Exhibit 99.1

          FROM: EDWARD G. NOVOTNY & ASSOCIATES, INC.
          Two Tudor City Place
          New York, NY  10017
          Tel: 212/490-2065

          FOR: HOME HOLDINGS INC.            FOR IMMEDIATE RELEASE
          59 Maiden Lane                     Monday, August 11, 1997
          New York, NY  10038

                        HOME INSURANCE SETTLES DISPUTE
                        WITH NCCI AND NATIONAL WORKERS
                        COMPENSATION REINSURANCE POOL

               NEW YORK   Home Holdings Inc. announced today that
          its principal subsidiary, The Home Insurance Company, has
          entered into an agreement to settle and release its
          obligations to the National Council on Compensation
          Insurance, Inc., the National Workers Compensation
          Reinsurance Pool and the National Pool's participating
          companies.

               The terms of the settlement agreement fully release
          Home Insurance's obligations and will save the company
          approximately $100 million.  The settlement was completed
          on Friday, August 8, after it was approved by the New
          Hampshire Insurance Commissioner, Home Insurance's
          principal regulator.  Home Insurance's run-off has been
          under the Commissioner's formal supervision since March,
          1997.