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 6