THE MIDLAND COMPANY

				  FORM 10-Q

			  FIRST QUARTER REPORT 1995




				  FORM 10-Q

		      SECURITIES AND EXCHANGE COMMISSION

			   Washington, D.C. 20549


(Mark One)
[x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
			  EXCHANGE ACT OF 1934
For the quarterly period ended            March 31, 1995     

				     OR

[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
			  EXCHANGE ACT OF 1934
For the transition period from_______________to_________________________________
Commission file number                    1-6026        
			     The Midland Company                                          
	     (Exact name of registrant as specified in its charter)

     Incorporated in Ohio                               31-0742526 
(State or other jurisdiction of incorporation   (I.R.S. Employer Identification
	   or organization)                                    No.)

		  537 E. Pete Rose Way, Cincinnati, Ohio  45202
		    (Address of principal executive offices)
				  (Zip Code)

				(513) 721-3777  
	      (Registrant's telephone number, including area code)

				      N/A
     (Former name, former address and former fiscal year, if changed since 
				 last report)


	The financial information furnished herein reflects all adjustments 
which are of a normal and recurring nature and, in the opinion of management, 
necessary to a fair statement of the results for the periods covered.  Letters 
from Deloitte & Touche LLP, the Company's independent accountants, dated 
April 20, 1995, are attached hereto as Exhibits I and II.

	Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 
1934 during the preceding 12 months, and (2) has been subject to such filing 
requirements for the past 90 days. Yes__X__.  No_____.

	The number of common shares outstanding as of March 31, 1995 was 
3,041,231.

                        

			PART I. FINANCIAL INFORMATION
			     THE MIDLAND COMPANY
			       AND SUBSIDIARIES
			 CONSOLIDATED BALANCE SHEETS
		     MARCH 31, 1995 AND DECEMBER 31, 1994

						      (Unaudited)
							Mar. 31,      Dec. 31,
				  ASSETS                  1995          1994
						    ------------- -------------
CASH                                                $  4,498,000  $  4,036,000
						    ------------- -------------
MARKETABLE SECURITIES                                274,494,000   278,088,000
						    ------------- -------------
RECEIVABLES:
  Accounts receivable                                 78,290,000    82,293,000
  Finance receivables (including amounts 
   maturing after one year)                            4,543,000     4,120,000
						    ------------- -------------
    Sub-Total                                         82,833,000    86,413,000
   Less allowance for losses                           1,392,000     1,535,000
						    ------------- -------------
    Net                                               81,441,000    84,878,000
						    ------------- -------------
INVENTORY - SPORTSWEAR DIVISION                       13,415,000    11,116,000
						    ------------- -------------
PROPERTY, PLANT AND EQUIPMENT - AT COST              117,396,000   109,729,000
 Less accumulated depreciation and amortization       45,126,000    43,687,000
						    ------------- -------------
  Property, Plant and Equipment - Net                 72,270,000    66,042,000
						    ------------- -------------
DEFERRED INSURANCE POLICY ACQUISITION COSTS           39,661,000    37,653,000
						    ------------- -------------
OTHER ASSETS                                             685,000       733,000
						    ------------- -------------
 TOTAL                                              $486,464,000  $482,546,000
						    ============= =============

Note:  The December 31, 1994 balance sheet amounts are derived from the audited 
financial statements but do not include all disclosures required by generally 
accepted accounting principles.
		    
                            

			     
			     THE MIDLAND COMPANY
			      AND SUBSIDIARIES
			 CONSOLIDATED BALANCE SHEETS
		    MARCH 31, 1995 AND DECEMBER 31, 1994

						      (Unaudited)
							Mar. 31,      Dec. 31,
	    LIABILITIES & SHAREHOLDERS' EQUITY            1995          1994
						    ------------- -------------
NOTES PAYABLE WITHIN ONE YEAR:
  Banks                                             $ 14,000,000  $ 22,000,000
  Commercial paper                                     5,312,000     5,546,000
						    ------------- -------------
    Total                                             19,312,000    27,546,000
						    ------------- -------------
ACCOUNTS PAYABLE - TRADE                               4,345,000     6,232,000
						    ------------- -------------
OTHER PAYABLES AND ACCRUALS                           45,059,000    46,455,000
						    ------------- -------------
CURRENT PORTION OF LONG-TERM DEBT                      2,454,000     2,451,000
						    ------------- -------------
UNEARNED INSURANCE PREMIUMS                          162,176,000   158,316,000
						    ------------- -------------
INSURANCE LOSS RESERVES                               56,486,000    57,715,000
						    ------------- -------------
DEFERRED FEDERAL INCOME TAX                           10,174,000     6,754,000
						    ------------- -------------
LONG-TERM DEBT                                        44,038,000    44,640,000
						    ------------- -------------
SHAREHOLDERS' EQUITY:
  Common stock (issued and outstanding: 
   3,041,000 shares at March 31, 1995 and 
   2,997,000 shares at December 31, 1994 after 
   deducting treasury stock of 602,000 shares and
   646,000 shares, respectively)                         911,000       911,000
  Additional paid-in capital                          15,388,000    14,607,000
  Retained earnings                                  135,014,000   131,675,000
  Net unrealized gain on marketable securities         9,427,000     2,754,000
  Treasury stock - at cost                           (15,600,000)  (16,648,000)
  Unvested restricted stock awards                    (2,720,000)     (862,000)
						    ------------- -------------
    Total                                            142,420,000   132,437,000
						    ------------- -------------
    TOTAL                                           $486,464,000  $482,546,000
						    ============= =============

