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OMNI INSURANCE GROUP, INC. REPORTS THIRD QUARTER INCOME

 ATLANTA, Nov. 10 /PRNewswire/ -- Omni Insurance Group, Inc. (NASDAQ: OMGR) today released its financial results for the third quarter ended Sept. 30.
 Net income for the quarter was $1.1 million compared to $.6 million for the quarter ended Sept. 30, 1992, representing an increase of 90 percent. Net income before non-recurring compensation expense for the first nine months of 1993 was $3.2 million compared to $2.0 million for the first nine months of 1992, representing an increase of 61 percent.
 Net income per share for the quarter ended Sept. 30 was $.22 while net income per share for the first nine months of 1993 was $.80 before non-recurring compensation expense. Net income per share data for calendar year 1992 is not deemed meaningful and is not being reported.
 Revenues rose to $11.7 million for the third quarter of 1993 compared to $9.5 million for the third quarter of 1992. Revenues rose for the first nine months of 1993 to $32.1 million compared to $26.9 million for the first nine months of 1992.
 Net premiums written for the third quarter of 1993 rose to $11.9 million compared to net premiums written for the third quarter of 1992 of $9.1 million, representing an increase of 31 percent. Net premiums written for the first nine months of 1993 were $34.5 million compared to $28.2 million for the first nine months of 1992, representing an increase of 22 percent.
 The company's statutory combined ratio was 92.6 percent for the first nine months of 1993 compared to 96.2 percent for the first nine months of 1992. This decrease is attributable to improved operating efficiencies affecting the expense portion of the ratio.
 Omni Insurance Group, Inc. is a specialty insurer which markets and underwrites non-standard automobile insurance through its subsidiaries, Omni Insurance Company and Omni Indemnity Company.
 OMNI INSURANCE GROUP, INC. AND SUBSIDIARIES
 (Dollars in thousands except per share amounts)
 Third quarter Year to date
 9/30/93 9/30/92 9/30/93 9/30/92
 Operating data:
 Direct premiums written $18,608 $14,103 $53,691 $43,808
 Net premiums written $11,924 $ 9,070 $34,477 $28,204
 Income statement data:
 Income:
 Premiums earned, net $11,019 $ 8,868 $30,218 $25,128
 Investment income 613 550 1,723 1,664
 Net realized investment gains 13 34 76 60
 Other income 29 3 55 16
 Total revenues 11,674 9,455 32,072 26,868
 Expenses:
 Losses and loss adjustment
 expenses, net 7,667 6,559 21,304 18,111
 Acquisition and operating
 expenses, net 2,356 1,948 5,954 5,550
 Interest 64 107 188 338
 Non-recurring compensation exp. --- --- 2,008 ---
 Total expenses 10,087 8,614 29,454 23,999
 Income before provision for
 income taxes 1,587 841 2,618 2,869
 Income taxes 470 254 755 884
 Net income $ 1,117 $ 587 $ 1,863 $ 1,985
 Weighted average number of
 shares outstanding 4,970 N/A 3,995 N/A
 Net income per share 0.22 N/A 0.47 N/A
 9/30/93 12/31/92
 (Dollars in thousands)
 Assets
 Investments 57,639 38,104
 Accounts receivable 16,041 11,451
 Reinsurance recoverable on unpaid losses 9,757 ---
 Prepaid reinsurance premiums 9,480 ---
 Other 6,723 6,208
 Total assets 99,640 55,763
 Liabilities and stockholders' equity
 Unpaid losses and loss adjustment expenses 27,644 18,465
 Unearned premiums 26,082 12,342
 Note payable --- 2,750
 Other 5,223 5,452
 Total liabilities 58,949 39,009
 Total stockholders' equity 40,691 16,754
 Total liabilities and stockholders' equity 99,640 55,763
 9/30/93 9/30/92
 Statutory combined ratio 92.6 pct. 96.2 pct.
 -0- 11/10/93
 /NOTE: A conference call will be held on Nov. 11 at 8 a.m. (EST). Paul Kennedy and Sue Scalf will be discussing the above material. If you wish to participate in this call contact the MCI Teleconference Center in Cedar Rapids, Iowa, at 402-331-6738; access word: OMNI. You will be billed for long distance charges to Iowa through your long distance carrier./
 /CONTACT: Media: Dudley L. Moore Jr., chairman and CEO, or, Analysts: Susan H. Scalf or J. Paul Kennedy of Omni Insurance, 404-952-4500/
 (OMGR)


CO: Omni Insurance Group, Inc. ST: Georgia IN: INS SU: ERN

BR-BN -- AT012 -- 2899 11/10/93 16:01 EST
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Date:Nov 10, 1993
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