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NORTH EAST INSURANCE COMPANY REPORTS FIRST QUARTER RESULTS

 NORTH EAST INSURANCE COMPANY REPORTS FIRST QUARTER RESULTS
 SCARBOROUGH, Maine, May 18 /PRNewswire/ -- North East Insurance


Company (NASDAQ: NEIC) today reported results of the first quarter ended March 31, 1992.
 Of the results. Robert G. Schatz, North East's president commented, "the first quarter results are a continuation of what was experienced in the fourth quarter of 1991."
 "Results of operations reflect our disappointment in products underwritten during the past 15 months. The loss and loss adjustment expense ratio for these products dictates that further adjustments be implemented with regard to risk selection and price."
 "The company initiated some modifications during the first quarter of 1992 and is currently implementing additional changes. The benefit of these modifications and changes will not be apparent until late 1992, at the earliest. Based on the weather cycle we anticipate underwriting results for the remainder of 1992, will moderate and surplus, will not experience any further significant deterioration. The company's liquidity remains strong with short term investments of $4,252,007."
 Northeast Insurance Company
 Condensed Financial Information (unaudited)
 Three months ended March 31,
 1992 1991
 Net premiums earned $2,121,768 $1,420,278
 Net investment income 601,004 600,537
 Realized capital gains (losses) 227,878 17,761
 Total revenue 2,950,650 2,038,576
 Income (loss) before
 extraordinary item (1,401,648) 92,400
 Extraordinary item:
 Reduction of income taxes
 arising from the utilization
 of prior years' net operating
 loss carryforwards --- 44,800
 Net income (loss) $(1,401,648) $137,200
 Primary earnings per common share:
 Loss before extraordinary item (47 cents) 3 cents
 Extraordinary item --- 2 cents
 Net income (loss) (47 cents) 5 cents
 -0- 5/18/92
 /CONTACT: Graham S. Payne of North East Insurance Group, 207-883-2232/
 (NEIC) CO: North East Insurance Group ST: Maine IN: INS SU: ERN


TM-PB -- NE019 -- 1427 05/18/92 15:21 EDT
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Publication:PR Newswire
Date:May 18, 1992
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