Note: The December 31, 1994 balance sheet amounts are derived from the audited 
financial statements but do not include all disclosures required by generally 
accepted accounting principles.
		 
                 

			     THE MIDLAND COMPANY
			      AND SUBSIDIARIES
	       STATEMENTS OF CONSOLIDATED INCOME (Unaudited)
	    FOR THE THREE-MONTHS ENDED MARCH 31, 1995 AND 1994



							  1995          1994
REVENUES:                                           ------------- -------------
  Insurance                                         $ 63,461,000  $ 51,364,000
  Transportation                                       6,871,000    11,716,000
  Sportswear                                           5,453,000     6,065,000
  Finance                                                154,000       171,000
						    ------------- -------------
    Total                                             75,939,000    69,316,000
						    ------------- -------------
COSTS AND EXPENSES:
  Insurance claims and policy acquisition costs       47,452,000    42,624,000
  Insurance operating and administrative expenses      7,980,000     5,768,000
  Transportation operating expenses                    5,811,000    11,524,000
  Sportswear operating expenses                        7,233,000     7,082,000
  Interest expense                                       976,000     1,171,000
  Other operating and administrative expenses          1,198,000       433,000
						    ------------- -------------
    Total                                             70,650,000    68,602,000
						    ------------- -------------
INCOME BEFORE FEDERAL INCOME TAX                       5,289,000       714,000

PROVISION (CREDIT) FOR FEDERAL INCOME TAX              1,478,000       (96,000)
						    ------------- -------------
NET INCOME                                          $  3,811,000  $    810,000
						    ============= =============
EARNINGS PER SHARE OF COMMON STOCK (A):             $       1.24  $       0.26 
						    ============= =============
CASH DIVIDENDS PER SHARE OF COMMON STOCK            $      0.155  $      0.145
						    ============= =============

(A) Earnings per share of common stock have been computed by dividing net income
by 3,083,000 shares in 1995 and 3,059,000 shares in 1994.  The calculations 
assume the exercise of outstanding stock options and include the amortized 
portion of restricted stock awards.

(B) Certain reclassifications (minor in nature) have been made to 1994 amounts 
to conform to 1995 classification.
				    
                                    

			     THE MIDLAND COMPANY
			      AND SUBSIDIARIES
	      CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	      FOR THE THREE-MONTHS ENDED MARCH 31, 1995 AND 1994

							  1995          1994
CASH FLOWS FROM OPERATING ACTIVITIES:               ------------- -------------
  Net income                                        $  3,811,000  $    810,000
  Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation and amortization                      2,124,000     2,601,000
    Decrease (increase) in net accounts receivable     3,860,000    (6,306,000)
    Increase in unearned insurance premiums            3,860,000     5,177,000
    Decrease in accounts payable and accruals         (3,320,000)   (2,734,000)
    Increase in inventory-sportswear division         (2,299,000)   (1,618,000)
    Decrease (increase) in deferred insurance 
     policy acquisition costs                         (2,008,000)      225,000
    Increase (decrease) in insurance loss reserves    (1,229,000)    6,852,000
    Decrease (increase) in other assets                   48,000      (102,000)
    Decrease in deferred federal income tax              (39,000)         -
    Other-net                                            301,000       205,000
						    ------------- -------------
      Net cash provided by operating activities        5,109,000     5,110,000
						    ------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Decrease in cash equivalent marketable securities   26,113,000    26,179,000
  Purchase of marketable securities                  (19,341,000)  (48,469,000)
  Acquisition of property, plant and equipment        (8,626,000)   (3,503,000)
  Maturity of marketable securities                    3,383,000     2,537,000
  Sale of marketable securities                        3,284,000    29,857,000
  Net decrease (increase) in finance receivables        (423,000)      115,000
  Sale of property, plant and equipment                  382,000     1,287,000
						    ------------- -------------
      Net cash provided by investing activities        4,772,000     8,003,000
						    ------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Decrease in net short-term borrowings               (8,234,000)  (12,201,000)
  Repayment of long-term debt                           (526,000)   (1,539,000)
  Dividends paid                                        (435,000)     (405,000)
  Purchase of treasury stock                            (203,000)      (52,000)
  Payment of capitalized lease obligations               (73,000)     (224,000)
  Issuance of treasury stock                              52,000        25,000
						    ------------- -------------
      Net cash used in financing activities           (9,419,000)  (14,396,000)
						    ------------- -------------
NET INCREASE (DECREASE) IN CASH                          462,000    (1,283,000)

