EXHIBIT 99.1

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

        FOR:  HOME HOLDINGS INC.                FOR IMMEDIATE RELEASE
        59 Maiden Lane                          Friday, November 21, 1997
        New York, New York  10038

                   HOME HOLDINGS INC. PRINCIPAL SHAREHOLDERS
               REACH AGREEMENT REGARDING PROPOSED REORGANIZATION

                    NEW YORK -- Home Holdings Inc. announced today
          that its principal shareholders, Zurich Home Investments
          Limited and Trygg-Hansa AB (through its subsidiary Trygg-
          Hansa Holding B.V.), have executed an agreement resolving
          certain issues in connection with a possible
          reorganization of the Company presently being negotiated
          between Zurich and an unofficial committee of holders of
          publicly-held notes of the Company.

                    The agreement between the principal
          shareholders provides for, among other things, an
          agreement to vote their respective claims, if any, in
          favor of a proposed preliminary plan of reorganization
          with respect to the restructuring of the Company's
          indebtedness and the transfer by Trygg-Hansa Holding B.V.
          of all of its shares of Home Holdings common and
          preferred stock to a New Hampshire trust, Citizens Bank
          New Hampshire, as Trustee, for the benefit of the holders
          of Trygg-Hansa AB common stock.

                    The Company, while not a party to the
          negotiations with the unofficial committee of holders of
          its publicly-held notes, has been informed about these
          negotiations.  No final proposal for a reorganization has
          been presented to the Company and its Board of Directors
          for consideration, and accordingly, the Company cannot
          predict the outcome of these negotiations or whether or
          when a final proposal will be made to the Company by its
          principal shareholders and the unofficial committee of
          holders of its publicly-held notes.