UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10Q


                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                                     OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended March 31, 1997
                           Commission File No. 1-11941


                           FARM FAMILY HOLDINGS, INC.
                    A Delaware Corporation IRS No. 14-1789227

                   344 Route 9W, Glenmont, New York 12077-2910
                  Registrant's telephone number: (518) 431-5000







Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes No

The number of shares outstanding of the issuer's common stock as of May 14, 1997
is 5,253,813.


<PAGE>


                           FARM FAMILY HOLDINGS, INC.

                                      INDEX



   Part I.   Financial Information

         Item 1.  Financial Statements of Farm Family Holdings, Inc. (unaudited)
                  Consolidated Balance Sheets
                  March 31, 1997 and December 31, 1996

                  Consolidated Statements of Income -
                  Three months ended March 31, 1997 and 1996

                  Consolidated  Statements  of Cash Flow Three  months ended
                  March 31, 1997 and 1996

                  Notes to Consolidated Financial Statements

         Item 2.  Management's Discussion and Analysis of Financial Condition
                  and Results of Operations


  Part II.   Other Information

         Item 6.  Exhibits and Reports on Form 8-K





<PAGE>




<TABLE>

                  FARM FAMILY HOLDINGS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                ($ in thousands)
<CAPTION>

                                                                               (Unaudited)
                                                                              March 31, 1997  December 31, 1996

---------------------------------------------------------------------------------------------------------------
Assets
Investments:
<S>                                                                                 <C>               <C>  
     Fixed Maturities
     Available for sale, at fair value
        (Amortized cost: $222,868 in 1997 and $214,226 in 1996 )                    $223,181          $219,188
     Held to maturity, at amortized cost
        (Fair value: $9,565 in 1997 and $9,973 in 1996)                                9,563             9,782
   Equity securities
     Available for sale, at fair value
            (Cost: $2,676 in 1997 and $2,546 in 1996)                                  8,078             7,908
   Mortgage loans                                                                      1,725             1,745
   Other invested assets                                                                 873               748
   Short-term investments                                                              4,549             5,333
---------------------------------------------------------------------------------------------------------------
             Total investments                                                       247,969           244,704
---------------------------------------------------------------------------------------------------------------
Cash                                                                                   3,886             4,110
Insurance receivables:
   Reinsurance receivables                                                            10,401            10,743
   Premiums receivable, net                                                           25,554            22,663
Deferred acquisition costs                                                            10,721            10,682
Accrued investment income                                                              4,473             4,861
Deferred income tax asset, net                                                         3,294             1,520
Prepaid reinsurance premiums                                                           2,391             1,944
Receivable from affiliates, net                                                       16,079            16,133
Other assets                                                                           1,995             2,052
---------------------------------------------------------------------------------------------------------------
             Total Assets                                                           $326,763          $319,412
---------------------------------------------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
   Reserves for losses and loss adjustment expenses                                 $143,205          $141,220
   Unearned premium reserve                                                           58,143            55,945
   Reinsurance premiums payable                                                        2,059               641
   Accrued expenses and other liabilities                                             11,261             9,561
   Debt                                                                                1,293             1,304
---------------------------------------------------------------------------------------------------------------
             Total liabilities                                                       215,961           208,671
---------------------------------------------------------------------------------------------------------------

Commitments and contingencies
Stockholders' equity:
    Preferred stock $.01 par value 1,000,000 shares authorized
         and no shares issued and outstanding                                              -                 -

    Common stock $.01 par value 10,000,000 shares authorized
         and 5,253,813 shares issued and outstanding                                      53                53
    Additional Paid in Capital                                                        98,140            98,140
    Retained earnings                                                                  8,894             5,838
    Net unrealized investment gains                                                    3,715             6,710
---------------------------------------------------------------------------------------------------------------
             Total stockholders' equity                                              110,802           110,741
---------------------------------------------------------------------------------------------------------------
             Total Liabilities and Stockholders' Equity                             $326,763          $319,412
---------------------------------------------------------------------------------------------------------------

 See accompanying notes to Consolidated Financial Statements.

</TABLE>
<PAGE>

<TABLE>

                  FARM FAMILY HOLDINGS, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                     ($ in thousands, except per share data)
<CAPTION>


                                                                                            (Unaudited)
                                                                                            Three Months
                                                                                               Ended
                                                                                              March 31,
                                                                                            1997       1996
-----------------------------------------------------------------------------------------------------------------

Revenues:
<S>                                                                                       <C>            <C>    
     Premiums                                                                             $34,973        $31,676
     Net investment income                                                                  4,416          3,858
     Realized investment gains  (losses), net                                                (90)             63
     Other income                                                                             220            213
-----------------------------------------------------------------------------------------------------------------
                   Total revenues                                                          39,519         35,810
-----------------------------------------------------------------------------------------------------------------
Losses and Expenses:
     Losses and loss adjustment expenses                                                   24,697         25,722
     Underwriting expenses                                                                 10,090          8,787
     Interest expense                                                                          26             54
     Dividends to policyholders                                                                38             27
-----------------------------------------------------------------------------------------------------------------
             Total losses and expenses                                                     34,851         34,590
-----------------------------------------------------------------------------------------------------------------
Income before federal income tax expense and extraordinary item                             4,668          1,220
Federal income tax expense                                                                  1,612            397
-----------------------------------------------------------------------------------------------------------------
Income before extraordinary item                                                            3,056            823
Extraordinary item - demutualization expenses                                                   -            521
-----------------------------------------------------------------------------------------------------------------
             Net income                                                                    $3,056           $302
-----------------------------------------------------------------------------------------------------------------

Per Common Share:
         Income before extraordinary item                                                   $0.58          $0.27
-----------------------------------------------------------------------------------------------------------------
         Net income                                                                         $0.58          $0.10
-----------------------------------------------------------------------------------------------------------------
Weighted average shares outstanding                                                     5,253,813      3,000,000
-----------------------------------------------------------------------------------------------------------------

See accompanying notes to Consolidated Financial Statements.

