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NORTH EAST INSURANCE REPORTS EARNINGS FOR FOURTH QUARTER, YEAR OF 1992

 SCARBOROUGH, Maine, April 7 /PRNewswire/ -- North East Insurance Company (NASDAQ: NEIC) today reported results for the fourth quarter and 12 months ended Dec. 31, 1992.
 Of the results, Robert G. Schatz, North East's president, commented, "1992 was a year of operational appraisal with significant changes to our risk selection process and pricing of our products. We are pleased to report a profit for the fourth quarter of 1992 though it by no means compensates for the losses experienced in the first nine months, particularly the first quarter. We will continue to focus our efforts on underwriting profitability and expense reduction."
 Year Ended Dec. 31 Quarter Ended Dec. 31
 1992 1991 1992 1991
 Net premiums
 written $10,260,141 $8,681,954 $2,438,720 $2,094,326
 Net premiums earned 9,923,867 6,693,272 2,773,103 1,866,218
 Net investment income 2,146,509 2,188,372 460,164 387,355
 Realized gains 460,353 260,690 135,986 41,356
 Total revenue 12,530,729 9,142,334 3,369,253 2,294,929
 Losses and loss
 adjustment expenses
 incurred 9,070,838 5,903,827 2,063,810 2,055,852
 Underwriting expenses
 incurred 4,925,201 3,765,870 1,145,527 1,207,400
 Net income (loss) (1,465,310) (527,363) 159,916 (968,323)
 Shareholders' equity 5,143,818 7,224,242 --- ---
 Per share-net income
 (loss) (49 cents) (18 cents) 5 cents (33 cents)
 Shareholders' equity per
 share 1.72 2.42 --- ---
 -0- 4/7/93
 /CONTACT: Graham S. Payne, North East Insurance Group, 207-883-2232/
 (NEIC)


CO: North East Insurance Group ST: Maine IN: INS SU: ERN

DJ -- NE008 -- 3897 04/07/93 16:16 EDT
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Date:Apr 7, 1993
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