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RELIANCE INSURANCE COMPANY REPORTS THIRD QUARTER RESULTS

 NEW YORK, Nov. 15 /PRNewswire/ -- Reliance Insurance Company today reported income from continuing operations of $63.1 million for the third quarter of 1993, compared to a loss of $2.7 million in the third quarter of 1992. Net income was $63.1 million in the third quarter of 1993, compared with net income of $27.3 million in the 1992 third quarter, which included $30 million of income from discontinued operations. Revenues totaled $745.7 million in the 1993 third quarter, vs. $698.8 million in the 1992 period.
 For the first nine months of 1993, Reliance Insurance Company reported income from continuing operations of $152.8 million, compared with $69.9 million in the first nine months of 1992. Net income for the 1993 nine-month period was $177.1 million, including a one-time benefit of $24.3 million relating to a change in accounting for income taxes. Net income for the 1992 nine-month period was $128.9 million, including income from discontinued operations of $59 million. Revenues totaled $2.19 billion in the first nine months of 1993, vs. $2.03 billion in the year-earlier period.
 Reliance Insurance Company, headquartered in Philadelphia, is a major underwriter of property and casualty insurance. It is the largest subsidiary of Reliance Group Holdings, Inc. (NYSE: REL), a holding company headquartered in New York City. Reliance Group Holdings' principal operations are in property and casualty insurance and title insurance.
 Reliance Insurance Company's $2.68 Series A preferred stock is traded on the Philadelphia Stock Exchange (symbol RIC PrA).
 RELIANCE INSURANCE COMPANY AND SUBSIDIARIES
 Financial Summary of Income (Unaudited)
 (In thousands)
 Quarter ended Nine months ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Revenues $745,749 $698,816 $2,186,888 $2,030,587
 Income (loss) from
 continuing operations 63,132 (2,732) 152,766 69,912
 Income from discontinued
 operations -- 30,016 -- 58,993
 Income before cumulative
 effect of change in
 accounting for income
 taxes 63,132 27,284 152,766 128,905
 Cumulative effect of change
 in accountg. for inc. taxes -- -- 24,335 --
 Net income 63,132 27,284 177,101 128,905
 -0- 11/15/93
 /CONTACT: Brian T. Martin, VP-communications of Reliance Group Holdings, Inc., 212-909-1247/
 (RIC)


CO: Reliance Insurance Company ST: Pennsylvania IN: INS SU: ERN

CK -- NY138 -- 4713 11/15/93 17:26 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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