EXHIBIT 99.1

PRESS RELEASE

                                                           FOR IMMEDIATE RELEASE


                    CENDANT EXTEND $67 PER SHARE TENDER OFFER
            FOR AMERICAN BANKERS INSURANCE GROUP TO SEPTEMBER 1, 1998


Stamford, CT and Parsippany,  NJ, July 27, 1998 - Cendant Corporation (NYSE: CD)
announced today it has extended its cash tender offer to purchase  approximately
23.5 million common shares of American Bankers Insurance Group, Inc. (NYSE: ABI)
at a price of $67 per share. The offer, which commenced on January 28, 1998, and
was scheduled to expire at 5:00 p.m.,  New York City time, on Monday,  August 3,
1998,  has been  extended  through  5:00  p.m.,  new York  City  time,  Tuesday,
September 1, 1998, unless further extended.

As of 1:00  p.m.  New York  City  time on July 27,  1998,  28,281,722  shares of
American  Bankers'  stock had been  tendered  to Cendant  under the terms of the
tender  offer,  including  4,120,828  shares  tendered  pursuant  to  notices of
guaranteed delivery.

The Information Agent for the Cendant offer is Innisfree M&A  Incorporated.  The
Dealer Managers are Lehman Brothers and Merrill Lynch & Co.

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. In Alliance Marketing,  Cendant provides access
to travel,  shopping,  auto,  dining,  and other services  worldwide.  In Travel
Services,  Cendant is the leading  franchisor  of hotels and rental car agencies
worldwide,  the premier provider o vacation exchange  services,  a leading fleet
management company through PHH, and the U.K.'s largest car park operator through
NPC.  In Real Estate  Services,  Cendant is the world's  premier  franchisor  of
residential real estate brokerage offices, a major provider of mortgage services
to consumers and a global leader in corporate employee relocation. Headquartered
in Stamford,  CT and  Parsippany,  NJ, the company has nearly 40,000  employees,
operates in over 100  countries  and makes  approximately  100 million  customer
contacts annually.


Media Contacts:
Elliott Bloom                                        Jim Fingeroth/Victoria Weld
Vice President                                       Kekst and Company
Public Relations                                     (212) 521-4800
(973) 496-8414