</TABLE>
<PAGE>

<TABLE>




                  FARM FAMILY HOLDINGS, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                ($ in thousands)
<CAPTION>
                                                                                          (Unaudited)
                                                                                         For the Three
                                                                                             Months
                                                                                         Ended March 31,

                                                                                      1997             1996
-----------------------------------------------------------------------------------------------------------------
Cash Flows From Operating Activities:
-------------------------------------
Net income                                                                                 $3,056           $302
-----------------------------------------------------------------------------------------------------------------

Adjustments to reconcile net income
              to net cash provided by operating activities:
<S>                                                                                       <C>          <C> 
    Realized investment (gains) losses                                                         90           (63)
    Amortization of bond discount                                                              48             32
    Deferred income taxes                                                                   (160)            169
    Extraordinary item - demutualization expenses                                               -            521
    Changes in:
         Reinsurance receivables                                                              342          1,065
         Premiums receivable                                                              (2,891)        (1,157)
         Deferred acquisition costs                                                          (39)           (24)
         Accrued investment income                                                            388            243
         Prepaid reinsurance premiums                                                       (447)          (129)
         Receivable from affiliates                                                            54        (1,080)
         Other assets                                                                          57          (161)
         Reserves for losses and loss adjustment expenses                                   1,985          2,341
         Unearned premium reserve                                                           2,198          1,200
         Reinsurance premiums payable                                                       1,418        (1,559)
         Accrued expenses and other liabilities                                             1,700          (256)
-----------------------------------------------------------------------------------------------------------------
            Total adjustments                                                               4,743          1,142
-----------------------------------------------------------------------------------------------------------------
            Net cash provided by operating activities before extraordinary item             7,799          1,444
            Extraordinary item - demutualization expenses                                       -          (521)
-----------------------------------------------------------------------------------------------------------------
            Net cash provided by operating activities                                       7,799            923
-----------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTiNG ACTIVITIES 
------------------------------------ 
Proceeds from sales:
    Fixed maturities available for sale                                                     3,514          3,918
    Equity securities                                                                        (56)            151
Investment collections:
    Fixed maturities available for sale                                                     3,303          4,274
    Fixed maturities held to maturity                                                         207            172
    Mortgage loans                                                                             20             19
Investment purchases:
    Fixed maturities available for sale                                                  (15,528)       (14,023)
    Fixed maturities held to maturity                                                       (131)              -
Change in short-term investments, net                                                         784          5,894
Change in other invested assets                                                             (125)             65
-----------------------------------------------------------------------------------------------------------------
            Net cash (used in) provided by investing activities                           (8,012)            470
-----------------------------------------------------------------------------------------------------------------

Cash Flows From Financing Activities
------------------------------------
Principal payments on debt                                                                   (11)            (9)
-----------------------------------------------------------------------------------------------------------------
            Net cash used in financing activities                                            (11)            (9)
-----------------------------------------------------------------------------------------------------------------
            Net increase (decrease) in cash                                                 (224)          1,384
Cash, beginning of period                                                                   4,110          2,410
-----------------------------------------------------------------------------------------------------------------
Cash, end of period                                                                        $3,886         $3,794
-----------------------------------------------------------------------------------------------------------------

See accompanying notes to Consolidated Financial Statements.

</TABLE>
<PAGE>


Notes to Consolidated Financial Statements

     1.   Summary of Significant Accounting Policies

     The accompanying  consolidated financial statements include the accounts of
     Farm Family  Holdings,  Inc. ("Farm Family  Holdings") and its wholly owned
     subsidiary,   Farm  Family   Casualty   Insurance   Company  ("Farm  Family
     Casualty"),  (collectively  referred  to as  the  "Company").  Farm  Family
     Holdings was  incorporated  under Delaware law on February 12, 1996 for the
     purpose of becoming  the parent  holding  company of Farm  Family  Casualty
     under a Plan of  Reorganization  and Conversion  (the "Plan").  On July 26,
     1996,  Farm  Family  Holdings  completed  its  initial  public  offering of
     2,470,000  shares of its common stock.  Concurrent with the consummation of
     Farm Family Holdings initial public offering,  Farm Family Mutual Insurance
     Company converted from a mutual property and casualty  insurance company to
     a stockholder  owned property and casualty  insurance  company and became a
     wholly owned subsidiary of Farm Family Holdings pursuant to the Plan. Also,
     Farm Family  Mutual  Insurance  Company was  renamed  Farm Family  Casualty
     Insurance Company.  In addition to the 2,470,000 shares sold in the initial
     public   offering  and  the  315,826  shares  sold  in  the   underwriters'
     over-allotment,  Farm  Family  Holdings  distributed  2,253,813  shares  to
     policyholders  and  surplus  note  holders,  and sold  214,174  shares in a
     subscription  offering.  As a result,  Farm Family  Holdings had  5,253,813
     shares outstanding as of July 26, 1996.

