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UNDERWRITERS FINANCIAL GROUP INC. REPORTS 200 PERCENT JUMP IN FISCAL FIRST QUARTER EARNINGS

 NEW YORK, May 21 /PRNewswire/ -- Underwriters Financial Group Inc. (AMEX: UFG) announced today that the company earned $230,852 based on revenues of $3,371,343, or 4 cents a share, as compared to a 1992 first quarter loss of $215,300 or (1.6) cents a share.
 UFG's financial services subsidiary, BRI Holdings Inc., led the increase in revenue and earnings for the company, surpassing projections and posting pre-tax income of $752,558, or 13 cents a share.
 At the parent level, the consolidated statement for all UFG operations reflected an amortization charge of $400,000 associated with the company's 1992 acquisition of BRI Holdings Inc., a commercial insurance and financial services conglomerate.
 The statement further shows one-time expenses related to the company's 1992 reorganization and transition costs. UFG transferred its energy division to Delta Petroleum Corp., and now holds a 40 percent investment in Delta.
 Howard Miller, senior vice president, said "The transition carried over into the first quarter but is now complete. We are now postured to focus 100 percent of our efforts on the continued growth and development of our insurance and financial services business."
 UNDERWRITERS FINANCIAL GROUP INC.
 Consolidated First Quarter 1993 Financial Data
 (Unaudited)
 March 31, 1993 March 31, 1992
 Revenue $3,371,343 $409,758
 Net income $230,852 ($215,300)
 Earnings (loss) per share $0.04 ($0.016)
 Underwriters Financial Group is a full-service financial services firm specializing in commercial insurance brokerage and risk management.
 -0- 5/21/93
 /CONTACT: MDC Group Inc. East, 407-896-0906, or MDC Group Inc. West, 303-446-8440/
 (UFG)


CO: Underwriters Financial Group Inc.; BRI Holdings Inc. ST: New York IN: INS SU: ERN

MS-JL -- LA006 -- 1092 05/21/93 09:00 EDT
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Date:May 21, 1993
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