CASH AT BEGINNING OF PERIOD                            4,036,000     3,935,000
						    ------------- -------------
CASH AT END OF PERIOD                               $  4,498,000  $  2,652,000
						    ============= =============

Supplemental Disclosures:
The Company paid interest of $609,000 and $1,135,000 and income taxes of 
$2,000,000 and $0 in the first three months of 1995 and 1994, respectively.  In 
1995, the Company issued 48,950 shares of Treasury Stock under a Restricted 
Stock Award program that relieved Treasury Stock by approximately $1,262,000 and
also increasedadditional paid-in capital by approximately $855,000.



			     THE MIDLAND COMPANY 
			      AND SUBSIDIARIES
		  MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
	       FINANCIAL CONDITION AND RESULTS OF OPERATIONS


	A detailed discussion of the Company's liquidity and capital resources 
is included in the 1994 Annual Report on Form 10-K.  Except as discussed below, 
no significant changes have taken place since that date and, accordingly, the 
discussion is not repeated here.

	The Company's property and casualty insurance division continues to grow 
due primarily to increased penetration in each of its marketing channels.  Net 
premiums written in the first quarter of 1995 increased 27% over the first 
quarter of 1994.  The increases in deferred insurance policy acquisition 
costs, unearned insurance premiums, insurance revenues, insurance claims and 
policy acquisition costs and insurance operating and administrative expenses 
are the result of this growth.  The operating performance of this division in 
the first quarter of 1995 was excellent due primarily to mild weather 
conditions throughout the United States during 1995.  This division's 
operating performance in the first quarter of 1994 was negatively impacted by 
the heavy losses from the California earthquake as well as unusually severe 
weather related losses during the period.  Due primarily to the strong 
performance of the insurance division during the first quarter of 1995, the 
Company's overall operating performance during the first quarter was the 
second best first quarter in the Company's history.

	Transportation revenues and related expenses of the Company's 
transportation division decreased in the first quarter of 1995 due to this 
division's sale in December, 1994 of approximately 67% of its river 
transportation equipment as well as its affreightment contracts.  The 
operating performance of this division improved significantly in the first 
quarter of 1995 due primarily to the strong performance of this division's 
brokerage operation which increased revenues and improved profitability in the 
first quarter of 1995 as compared to the first quarter of 1994.  The 
transportation division's operating performance in the first quarter of 1994 
was hindered by severe winter weather and unusual flooding conditions.  M/G 
Transport Services, Inc. is the subject of a criminal prosecution and related 
civil litigation concerning the alleged disposal of bilge water and other 
refuse from vessels on the inland waterways.  M/G disputes the allegations 
which give rise to the indictments, and intends to vigorously defend itself; 
the outcome cannot be reasonably estimated at this time.

	Sportswear revenues and related expenses of the Company's sportswear 
division in the first quarter of 1995 are comparable to the first quarter of 
1994.  The operating performance of this division declined in the first 
quarter of 1995 as compared to the first quarter of 1994, however, this 
division's operating performance is in line with management's expectations.

	Cash flows from operations and sales and maturities of marketable 
securities were used to reduce the Company's short-term bank borrowings and 
finance the increase in fixed assets. The increases in deferred federal income 
tax and net unrealized gain on marketable securities are the result of this 
increase in the market value of the Company's investments.

	The increase in fixed assets is due to the costs associated with the 
construction of the Company's new corporate headquarters facility which is 
currently under construction and scheduled for completion in the fall of 1995.  
The total cost of this facility is currently estimated at approximately 
$26,000,000 and will eventually be financed through conventional long-term 
debt financing.



	The increase in unvested restricted stock awards was due to an 
additional stock award in the first quarter of 1995 awarded under the 
Company's restricted stock award program.

