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UNDERWRITERS FINANCIAL GROUP REPORTS 1992 FINANCIALS; ANALYSTS PROJECT .60-.70 CENTS PER SHARE EARNINGS FOR 1993

 NEW YORK, April 14 /PRNewswire/ -- Underwriters Financial Group, Inc. (AMEX: UFG) today announced 1992 earnings of approximately $1.4 million on $16 million revenues for B.R.I. Holdings, Inc., the company's wholly owned financial services subsidiary, acquired in the third quarter of 1992.
 Donald P. Ferrarini, chairman of the board, said, "We are pleased with what we achieved during 1992. The acquisition of B.R.I., whose revenues per employee greatly exceeds the insurance industry's averages, considerably enhances the value of the company to our shareholders. The results exemplify Underwriters Financial Group's long-term strategy, which is to expand through acquisition of profitable insurance-related operations."
 For the fiscal year ended Dec. 31, 1992, Underwriters Financial Group (on a consolidated basis) incurred a net loss of $11.5 million, or $7.32 per share. This included a one-time write down of $10.6 million from the company's former oil and gas operations.
 Considering the fourth quarter deconsolidation of the energy division and a successful 1992 cost-cutting program, coupled with strengthening insurance operations, management is comfortable with analysts' 1993 earnings projections of .60 - .70 per share.
 Underwriters Financial Group, Inc. is a diversified financial services firm based in New York City.
 UNDERWRITERS FINANCIAL GROUP, INC.
 (Audited Financial Data)
 1992 1991
 Insurance Energy Consolidated
 Revenue $16,027,000 $190,000 $16,217,000 $3,381,720
 Income
 (loss) 1,360,000 (12,882,000)(A) (11,522,000) 504,729
 (A) -- Includes one-time write-down.
 -0- 4/14/93
 /CONTACT: Scott R. Sieck of MDC Group, 407-896-0906, for Underwriters Financial Group, Inc./
 (UFG)


CO: Underwriters Financial Group, Inc. ST: New York IN: FIN SU: ERN

JB-SS -- FL008 -- 5745 04/14/93 12:49 EDT
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Date:Apr 14, 1993
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