WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE. RESTATED <ARTICLE> 7 <LEGEND> (Replace this text with the legend) </LEGEND> <CIK> 0000897430 <NAME> TIG Holdings, Inc. <MULTIPLIER> 1,000,000 <CURRENCY> US DOLLARS <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <EXCHANGE-RATE> 1.000 <DEBT-HELD-FOR-SALE> 0 <DEBT-CARRYING-VALUE> 4,057 <DEBT-MARKET-VALUE> 4,057 <EQUITIES> 0 <MORTGAGE> 0 <REAL-ESTATE> 0 <TOTAL-INVEST> 4,233 <CASH> 19 <RECOVER-REINSURE> 1,264 <DEFERRED-ACQUISITION> 144 <TOTAL-ASSETS> 6,476 <POLICY-LOSSES> 3,760 <UNEARNED-PREMIUMS> 696 <POLICY-OTHER> 0 <POLICY-HOLDER-FUNDS> 0 <NOTES-PAYABLE> 123 <PREFERRED-MANDATORY> 25 <PREFERRED> 0 <COMMON> 1,198 <OTHER-SE> 285 <TOTAL-LIABILITY-AND-EQUITY> 6,476 <PREMIUMS> 1,539 <INVESTMENT-INCOME> 290 <INVESTMENT-GAINS> (4) <OTHER-INCOME> 0 <BENEFITS> 1,138 <UNDERWRITING-AMORTIZATION> 347 <UNDERWRITING-OTHER> 152 <INCOME-PRETAX> 75 <INCOME-TAX> (4) <INCOME-CONTINUING> 79 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 79 <EPS-PRIMARY> 1.36 <EPS-DILUTED> 1.32 <RESERVE-OPEN> 2,752 <PROVISION-CURRENT> 1,122 <PROVISION-PRIOR> 16 <PAYMENTS-CURRENT> 374 <PAYMENTS-PRIOR> 882 <RESERVE-CLOSE> 1,256 <CUMULATIVE-DEFICIENCY> 0