     The  per  share  information  presented  on the  accompanying  consolidated
     statements  of income gives effect in the three months ended March 31, 1996
     to  the  allocation  of  3,000,000  shares  of  common  stock  to  eligible
     policyholders  on  July  26,  1996  pursuant  to the  Plan.  The  financial
     information  presented on the  accompanying  consolidated  balance  sheets,
     consolidated  statements  of income,  and  consolidated  statements of cash
     flows for the three months  ended March 31, 1996 is for Farm Family  Mutual
     Insurance Company and subsidiary.

     The  accompanying  unaudited  consolidated  financial  statements have been
     prepared in accordance  with the  instructions to Form 10-Q. In the opinion
     of management,  these statements  contain all adjustments  including normal
     recurring  accruals,  which are  necessary for a fair  presentation  of the
     consolidated  financial  position at March 31, 1997,  and the  consolidated
     results of  operations  for the three months ended March 31, 1997 and 1996.
     The results of the  Company's  operations  for any  interim  period are not
     necessarily  indicative  of the results of the Company's  operations  for a
     full fiscal year.

     2.  Future Application of Accounting Standards

     Financial  Accounting  Standards  No.  128 -  "Earnings  Per  Share."  This
     statement  which is effective for financial  statements  issued for periods
     ending after December 15, 1997,  simplifies the computation of earnings per
     share (EPS) by replacing the "primary" EPS requirements  with a "basic" EPS
     computation  based  upon  weighted-average  shares  outstanding.  This  new
     standard  requires a reconciliation of the numerator and denominator of the
     diluted EPS computation.

     Management has not yet made a determination of the impact, if any, that the
     adoption of this standard would have on per share  disclosures  included in
     the consolidated financial statements.



<PAGE>


     3.  Subsequent Events

     At the Annual Meeting of Stockholders held on April 22, 1997, the Company's
     Omnibus  Securities Plan, and grants of stock options under this plan, were
     approved.  The  Company  plans to follow the  disclosure  requirements  and
     expense  recognition  alternatives  that  are  addressed  by  Statement  of
     Financial   Accounting  Standards  No.  123,  "Accounting  for  Stock-Based
     Compensation".




<PAGE>


Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations.

General
-------

The following  discussion includes the operations of Farm Family Holdings,  Inc.
("Farm Family Holdings") and its wholly owned  subsidiary,  Farm Family Casualty
Insurance  Company  ("Farm Family  Casualty")  (collectively  referred to as the
"Company"). The operations of the Company are also closely related with those of
its affiliates, Farm Family Life Insurance Company ("Farm Family Life") and Farm
Family  Life's wholly owned  subsidiary,  United Farm Family  Insurance  Company
("United Farm Family").

Farm Family  Casualty is a specialized  property and casualty  insurer of farms,
other  generally  related   businesses  and  residents  of  rural  and  suburban
communities  primarily in the Northeastern  United States.  Farm Family Casualty
provides property and casualty insurance  coverages to members of the state Farm
Bureau(R) organizations in New York, New Jersey, Delaware, West Virginia and all
of the New England states.  Membership in a state Farm Bureau  organization is a
prerequisite  for  voluntary  insurance  coverage  (except for  employees of the
Company and its affiliates).

The Company's  operating  results are subject to significant  fluctuations  from
period to period depending upon, among other factors, the frequency and severity
of losses from  weather  related and other  catastrophic  events,  the effect of
competition  and  regulation  on the  pricing of  products,  changes in interest
rates, general economic conditions, tax laws and the regulatory environment.  As
a condition  of its license to do  business  in various  states,  the Company is
required to participate  in a variety of mandatory  residual  market  mechanisms
(including  mandatory  pools) which  provide  certain  insurance  (most  notably
automobile  insurance)  to  consumers  who are  otherwise  unable to obtain such
coverages from private  insurers.  In all such states,  residual  market premium
rates are subject to the  approval of the state  insurance  department  and have
generally  been  inadequate.  The amount of future  losses or  assessments  from
residual market  mechanisms  cannot be predicted with certainty and could have a
material adverse effect on the Company's results of operations.

For the three month  periods  ended  March 31,  1997 and 1996,  36.3% and 37.5%,
respectively,  of the  Company's  direct  written  premiums  were  derived  from
policies  written  in New York  and,  for the same  periods,  23.8%  and  21.5%,
respectively,  were derived from policies written in New Jersey.  For these same
periods,  no other state  accounted for more than 10.0% of the Company's  direct
written  premiums.  As a result,  the  Company's  results of  operations  may be
significantly affected by weather conditions, catastrophic events and regulatory
developments  in  these  two  states  and  in  the  Northeastern  United  States
generally.




<PAGE>


"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
-----------------------------------------------------------------------------
1995
----

Certain  statements made herein or elsewhere by or on behalf of the Company that
are not historical facts are intended to be  forward-looking  statements  within
the meaning of the safe harbor provisions of the Private  Securities  Litigation
Reform Act of 1995. Examples of forward-looking  statements include, but are not
limited to,: (i) projections of revenue,  earnings,  capital structure and other
financial  items,  (ii) statements of the plans and objectives of the Company or
its  management,  (iii)  statements  of  future  economic  performance  and (iv)
assumptions underlying statements regarding the Company or its business. Readers
are hereby  cautioned  that certain events or  circumstances  could cause actual
results to differ materially from those estimated, projected, or predicted. Such
risks and uncertainties include, but are not limited to, the following: exposure
to  catastrophic  loss,  geographic  concentration  of  loss  exposure,  general
economic  conditions  and  conditions  specific  to the  property  and  casualty
insurance  industry  including  its  cyclical  nature,  regulatory  changes  and
conditions,  rating agency policies and practices,  competitive factors,  claims
development and the impact thereof on loss reserves and the Company's  reserving
policy, the adequacy of the Company's reinsurance programs,  developments in the
securities  markets and the impact on the  Company's  investment  portfolio  and
other risks  included in this Report on Form 10-Q and other risk factors  listed
from time to time in the Company's  Securities and Exchange  Commission Filings.
In addition,  forward-looking statements are based on management's knowledge and
judgment as of the date that such statements are made. The Company undertakes no
obligation   to  publicly   release  the  result  of  any   revisions  to  these
forward-looking  statements that may be made to reflect events or  circumstances
after the date hereof or to reflect the occurrence of unanticipated events.


