ACCEL International Corp. announces earnings for the first quarter of 1995

DUBLIN, Ohio--(BUSINESS WIRE)--May 12, 1995--ACCEL International Corp. today announced net income of $268,000 for the three months ended March 31, 1995, compared with net income of $255,000 for the same period in 1994.

Net income was 6 cents per share for both the first quarters of 1995 and 1994.

Income before income taxes amounted to $263,000 and $324,000 for the first quarters of 1995 and 1994, respectively. For the first quarter of 1995, realized pre-tax gains on the sale of investments amounted to $68,000, compared to $552,000 for the same period in 1994.

Gross premiums written totaled $13,247,000 for the first quarter of 1995, compared with $16,606,000 for the first quarter of 1994.

R. Max Williamson, chairman of the board, president and chief executive officer of ACCEL, stated, ``We are most pleased to report earnings from operations for the first quarter of 1995. Our profit margins on the company's credit life and credit disability insurance, and extended service contracts were better than forecast. The fact that we went from a $587,000 loss in the fourth quarter of 1994 to a $268,000 profit thus far in 1995 is also most gratifying to me.

``The decrease in premiums written for the quarter is the result of exiting certain property and casualty lines of business in late 1994.''

Williamson commented further that ``for the quarter the company's auto after market product group had excellent loss experience which, combined with a reduction in general and administrative expenses of approximately $500,000 from the same period a year ago, contributed to our profitable first quarter. We also are continuing to actively monitor the run-off product lines and address problem areas that periodically surface. Our goal for the balance of 1995 will be to continue to achieve and increase earnings from operations. We are committed to that end and feel confident our goal will be realized.''

ACCEL International Corp. is a Dublin-based holding company that provides specialty insurance products and services through its insurance subsidiaries operating throughout the United States. -0-

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