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INTERCARGO REPORTS RECORD FIRST QUARTER EARNINGS NET INCOME UP 62 PERCENT

 INTERCARGO REPORTS RECORD FIRST QUARTER EARNINGS
 NET INCOME UP 62 PERCENT
 SCHAUMBURG, Ill., April 28 /PRNewswire/ -- Intercargo Corporation (NASDAQ-NMS: ICAR) today reported record earnings for the first quarter ended March 31, 1992.
 Net income for the 1992 first quarter rose 62 percent to $1,128,000, or 22 cents per share, on 5,137,000 average weighted shares outstanding from $696,000, or 15 cents per share, on 4,600,000 average weighted shares outstanding a year earlier.
 Total consolidated revenues increased 15.5 percent to $10,918,000 from $9,449,000 in the 1991 first quarter.
 President and Chief Executive Officer James R. Zuhlke said 1992 first quarter earnings benefited from the strong profit performance of the company's Canadian subsidiary, Kingsway Financial Services, as well as significant sales growth in U.S. operations.
 He attributed higher revenues to a more favorable economy in 1992 as well as a more receptive market for the company's marine lines. "The U.S. Customs rule changes announced last year continue to have a favorable impact on revenues," he said. "We are actively pursuing additional marine business which could benefit revenues significantly. Overall performance is in line with expectations and we expect Intercargo Corporation's favorable historical patterns will continue in 1992."
 The company said its expenses were up due to the higher costs of its new headquarters and staff additions for the new product lines. Management noted that it is confident these costs will be more than offset as new programs develop.
 Headquartered in Schaumburg (a Chicago suburb), Intercargo Corporation is a leading provider of specialized insurance coverage to companies involved in international trade. Its market is primarily importers and exporters, customs brokers and freight forwarders and other global traders, The primary coverages it underwrites are U.S. Customs Bonds for which it controls about 33 percent of the market, cargo insurance and professional liability for the broker forwarder industry.
 INTERCARGO CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income
 (in thousands, except per share data - unaudited)
 Three months ended
 March 31 1992 1991
 Revenues:
 Insurance premium income $9,960 $8,513
 Net investment and other inc. 958 936
 Total revenues 10,918 9,449
 Losses and expenses:
 Losses and loss adjustment
 expenses 4,365 4,235
 Policy acquisition costs 3,241 2,606
 Other underwriting expenses 1,457 1,100
 Interest expense 117 43
 Total losses and expenses 9,180 7,984
 Operating income 1,738 1,465
 Federal income tax expense 610 598
 Minority interest expense -- 171
 Net income 1,128 696
 Net income per share .22 .15
 Average number of shares of
 common stock outstanding 5,137 4,600
 NOTE: Certain reclassifications have been made to the quarter ended March 31, 1991 to conform with the presentation of the accompanying consolidated income statement for the quarter ended March 31, 1992.
 In 1991 Intercargo Corporation declared a two-for-one stock split in the form of a 100 percent stock dividend which was paid on Dec. 11, 1991, to shareholders of record on Nov. 29, 1991.
 -0- 4/28/92
 /CONTACT: James R. Zuhlke, president and CEO, or Kenneth J. Kranig, chairman of Intercargo, 708-517-2343/
 (ICAR) CO: Intercargo Corporation ST: Illinois IN: INS SU: ERN


SH-AH -- NY036 -- 3718 04/28/92 11:21 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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