Results of Operations
---------------------

The Three Months  Ended March 31, 1997  Compared to the Three Months Ended March
31, 1996

Premiums
--------
Premium revenue  increased $3.3 million or 10.4%,  during the three months ended
March 31, 1997 to $35.0  million from $31.7 million for the same period in 1996.
The  increase  in premium  revenue in 1997  resulted  from an  increase  of $3.3
million  in earned  premiums  on  additional  business  directly  written by the
Company,  and an increase of $1.2 million in earned  premiums  assumed which was
offset by an increase of $1.2 million in earned premiums ceded to reinsurers and
not retained by the Company.  The $3.3  million  increase in earned  premiums on
additional  business directly written by the Company was primarily  attributable
to an increase of $3.8 million,  or 13.1%, in earned premiums from the Company's
primary  products  (personal  and  commercial  automobile  products  other  than
assigned  risk  business,  the Special Farm  Package,  businessowners  products,
homeowners  products,  and Special Home Package) which was partially offset by a
decrease of $0.2 million in earned  premiums  from the  Company's  assigned risk
business and a decrease of $0.3 million in earned  premiums  from the  Company's
other products. The number of policies in force related to the Company's primary
products  increased by 9.8% to  approximately  116,900 as of March 31, 1997 from
approximately  106,500 as of March 31, 1996 and the average  premium  earned for
each such policy  increased by 3.0% during the three months ended March 31, 1997
compared to the same period in 1996.  Net written  premiums  increased  12.1% to
$36.7  million  for the three  months  ended  March 31,  1997  compared to $32.8
million for the same  period in 1996.  The  increase in net written  premiums is
primarily  attributable  to the growth in direct writings to customers and, to a
lessor  extent,  an  increase in the  Company's  voluntary  assumed  reinsurance
business.  Geographically,  the increase in the Company's  direct  writings come
from New Jersey, New York, Massachusetts,  Connecticut, Delaware, West Virginia,
and Rhode  Island.  In addition,  direct  writings of all our primary  products,
particularly  personal  automobile,  increased during the first quarter of 1997.
During the three  months  ended March 31,  1997,  the  Company  began to receive
assigned  risk  automobile  business in New Jersey.  Such assigned risk business
produced  approximately  $185,000 of premium revenue during the first quarter of
1997.

Net Investment Income
---------------------
Net  investment  income  increased $0.5 million or 14.5% to $4.4 million for the
three months ended March 31, 1997 from $3.9 million for the same period in 1996.
The increase in net investment income was primarily the result of an increase in
average cash and invested  assets (at  amortized  cost) of  approximately  $48.3
million,  or 24.4% from March 31, 1997 compared to March 31, 1996.  The increase
in average  cash and  invested  assets  was  primarily  attributable  to the net
proceeds of $31.0  million from the initial  public  offering  and  subscription
offering  received in July 1996.  The return  realized on the Company's cash and
investments  was 7.5% for the three months ended March 31, 1997 and 7.8% for the
same period in 1996.

Losses and Loss Adjustment Expenses
-----------------------------------
Losses and loss adjustment  expenses  decreased $1.0 million,  or 4.0%, to $24.7
million for the three  months  ended  March 31, 1997 from $25.7  million for the
same period in 1996.  Loss and loss  adjustment  expenses  were 70.6% of premium
revenue for the three months  ended March 31, 1997  compared to 81.2% of premium
revenue for the same period in 1996.  The  decrease in loss and loss  adjustment
expenses  as a percent of premium  revenue  was  primarily  attributable  to the
reduction  in weather  related  losses.  Losses  believed to be weather  related
aggregated  $2.1 million in the three  months  ended March 31, 1997  compared to
$6.9 million for the same period in 1996.

Underwriting Expenses
---------------------
Underwriting expenses increased $1.3 million, or 14.8%, to $10.1 million for the
three months ended March 31, 1997 from $8.8 million for the same period in 1996.
For the three months ended March 31, 1997,  underwriting  expenses were 28.9% of
premium  revenue  compared to 27.7% for the same period in 1996. The increase in
underwriting expenses as a percent of premium revenue was primarily attributable
to an increase in certain  overhead  expenses and  improvements in the Company's
accrual process.  The  underwriting  expense ratio of 28.9% for the three months
ended March 31, 1997 was less than the  underwriting  expense ratio of 29.2% for
the year ended December 31, 1996.

Federal Income Tax Expense
--------------------------
Federal  income tax expense  increased $1.2 million to $1.6 million in 1997 from
$0.4  million in 1996.  Federal  income tax expense  was 34.5% of income  before
federal income tax expense for the three months ended March 31, 1997 compared to
32.5% for the same period in 1996.

Net Income
----------
Net income  increased  $2.8  million to $3.1  million for the three months ended
March 31,  1997 from $0.3  million for the same  period in 1996  primarily  as a
result of the  foregoing  factors and the impact of $0.5  million of expenses in
the first  quarter of 1996 related to the  demutualization  of the Company which
the Company has identified as an extraordinary item.


