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UNDERWRITERS FINANCIAL GROUP ANNOUNCES 25 PERCENT INVESTMENT IN DERIVATIVE INVESTMENT STRATEGIES GROUP

 NEW YORK, Feb. 11 /PRNewswire/ -- Underwriters Financial Group Inc. (AMEX: UFG) (UFG), a Colorado Corporation announces 25 percent Investment, in the amount of $1.5 million, in Derivative Investment Strategies Group Inc., a Delaware Corporation, a holding company, together with Federal Receivables Investment Corporation, a Delaware Corporation.
 The boards of directors of the two companies have unanimously approved a definitive agreement which will form a strategic alliance between the companies. This investment will significantly add to Underwriters Financial Group's base and expand its growth opportunities. Derivative Investment Strategies Group Inc., the holding company, is comprised of the following wholly owned subsidiaries:
 (i) Federal Receivables Funding Partners Inc., a company engaged
 in the business of purchasing and servicing U.S. Government
 Agencies Accounts Receivable from vendors providing goods,
 products and services to various U.S. Government Agencies
 where the invoices representing the Accounts Receivable have
 been accepted and approved by the payor U.S. Government
 Agency's authorized official(s);
 (ii) Managed Asset Programs Inc., a company engaged in the
 development and marketing of proprietary financial products
 and services which will be used to raise funds from the
 public to fund the holding corporation's various business
 activities, and a company engaged in the offering of
 investment advisory services to the public as a Registered
 Investment Adviser;
 (iii) Federal Receivables Leasing Corp., a company which will be
 engaged in originating, administering, servicing and managing
 operating, capital and full-payout leases where U.S.
 Government Agencies and/or vendors with current U.S.
 Government Agencies contract/awards serve as "lessees;"
 (iv) Federal AgriFinance Corp., a company which will be engaged in
 and specialize in the purchase and servicing of agribusiness-
 related U.S. Government Receivables where the U.S. Department
 of Agriculture, the U.S. Department of State's Agency for
 International Development and the U.S. Department of Commerce
 serves as "Guarantor" on receivables related to the sale of
 agricommodities to foreign governments; and
 (v) a N.A.S.D. broker-dealer to be formed to market the holding
 company's proprietary annuity and life insurance product
 contracts to the public.
 A UFG spokesman said, "We believe the Underwriters Financial Group's participation in this new venture substantially increases our opportunity to stimulate long-term return and profitability. We believe that this venture will have a very positive impact on UFG's earnings for 1993."
 Delbert L. White, Jr., chairman and chief executive officer of Federal Receivables Investments Corp., who will serve as president and chief executive officer of Derivative Investment Strategies Group Inc., is looking forward to the newly formed strategic alliance between UFG and Federal Receivables Investments Corp. "Underwriters Financial Group's participation in this exciting new venture with us gives the strategic partner we need to effectively carve out market share in the highly competitive financial services industry."
 New York-based Underwriters Financial Group is a financial services conglomerate specializing in commercial insurance brokerage and risk management.
 -0- 2/11/93
 /CONTACT: Scott R. Sieck of Underwriters Financial Group, 303-446-8440/
 (UFG)


CO: Underwriters Financial Group Inc.; Derivative Investment Strategies
 Group Inc.; Federal Receivables Investment Corp. ST: New York, Colorado, Delaware IN: FIN SU:


MC -- DV003 -- 5747 02/11/93 13:25 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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