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                                  EXHIBIT 11

                    INTERCARGO CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE
                    (in thousand, except for per share data)






                                                                          For the three months
                                                                             ended March 31,
                                                                               1996   1995
                                                                              ------  -----
                                                                                              
Primary                                                                                               
                                                                                                      
Net income                                                                    $1,116  2,075           
                                                                              ======  =====           
                                                                                                      
Shares                                                                                                
 Weighted average number of common shares outstanding                          7,641  7,641           
 Additional dilutive effect of outstanding warrant and options                                        
   (as determined by the application of the treasury stock method)                22     16           
                                                                              ------  -----           
Weighted average number of common shares outstanding as adjusted               7,663  7,657           
                                                                              ======  =====           
                                                                                                      
Primary earnings per share                                                    $  .15    .27           
                                                                              ======  =====           
                                                                                                      
                                                                                                      
Fully diluted                                                                                         
                                                                                                      
                                                                                                      
Net income                                                                    $1,116  2,075           
                                                                              ======  =====           
                                                                                                      
Shares                                                                                                
 Weighted average number of common shares outstanding                          7,641  7,641           
 Additional dilutive effect of outstanding warrant and options                                        
   (as determined by the application of the treasury stock method)                22     16           
                                                                              ------  -----           
                                                                                                      
Weighted average number of common shares outstanding as adjusted               7,663  7,657           
                                                                              ======  =====           
                                                                                                      
Fully diluted earnings per share                                              $  .15    .27           
                                                                              ======  =====