<PAGE>


Liquidity and Capital Resources
-------------------------------

Net cash  provided by  operating  activities  was $7.8  million and $0.9 million
during the three month periods ended March 31, 1997 and 1996, respectively.  The
increase in net cash  provided by operating  activities  during the three months
ended March 31, 1997 was  primarily  attributable  to the increase in net income
and a decrease in payments for losses and loss adjustment expenses.

Net cash used in investing  activities  was $8.0 million during the three months
ending March 31, 1997 compared to net cash  provided by investing  activities of
$0.5 million for the same period in 1996  primarily as a result of a decrease in
sales of short-term investments in the first three months of 1997.

The Company has in place unsecured lines of credit with two banks under which it
may borrow up to $9.0 million. At March 31, 1997, no amounts were outstanding on
these lines of credit. In addition,  at March 31, 1997, Farm Family Casualty had
$1.3 million  principal amount of surplus notes  outstanding.  The surplus notes
bear interest at the rate of eight percent per annum and have no maturity  date.
The  principal  and interest on the surplus  notes are  repayable  only with the
approval of the Superintendent of Insurance of New York State.

Future Application of Accounting Standards
------------------------------------------

Financial  Accounting  Standards No. 128 - "Earnings Per Share." This  statement
which is effective  for  financial  statements  issued for periods  ending after
December 15, 1997,  simplifies  the  computation  of earnings per share (EPS) by
replacing the "primary" EPS  requirements  with a "basic" EPS computation  based
upon  weighted-average   shares  outstanding.   This  new  standard  requires  a
reconciliation of the numerator and denominator of the diluted EPS computation.

Management  has not yet made a  determination  of the impact,  if any,  that the
adoption of this standard  would have on per share  disclosures  included in the
consolidated financial statements.

Subsequent Events
-----------------

At the Annual  Meeting of  Stockholders  held on April 22, 1997,  the  Company's
Omnibus  Securities  Plan,  and grants of stock  options  under this plan,  were
approved.  The Company plans to follow the disclosure  requirements  and expense
recognition alternatives that are addressed by Statement of Financial Accounting
Standards No. 123, "Accounting for Stock-Based Compensation".





<PAGE>


Item 6:        Exhibits and Reports on Form 8-K

<TABLE>

                                  EXHIBIT INDEX

                      FARM FAMILY HOLDINGS, INC. FORM 10-Q
                      FOR THE QUARTER ENDED MARCH 31, 1997


Exhibit Number       Document Description

<S>                  <C>
*2.1                 Plan of  Reorganization  and Conversion  dated February 14, 1996 as amended by
                     Amendment No. 1, dated April 23, 1996

*3.1                 Certificate of Incorporation of Farm Family Holdings, Inc.

*3.2                 Bylaws of Farm Family Holdings, Inc.

*10.1                Option  Purchase  Agreement,  dated  February  14,  1996,  among  Farm  Family
                     Holdings,  Inc. and The  Shareholders  of Farm Family Life  Insurance  Company
                     Listed Therein

**10.2               Amended and Restated Expense Sharing Agreement,  made effective as of February
                     14, 1996, by and among Farm Family Mutual Insurance Company,  Farm Family Life
                     Insurance Company and Farm Family Holdings, Inc.

*10.3                Indenture  of  Lease,  made  the 1st day of  January  1988,
                     between Farm Family Life Insurance  Company and Farm Family
                     Mutual  Insurance  Company as amended by the  Amendment  to
                     Lease, effective January 1, 1994

 10.4                Underlying  Multi-Line Per Risk  Reinsurance  Contract,  effective  January 1,
                     1995,  issued to Farm  Family  Mutual  Insurance  Company by The  Subscription
                     Reinsurer(s)  Executing the Interests and  Liabilities  Agreement(s)  Attached
                     Thereto,   as  amended  by  Addendum   No.  1,   effective   January  1,  1996
                     (Incorporated by reference to Registration  Statement No. 333-4446),  Addendum
                     No. 2,  effective  January 1, 1996,  Addendum No. 3,  effective  July 26, 1996
                     (Incorporated by reference to Farm Family Holdings,  Inc. Form 10-K), Addendum
                     No. 4, effective January 1, 1997

 10.5                Umbrella Quota Share Reinsurance  Contract,  effective January 1, 1995, issued
                     to Farm Family  Mutual  Insurance  Company  and United  Farm Family  Insurance
                     Company,   as  amended  by  Addendum   No.  1,   effective   January  1,  1995
                     (Incorporated  by reference  to  Registration  Statement  No.  333-4446),  and
                     Addendum  No. 2 effective  July 26, 1996  (Incorporated  by  reference to Farm
                     Family Holdings, Inc. Form 10-K), Addendum No. 3, effective January 1, 1997

 10.6                Excess Catastrophe  Reinsurance  Contract effective January 1, 1996, issued to
                     Farm  Family  Mutual   Insurance   Company   (Incorporated   by  reference  to
                     Registration Statement No. 333-4446),  as amended by Addendum No. 1, Effective
                     July 26, 1996

*10.7                Assumption  Agreement,  commencing January 1, 1995, between Farm Family Mutual
                     Insurance Company and United Farm Family Insurance Company

*10.8                Service  Agreement,  made  effective  as of July 25, 1988 by and between  Farm
                     Family Mutual Insurance Company and United Farm Family Insurance Company

 10.9                Form of Membership List Purchase Agreement between Farm Family Mutual
                     Insurance Company and each of the Farm Bureaus (Incorporated by reference to
                     Registration Statement No. 333-4446) as amended by Amendment No. 1 to
                     Membership List Purchase Agreements effective July 26, 1996

