EXHIBIT 99.1


            CENDANT CORPORATION AND AMERICAN BANKERS INSURANCE GROUP
                                MAKE ANNOUNCEMENT



Parsippany,  NJ and Miami,  FL,  October 13, 1998 - Cendant  Corporation  (NYSE:
CENDANT  CORPORATION) and American Bankers  Insurance  Group,  Inc. (NYSE:  ABI)
announced today their mutual decision to terminate their merger  agreement which
provided for the Company's acquisition of ABI.

In connection with the termination, the Company and ABI have released each other
from any claims  relating to the Company's  proposed  acquisition of ABI and the
Company  has  made a $400  million  cash  payment  to ABI.  As a  result  of the
termination  of the Merger  Agreement,  the Company has  terminated  its pending
tender offer for ABI shares.


Media Contact:                                               Investor Contact:
Elliot Bloom                                                 Denise L.  Gillen
973-496-8414                                                 973-496-7303


Kekst and Company                                            ABI
Jim Fingeroth                                                P.  Bruce Camacho
Tom Davies                                                   305-252-7060
212-521-4800




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