -- 8541 08/10/92 13:15 EDT
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Date:Aug 10, 1992
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