*10.10               Farm Family Mutual Insurance Company 8% Subordinated Surplus  Certificate,  as
                     amended by  Certificate  of Amendment No. 1 and Trust  Indenture,  dated as of
                     December 29, 1976 relating to the 8% Subordinated Surplus Certificates

 *10.11              Farm Family Mutual Insurance  Company 5% Debenture,  as amended by Certificate
                     of  Amendment,  effective  January 1, 1969,  Certificate  of Amendment  No. 2,
                     effective  January 1, 1979,  Certificate  of Amendment No. 3 and  Supplemental
                     Trust Indenture,  dated as of August 25, 1955 Amending Trust Indenture,  dates
                     as of May 16, 1955 Relating to The 5%  Debentures,  as amended by  Certificate
                     of  Amendment,  dated as of August 25, 1955,  Certificate  of Amendment No. 2,
                     dated as of  August  25,  1955,  Certificate  of  Amendment  No. 3 dated as of
                     August 25, 1955

*10.12               Farm Family Mutual Insurance Company Officer Severance Pay Plan, adopted
                     effective August 1, 1994

*10.13               Farm Family Mutual Insurance Company  Supplemental  Employee  Retirement Plan,
                     adopted as of January 1, 1994

**10.14              Farm Family Holdings,  Inc. Directors' Deferred  Compensation Plan,  effective
                     January 1, 1997

**10.15              Farm Family Holdings,  Inc.  Officers' Deferred  Compensation Plan,  effective
                     January 1, 1997

**10.16              Farm Family Holdings, Inc. Annual Incentive Plan effective January 1, 1997

**10.17              Farm Family Supplemental  Savings and Profit Sharing Plan effective January 1,
                     1997

**10.18              Tax  Payment  Allocation  Agreement  effective  January 1, 1996 by and between
                     Farm Family Holdings, Inc. and Farm Family Casualty Insurance Company

  10.19              Excess  Catastrophe  Reinsurance  Contract  issued  to  Farm  Family  Casualty
                     Insurance Company effective January 1, 1997

  11                 Computation of Earnings per  Share




*Incorporated by reference to Registration Statement No. 333-4446
**Incorporated by reference to Farm Family Holdings, Inc. Form 10-K for the year ended December 31, 1996
</TABLE>


<PAGE>



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.
<TABLE>


                                                           FARM FAMILY HOLDINGS, INC.
                                                                  (Registrant)




<S>                           <C>
        May 14, 1997          By:      /s/ Philip P. Weber
-----------------------------     -----------------------------------------------------------------------------
           (Date)                             Philip P. Weber, President & Chief Executive Officer
                                                         (Principal Executive Officer)




        May 14, 1997          By:     /s/ Timothy A. Walsh
-----------------------------     -----------------------------------------------------------------------------
           (Date)                       Timothy A. Walsh, Executive Vice President - Finance & Treasurer
                                                   (Principal Financial & Accounting Officer)

</TABLE>


<PAGE>


Exhibit 10.4
                                 Addendum No. 4

                                     to the

                         Underlying Multi-Line Per Risk
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                     Farm Family Casualty Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



It Is Hereby Agreed,  effective  January 1, 1997, with respect to losses arising
out of occurrences commencing on or after that date, that paragraph A of Article
V -  Retention  and  Limit - shall  be  deleted  and the  following  substituted
therefor:

        "A. Coverage A: As respects the property  classes of business subject to
            this Contract,  the Company shall retain and be liable for the first
            $100,000 of ultimate net loss as respects  any one risk,  each loss.
            The  Reinsurer  shall  then be liable  for the  amount by which such
            ultimate net loss exceeds the Company's retention, but the liability
            of the Reinsurer shall not exceed $200,000 as respects any one risk,
            each loss."

It Is Further Agreed, effective January 1, 1997, that paragraph A of Article X -
Reinsurance  Premium (BRMA 43K), as amended by Addendum No. 2 - shall be deleted
and the following substituted therefor:

        "A. As premium for the reinsurance provided hereunder, the Company shall
            pay the Reinsurer 6.75% of its net earned premium (as defined in 
            Article VII)."

It Is Also Agreed,  effective January 1, 1997, with respect to business in force
on that date or issued or  renewed on or after  that  date,  that the  following
Article shall be added to and made part of this Contract:




<PAGE>


"Article XX - Contingent Commission

A.   The Reinsurer shall pay the Company a contingent  commission  equal to 100%
     of the net profit, if any, accruing to the Reinsurer during each accounting
     period defined herein. The first accounting period shall be from January 1,
     1997 through  December 31, 1997, and each subsequent  12-month period shall
     be a separate  accounting period.  However, if this Contract is terminated,
     the final accounting period shall be from the beginning of the then current
     accounting  period  through  the date of  termination  if this  Contract is
     terminated  on a 'cutoff'  basis,  or the end of the runoff  period if this
     Contract is terminated on a 'runoff' basis.

B.   The Reinsurer's  net profit for each accounting  period shall be calculated
     in  accordance  with the  following  formula,  it being  understood  that a
     positive balance equals net profit and a negative balance equals net loss:

             1.   Premiums earned for the accounting period; less

             2.   Expenses incurred by the Reinsurer at 10% of premiums earned 
                  for the accounting period; less

             3.   Losses incurred for the accounting period; less

             4.   The Reinsurer's net loss, if any, from the immediately 
                  preceding accounting period.

C.   Except as provided in the next  paragraph,  the Company shall calculate and
     report the Reinsurer's net profit for each accounting period within 60 days
     after the end of the accounting period. Any contingent  commission shown to
     be due the Company  shall be paid by the  Reinsurer as promptly as possible
     after receipt and verification of the Company's report.

