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THE FLORIDA EMPLOYERS INSURANCE COMPANY RELEASES ANNUAL EARNINGS

 THE FLORIDA EMPLOYERS INSURANCE COMPANY RELEASES ANNUAL EARNINGS
 GEORGE TOWN, Grand Cayman, British West Indies, March 18 /PRNewswire/ -- The Florida Employers Insurance Company (NASDAQ-NMS: FLAEF) (the company) announced today that its net income for the fourth quarter of 1991 was $975,363 or $.43 per share. The company's net income for the 12 months ended Dec. 31, 1991 was $3,589,000 or $1.59 per share. The company's net income for the 12 months ended Dec. 31, 1990 was $1,645,000 or $.73 per share. Earnings reported through the third quarter of 1990 were $1.18 per share with a loss of $(.45) per share reported for the fourth quarter of 1990. The 1990 fourth quarter loss resulted from adjustments to claim reserves for property and liability reinsurance business written in 1987 and 1988. Overall adjustments to prior policy year claim reserves in the fourth quarter of 1991 were minimal, resulting in fourth quarter 1991 earnings more consistent with the three prior quarters and an increase in the annual earnings for 1991 compared to annual earnings for 1990.
 Selected operational and earnings data by business segment and balance sheet information are summarized as follows:
 THE FLORIDA EMPLOYERS INSURANCE COMPANY
 Year ended Dec. 31,
 1991 1990
 (in thousands)
 Revenue --
 Property and Liability $ 8,407 $ 8,623
 Group Health and Life 6,297 5,562
 Service and Agency 29,108 25,912
 Total Revenues $43,812 $40,097
 Claims and Expenses --
 Property and Liability $ 6,957 $ 8,036
 Group Health and Life 6,139 5,591
 Service and Agency 24,447 22,216
 Corporate expenses 977 1,527
 Total expenses 38,520 37,370
 Net Income before income taxes 5,292 2,727
 Income tax expense 1,703 1,082
 Net income $ 3,589 $ 1,645
 Earnings per share $ 1.59 $ .73
 Assets:
 Cash and Marketable Securities $31,689 $27,356
 Restricted Deposits 3,722 6,350
 Accounts Receivable, current 3,867 4,244
 Other assets 6,318 7,654
 Total assets $45,596 $45,604
 Liabilities:
 Reserves for Claims 24,964 23,403
 Accrued Expenses and
 Accounts Payable 5,364 5,675
 Notes payable -- 2,604
 Other Liabilities 1,771 3,382
 Total Liabilities 32,099 35,064
 Shareholders' Equity 13,497 10,540
 Total Liabilities and
 Shareholders' Equity $45,596 $45,604
 In June 1990, the company had $6.1 million on deposit with British and Commonwealth Merchant Bank (Geurnsey) Limited, the withdrawal of which became restricted as a result of the Guernsey Bank's parent bank in London being placed into administration. In August 1991, the creditors of the London bank approved a voluntary plan of liquidation for the parent bank. In October 1991, the administrators of this liquidation released and paid approximately 45 percent of the restricted deposits including interest earned through August 1991, or approximately $2.9 million. In March 1992, the administrators released another 23 percent of the August 1991 balances or approximately $1.54 million of the company's deposit leaving $2.2 million restricted. The administrators have stated that they believe that this remaining balance will be paid in full within the next two years, with interest continuing to accumulate.
 The following table summarizes the company's reported earnings for the past two years, expressed in earnings per share.
 1991 1990
 Quarter Year-to-date Quarter Year-to-date
 First Quarter $.42 $.42 $.36 $.36
 Second Quarter .30 .72 .42 .78
 Third Quarter .44 1.16 .40 1.18
 Fourth Quarter .43 1.59 (.45) .73
 The company also announced that proxy materials have been distributed for the special shareholder meeting scheduled for March 30, 1992 in George Town, Grand Cayman, at which the shareholders will vote on, among other things, the proposed sale of the company's assets to FCCI Investment Group, Inc., for a price equivalent to U.S. $16.00 per share, to be followed by the liquidation and dissolution of the company. Shareholders desiring to vote by proxy must assure that their voting cards are received by the company or its transfer agent, NationsBank in Atlanta, by March 25, 1992 which is the deadline for filing proxies.
 -0- 3/18/92
 /CONTACT: Roger Phelps of The Florida Employers Insurance Company, 809-949-0155/
 (FLAEF) CO: The Florida Employers Insurance Company ST: Florida IN: INS SU: ERN


AW-SS -- FL012 -- 9419 03/18/92 17:17 EST
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Date:Mar 18, 1992
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