quarter ended March 31, 2001 which showed record profits.

Net operating earnings for the first quarter of 2001 increased 191 percent to a profit of $1,658,150, or $.33 per diluted share on 5.0 million average shares outstanding, compared with a loss of $1,822,706, or $.31 per diluted share on 5.9 million average shares outstanding for the first quarter of 2000.

Net earnings for the first quarter of 2001 increased 197 percent to a profit of $1,897,669, or $.38 per diluted share on 5.0 million average shares outstanding, compared with a loss of $1,948,753, or $0.33 per diluted share on 5.9 million average shares outstanding for the first quarter of 2000. Total revenues for the first quarter of 2001 increased 146 percent to $16,256,588 over the same quarter of 2000. Net premiums earned for the first quarter of 2001 increased 229 percent to $13,369,018 over the same quarter of 2000.

The book value of the Company increased six percent to $12.24 per share at March 31, 2001 as compared to $11.53 per share at December 31, 2000.

Lloyd Fox, president and chief executive officer, said, "We are extremely pleased to report record earnings for the first quarter, continuing the positive earnings reported in the third and fourth quarters of 2000. In addition to the record first quarter earnings, our net premiums earned for the first quarter were 229 percent above the same period last year.''