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KIRBY CORP. REPORTS RESULTS

 HOUSTON, Dec. 23 /PRNewswire/ -- Kirby Corporation ("Kirby") (AMEX: KEX) announced today that earnings for the fourth quarter of 1992 will be reduced by a charge of $2,500,000, or $.11 per share, resulting from the recording of additional insurance reserves in Mariner Reinsurance Company Limited ("Mariner"), Kirby's wholly owned Bermuda reinsurance subsidiary.
 From 1970 through 1990, Mariner participated in the writing of casualty and property lines of reinsurance through London brokers and companies. During 1992, mariner received certain delayed and certain timely large loss advices which began to surpass current reserves. Due to the nature and magnitude of the loss advices, Mariner is anticipating further incurred but not reported losses. After a comprehensive review, Kirby believes that the recording of a $2,500,000 reserve, funded by a cash contribution, is sufficient to cover both known and unknown losses, and has a degree of accuracy which will require no further funding. The 1990 year was the final year for participation in the reinsurance market, thus Mariner was not involved in any subsequent catastrophes such as Hurricane Andrew. Mariner has no connection with, nor does it do business with, any of Kirby's marine business entities.
 Kirby is engaged, through its subsidiaries, in inland and offshore marine transportation, diesel repair and property and casualty insurance.
 -0- 12/23/92
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX)


CO: Kirby Corporation ST: Texas IN: MAR SU: ERN

SH -- NY020 -- 9505 12/23/92 11:02 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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