<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS FILED HEREWITH AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<DEBT-HELD-FOR-SALE>                               346
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                         264
<MORTGAGE>                                          11
<REAL-ESTATE>                                        0
<TOTAL-INVEST>                                      61
<CASH>                                              13
<RECOVER-REINSURE>                                 136
<DEFERRED-ACQUISITION>                              44
<TOTAL-ASSETS>                                    1120
<POLICY-LOSSES>                                    286
<UNEARNED-PREMIUMS>                                282
<POLICY-OTHER>                                       0
<POLICY-HOLDER-FUNDS>                                0
<NOTES-PAYABLE>                                     31
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         20<F1>
<COMMON>                                            10
<OTHER-SE>                                         342
<TOTAL-LIABILITY-AND-EQUITY>                      1120
<PREMIUMS>                                         122
<INVESTMENT-INCOME>                                  8
<INVESTMENT-GAINS>                                   1<F2>
<OTHER-INCOME>                                      15
<BENEFITS>                                          52
<UNDERWRITING-AMORTIZATION>                         23
<UNDERWRITING-OTHER>                                49
<INCOME-PRETAX>                                     22
<INCOME-TAX>                                         6
<INCOME-CONTINUING>                                 16
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                        16
<EPS-PRIMARY>                                      .78<F3>
<EPS-DILUTED>                                        0
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0
<FN>
<F1>Convertible redeemable preferred stock classified at mezzanine level on
Consolidated Statements of Financial Position
<F2>Excludes 1.0 pre-tax Investment in Radian
<F3>Per common share.
</FN>