D.   As respects the final  accounting  period,  the Company shall calculate and
     report  the  Reinsurer's  net  profit  within  60 days  after  the  date of
     termination,  and  within 60 days after the end of each  accounting  period
     thereafter until all losses subject hereto have been finally settled.  Each
     such calculation shall be based on cumulative  transactions  hereunder from
     the  beginning  of  the  final  accounting   period  through  the  date  of
     calculation,   including  the  Reinsurer's  net  loss,  if  any,  from  the
     immediately   preceding   accounting   period.   As  respects  the  initial
     calculation  referred to above,  any contingent  commission shown to be due
     the Company  shall be paid by the  Reinsurer as promptly as possible  after
     receipt  and  verification  of  the  Company's  report.  As  respects  each
     recalculation,  any additional  contingent  commission  shown to be due the
     Company  shall be paid by the  Reinsurer  as  promptly  as  possible  after
     receipt and  verification of the Company's  report.  Any return  contingent
     commission  shown to be due the Reinsurer shall be paid by the Company with
     its report.

E.   'Premiums  earned' as used herein shall mean ceded unearned premiums at the
     beginning of the accounting period,  plus ceded net written premiums during
     the period, less ceded unearned premiums at the end of the period.

F.   'Losses  incurred'  as  used  herein  shall  mean  ceded  losses  and  loss
     adjustment  expense  paid during the period under  consideration,  plus the
     ceded reserves for losses and loss  adjustment  expense  outstanding at the
     end of the  period,  including  an  amount  representing  Incurred  But Not
     Reported Losses  (hereinafter  called 'IBNR') for the period, as determined
     by the  Company,  less the ceded  reserves  for losses and loss  adjustment
     expense outstanding at the beginning of the accounting period, including an
     amount representing IBNR, as determined by the Company, for the immediately
     preceding accounting period (it being agreed,  however,  that no IBNR shall
     be included in losses and loss adjustment expense outstanding at the end of
     the period when the contingent  commission for the final accounting  period
     is recalculated)."

The provisions of this Contract shall remain otherwise unchanged.

In Witness  Whereof,  the  Company  by its duly  authorized  representative  has
executed this Addendum as of the date undermentioned at:

Glenmont, New York,
this  1st day of     May   1997.

                             Timothy A Walsh, Exec. V.P.
                             ---------------------------
                             Farm Family Casualty Insurance Company


<PAGE>


                                 Addendum No. 4

                                     to the

                       Interests and Liabilities Agreement

                                       of

                      United Farm Family Insurance Company
                               Glenmont, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                         Underlying Multi-Line Per Risk
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                     Farm Family Casualty Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 4, as duly executed by the
Company, as part of the Contract, effective January 1, 1997.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Glenmont, New York,
this  1st  day of      May   1997.

                             Timothy A Walsh, Exec. V.P.
                             ---------------------------
                             United Farm Family Insurance Company



<PAGE>


Exhibit 10.5
                                 Addendum No. 3

                                     to the

                              Umbrella Quota Share
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                     Farm Family Casualty Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



It Is Hereby Agreed,  effective  January 1, 1997, with respect to losses arising
out of occurrences commencing on or after that date, that paragraph A of Article
VII - Loss in Excess of Policy  Limits/ECO - shall be deleted and the  following
substituted therefor:

"A.  In the event the Company pays or is held liable to pay an amount of loss in
     excess of its policy limit,  but  otherwise  within the terms of its policy
     (hereinafter  called  'loss in excess of policy  limits') or any  punitive,
     exemplary, compensatory or consequential damages, other than loss in excess
     of policy  limits  (hereinafter  called  'extra  contractual  obligations')
     because  of  alleged  or  actual  bad  faith or  negligence  on its part in
     rejecting a settlement  within policy limits, or in discharging its duty to
     defend  or  prepare  the  defense  in the trial of an  action  against  its
     policyholder,  or in discharging its duty to prepare or prosecute an appeal
     consequent  upon such an action,  or in otherwise  handling a claim under a
     policy subject to this Contract, 90% of the loss in excess of policy limits
     and/or  90% of the  extra  contractual  obligations  shall  be added to the
     Company's  loss,  if any,  under the policy  involved,  and the sum thereof
     shall be subject to the provisions of Article V."

It Is Further  Agreed,  effective  January 1, 1997,  with respect to business in
force on that  date or  issued  or  renewed  on or after  that  date,  that this
Contract shall be amended as follows:

1.   Paragraph A of Article XI - Commission - shall be deleted and the following
     substituted therefor:

"A.  The  Reinsurer  shall allow the Company a 32.5%  commission on all premiums
     ceded to the  Reinsurer  hereunder.  The Company  shall allow the Reinsurer
     return commission on return premiums at the same rate."

In Consideration of the foregoing,  the "Reinsurer" shall remit to the Company a
2.5%  share of the ceded  unearned  premium in force at 12:01  a.m.,  January 1,
1997, as promptly as possible after that date.

2.   Paragraph A of Article XIII - Contingent  Commission - shall be deleted and
     the following substituted therefor:

"A.  The Reinsurer  shall pay the Company a contingent  commission  equal to the
     following:

1.   As respects the first accounting period (as hereinafter defined) the sum of
     25% of the net profit,  if any, accruing to the Reinsurer during the period
     January 1, 1995 through  December 31, 1996,  and 35% of the net profit,  if
     any,  accruing to the Reinsurer  during the period  January 1, 1997 through
     the end of the first accounting period;

2.   As respects the second and each subsequent  accounting  period,  35% of the
     net profit, if any, accruing to the Reinsurer during the accounting period.

