EXHIBIT 99.2

                                                           FOR IMMEDIATE RELEASE

             CENDANT REAFFIRMS INTENTION TO COMPLETE ABI TRANSACTION

PARSIPPANY, NJ, and STAMFORD, CT, July 15, 1998 -- Cendant Corporation (NYSE:CD)
today  reaffirmed its intention to complete the acquisition of American  Bankers
Insurance  Group,  Inc.  (NYSE:ABI).  Cendant  expects the  transaction to close
during the fourth quarter, following conclusion of the regulatory process.

Henry R. Silverman, President and Chief Executive Officer of Cendant, reiterated
his confidence in the validity of the strategic  rationale for the  acquisition,
especially the anticipated  synergies in cross-marketing  Cendant's products and
services with ABI.

In March, Cendant and ABI reached an agreement under which Cendant would acquire
ABI  for  cash  and  stock  valued  at $67  per  ABI  share,  for  an  aggregate
consideration of approximately $3.1 billion. Under the agreement,  Cendant would
acquire 51% of ABI through a cash  tender  offer,  followed by a merger in which
Cendant  would  deliver  Cendant  shares with a value of $67 for each  remaining
share of ABI common stock outstanding.

Cendant  (NYSE:CD)  is the world's  premier  provider of consumer  and  business
services.  Cendant  operates in three principal  segments:  Alliance  Marketing,
Travel and Real Estate Services.  Headquartered in Stamford,  CT and Parsippany,
NJ, the company has more than 40,000  employees,  operates in over 100 countries
and makes approximately 100 million customer contacts annually.

Certain matters discussed in the news release are forward-looking statements, as
defined  in  the  Private  Securities   Litigation  Reform  Act  of  1995.  Such
forward-looking  statements  are subject to a number of known and unknown  risks
and  uncertainties  including,  but not  limited  to,  the  outcome of the Audit
Committee's investigation; uncertainty as to the Company's





future profitability; the Company's ability to develop and implement operational
and financial systems to manage rapidly growing  operations;  competition in the
Company's existing and potential future lines of business; the Company's ability
to  integrate  and  operate  successfully  acquired  businesses  and  the  risks
associated with such  businesses;  the Company's  ability to obtain financing on
acceptable terms to finance the Company's growth strategy and for the Company to
operate within the limitations imposed by financing arrangements; uncertainty as
to the future  profitability of acquired  businesses;  and other factors.  Other
factors  and  assumptions  not  identified  above  were  also  involved  in  the
derivation  of these  forwardlooking  statements,  and the failure of such other
assumptions  to be  realized  as well as other  factors  may also  cause  actual
results  to differ  materially  from those  projected.  The  Company  assumes no
obligation to update these forward-looking statements to reflect actual results,
changes   in   assumptions   or  changes  in  other   factors   affecting   such
forward-looking statements.

Media Contacts:
Elliot Bloom                                Jim Fingeroth/Thomas Davies
(973) 496-8414                              Kekst and Company
                                            (212) 521-4800
Investor Contact:
David Johnson
(973) 496-7909