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                                 NEWS RELEASE

                                                FOR IMMEDIATE RELEASE
                                                CONTACT:

                                                John Lang, Treasurer
                                                (517) 347-6207

                         PROFESSIONALS GROUP AND PPTF
              AGREE TO REVISED TERMS AND REAFFIRM PLAN TO MERGE

        Okemos, Michigan and Coral Gables, Florida, October 3, 1997 -
Professionals Insurance Company Management Group ("Professionals Group")
(Nasdaq:    PICM) and Physicians Protective Trust Fund ("PPTF") announced today
that they have revised the terms of their previously-announced Agreement and
Plan of Merger whereby PPTF will merge with PICOM Insurance Company, a
wholly-owned subsidiary of Professionals Group ("PICOM").  PPTF also announced
that its Board of Trustees has terminated discussions with FPIC Insurance
Group, Inc.

        As originally announced on August 15, 1997, the definitive merger
agreement among Professionals Group, PICOM and PPTF provided that upon
consummation of the merger Professionals Group would issue between a minimum of
3,744,897 shares and a maximum of 4,299,676 shares of Professionals Group
common stock to the eligible members of PPTF.  Pursuant to the amended
definitive merger agreement signed on October 3, 1997, Professionals Group will
issue a fixed number of shares (4,089,160) of Professionals Group common stock
to the Eligible Members of PPTF upon consummation of the merger.  Professionals
Group and PPTF also amended certain other terms and conditions of the merger. 
The closing of the merger is expected to occur in the first quarter of 1998.

        Victor Adamo, Professionals Group's President and Chief Executive
Officer, stated, "We look forward to approval of the merger by Professionals
Group's shareholders and PPTF's policyholders and to close the transaction
shortly thereafter.  The transaction will diversify both companies' overall
risk profile through geographic diversification and will maintain the quality
of service that the insured customer base of each company has come to rely upon
and expect."

        Steven L. Salman, President and CEO of PPTF, commented, "We are
delighted with the revised agreement with Professionals Group.  We continue to
strongly believe that the combination of PPTF and Professionals Group will
provide PPTF policyholders with significant value and a continuing ownership
position in a large and growing property and casualty insurance group.  The
entire Board of Trustees is pleased to be able to provide PPTF's policyholders
with a transaction which is in the best interest of PPTF's policyholders and
all of PPTF's constituencies.  PPTF's Board of Trustees believes that the
combination of the increased value in the amended merger agreement and the
continuing influence that PPTF's Trustees and management will have in the
ongoing operations of the combined entity will ensure that existing and new
policyholders will continue to have an insurance organization dedicated to
providing a strong defense of claims coupled with unsurpassed liability
protection to the Florida medical community.  This protection and level of
service is the basis on which PPTF was founded and which our policyholders have
come to expect from the PPTF organization."