<ARTICLE> 7 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <DEBT-HELD-FOR-SALE> 128,534,000 <DEBT-CARRYING-VALUE> 0 <DEBT-MARKET-VALUE> 0 <EQUITIES> 21,910,000 <MORTGAGE> 0 <REAL-ESTATE> 0 <TOTAL-INVEST> 197,229,000 <CASH> 129,059,000 <RECOVER-REINSURE> 0 <DEFERRED-ACQUISITION> 23,650,000 <TOTAL-ASSETS> 871,620,000 <POLICY-LOSSES> 236,563,000 <UNEARNED-PREMIUMS> 0 <POLICY-OTHER> 0 <POLICY-HOLDER-FUNDS> 0 <NOTES-PAYABLE> 75,303,000 <PREFERRED-MANDATORY> 11,459,000 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 298,280,000 <TOTAL-LIABILITY-AND-EQUITY> 871,620,000 <PREMIUMS> 340,879,000 <INVESTMENT-INCOME> 5,894,000 <INVESTMENT-GAINS> 603,000 <OTHER-INCOME> 0 <BENEFITS> 18,975,000 <UNDERWRITING-AMORTIZATION> 0 <UNDERWRITING-OTHER> 0 <INCOME-PRETAX> 14,982,000 <INCOME-TAX> 6,400,000 <INCOME-CONTINUING> 8,582,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 8,582,000 <EPS-PRIMARY> .75 <EPS-DILUTED> 0 <RESERVE-OPEN> 0 <PROVISION-CURRENT> 0 <PROVISION-PRIOR> 0 <PAYMENTS-CURRENT> 0 <PAYMENTS-PRIOR> 0 <RESERVE-CLOSE> 0 <CUMULATIVE-DEFICIENCY> 0