	The federal income tax provision for the three-month periods ended March 
31, 1995 and 1994 is different from amounts derived by applying the statutory 
tax rates to income before federal income tax as follows:
							  1995          1994
						    ------------- -------------
Federal income tax at statutory rate                $  1,851,000  $    250,000
Tax effect of:
	Tax exempt interest and excludable
	  dividend income                               (371,000)     (366,000)        
	Net life insurance tax deductions                (60,000)      (10,000)
	Investment tax credits                           (44,000)      (72,000)
	Other - net                                      102,000       102,000
						    ------------- -------------
	  Provision (credit) for federal income tax $  1,478,000  $    (96,000)
						    ============= =============
                                                                         
           


EXHIBIT I


	
INDEPENDENT ACCOUNTANTS' REPORT

The Midland Company:

We have reviewed the accompanying consolidated balance sheet of The 
Midland Company and subsidiaries as of March 31, 1995, and the related 
consolidated statements of income and of cash flows for the three-month 
periods ended March 31, 1995 and 1994.  These financial statements are 
the responsibility of the Company's management.

We conducted our review in accordance with standards established by the 
American Institute of Certified Public Accountants.  A review of interim 
financial information consists principally of applying analytical 
procedures to financial data and of making inquiries of persons 
responsible for financial and accounting matters.  It is substantially 
less in scope than an audit conducted in accordance with generally 
accepted auditing standards, the objective of which is the expression of 
an opinion regarding the financial statements taken as a whole.  
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that 
should be made to such consolidated financial statements for them to be 
in conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted 
auditing standards, the consolidated balance sheet of The Midland 
Company and subsidiaries as of December 31, 1994, and the related 
consolidated statements of income and retained earnings and of cash 
flows for the year then ended (not presented herein); and in our report 
dated February 16, 1995, we expressed an unqualified opinion on those 
consolidated financial statements.  In our opinion, the information set 
forth in the accompanying consolidated balance sheet as of December 31, 
1994 is fairly stated, in all material respects, in relation to the 
consolidated financial statements from which it has been derived.






Deloitte & Touche LLP
Cincinnati, Ohio
April 20, 1995



EXHIBIT II

	
	
LETTER RE:  UNAUDITED INTERIM FINANCIAL INFORMATION


The Midland Company:

We have made a review, in accordance with standards established by the 
American Institute of Certified Public Accountants, of the unaudited 
interim financial information of The Midland Company and subsidiaries 
for the periods ended March 31, 1995 and 1994, as indicated in our 
report dated April 20, 1995; because we did not perform an audit, we 
expressed no opinion on that information.

We are aware that our report referred to above, which is included in 
your Quarterly Report on Form 10-Q for the quarter ended March 31, 1995, 
is incorporated by reference in Registration Statement No. 33-48511 on 
Form S-8.

We are also aware that the aforementioned report, pursuant to Rule 
436(c) under the Securities Act of 1933, is not considered a part of the 
Registration Statement prepared or certified by an accountant or a 
report prepared or certified by an accountant within the meaning of 
Sections 7 and 11 of that Act.




Deloitte & Touche LLP
Cincinnati, Ohio
April 20, 1995



			 PART II.  OTHER INFORMATION
			     THE MIDLAND COMPANY
			      AND SUBSIDIARIES
			       MARCH 31, 1995


Item 1. Legal Proceedings
	 M/G Transport Services, Inc., a subsidiary of the 
	 Registrant, is a named defendant in a criminal case that 
	 commenced on February 16, 1995, in the United States 
	 District Court for the Southern District of Ohio.  The case 
	 is styled:  United States of America vs. M/G Transport 
	 Services, et al.  The case arises out of allegations that 
	 M/G's employees discharged or permitted the discharge of 
	 bilge water, ash and other refuse into the inland waterways 
	 over a period of years.  Seven former employees have also 
	 been indicted.  The Government may seek fines against the 
	 Company which could total $4.2 million if M/G Transport
	 Services, Inc. is convicted on all nine counts.  M/G 
	 disputes the allegations which give rise to the indictments, 
	 and intends to vigorously defend itself.
	 
Item 2. Change in Securities
	      None

Item 3. Defaults Upon Senior Securities
	      None

Item 4. Submission of Matters to a Vote of Security Holders
	      None

Item 5. Other Information
	      None

Item 6. Exhibits and Reports on Form 8-K
	       a.)  None
	       b.)  A Form 8-K dated January 5, 1995 was filed with the 
		    Commission regarding the sale in December, 1994 of 
		    certain river transportation assets.

				  SIGNATURES

	Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto dully authorized.

						THE MIDLAND COMPANY
				   
Date ___April 20, 1995__________        s/Michael J. Conaton_________________
					Michael J. Conaton, President
					and Chief Operating Officer
					

Date ___April 20, 1995__________        s/John I. Von Lehman_________________
					John I. Von Lehman, Vice President and
					Treasurer and Chief Financial Officer