The first  accounting  period shall be from the effective  date of this Contract
through  December  31,  1997,  and each  subsequent  36-month  period shall be a
separate accounting period,  unless this Contract is terminated,  in which event
the final  accounting  period  shall be from the  beginning  of the then current
accounting period through the date of termination if this Contract is terminated
on a  'cutoff'  basis,  or the end of the  runoff  period  if this  Contract  is
terminated on a 'runoff' basis."

It Is Also Agreed,  effective  January 1, 1997, that the following Article shall
be added to and made part of this Contract:

      "Article XXVI - Late Payments

A.   The provisions of this Article shall not be implemented unless specifically
     invoked, in writing, by one of the parties to this Contract.

B.   In the event any  premium,  loss or other  payment due either  party is not
     received by the intermediary named in Article XXV (hereinafter  referred to
     as the  'Intermediary')  by the payment due date, the party to whom payment
     is due may, by notifying the  Intermediary  in writing,  require the debtor
     party to pay, and the debtor  party  agrees to pay, an interest  penalty on
     the amount past due  calculated  for each such payment on the last business
     day of each month as follows:

1.   The number of full days which have  expired  since the due date or the last
     monthly calculation, whichever the lesser; times

2.   1/365ths of the 1-year  United  States  Treasury Bill rate as quoted in The
     Wall Street  Journal on the first  business  day of the month for which the
     calculation  is made;  times 3. The  amount  past  due,  including  accrued
     interest.

It is agreed that interest shall accumulate until payment of the original amount
due plus interest penalties have been received by the Intermediary.

C.   The  establishment of the due date shall, for purposes of this Article,  be
     determined as follows:

1.   As respects the payment of routine deposits and premiums due the Reinsurer,
     the due date shall be as  provided  for in the  applicable  section of this
     Contract.  In the event a due date is not  specifically  stated for a given
     payment,  it shall be deemed due 30 days after the date of  transmittal  by
     the Intermediary of the initial billing for each such payment.

2.   Any claim or loss payment due the Company  hereunder shall be deemed due 10
     business days after the proof of loss or demand for payment is  transmitted
     to the Reinsurer.  If such loss or claim payment is not received within the
     10  days,  interest  will  accrue  on the  payment  or  amount  overdue  in
     accordance  with  paragraph  B above,  from  the date the  proof of loss or
     demand for payment was transmitted to the Reinsurer.

3.   As  respects  any  payment,  adjustment  or  return  due  either  party not
     otherwise  provided for in  subparagraphs 1 and 2 above, the due date shall
     be as provided for in the applicable section of this Contract. In the event
     a due date is not  specifically  stated  for a given  payment,  it shall be
     deemed due 10 business days following  transmittal of written  notification
     that the provisions of this Article have been invoked.

For  purposes of interest  calculations  only,  amounts due  hereunder  shall be
deemed paid upon receipt by the Intermediary.

D.   Nothing  herein shall be construed as limiting or prohibiting a subscribing
     reinsurer from contesting the validity of any claim, or from  participating
     in the defense or control of any claim or suit, or prohibiting either party
     from  contesting  the  validity  of any  payment  or  from  initiating  any
     arbitration or other  proceeding in accordance  with the provisions of this
     Contract.  If  the  debtor  party  prevails  in  an  arbitration  or  other
     proceeding,  then any  interest  penalties  due  hereunder on the amount in
     dispute  shall  be  null  and  void.  If the  debtor  party  loses  in such
     proceeding,  then the interest  penalty on the amount  determined to be due
     hereunder shall be calculated in accordance with this Article.

E.   Interest  penalties arising out of the application of this Article that are
     $100 or less from any party  shall be waived  unless  there is a pattern of
     late  payments  consisting  of three or more  items  over the course of any
     12-month period."

The provisions of this Contract shall remain otherwise unchanged.


<PAGE>


                                 Addendum No. 3

                                     to the

                       Interests and Liabilities Agreement

                                       of

                         Signet Star Reinsurance Company
                              Wilmington, Delaware
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                              Umbrella Quota Share
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")


It Is Hereby Agreed that  Addendum No. 3 to the Contract  shall form part of the
Contract, effective January 1, 1997.

It Is Further Agreed that the Subscribing Reinsurer's share in the interests and
liabilities of the "Reinsurer"  under the Contract shall be increased from 30.0%
to 32.5%,  effective  at 12:01  a.m.,  January 1, 1997,  with  respect to losses
arising out of occurrences commencing on or after that date.

In Consideration  Thereof, the Company shall remit to the Subscribing  Reinsurer
an additional  2.5% share of the ceded unearned  premium in force at 12:01 a.m.,
January 1, 1997 (less commission allowed thereon), as promptly as possible after
that date.



<PAGE>


In Witness  Whereof,  the parties  hereto by their  respective  duly  authorized
representatives have executed this Addendum as of the dates undermentioned at:

Glenmont, New York,
this  1st day of     May    1997.

                             /s/ Timothy A. Walsh - Exec VP Finance
                             --------------------------------------
                             Farm Family Casualty Insurance Company

Florham Park, New Jersey,
this _______ day of _______________________________ 199___.

                             ---------------------------------------------------
                             Signet Star Reinsurance Company


<PAGE>


                                 Addendum No. 3

                                     to the

                       Interests and Liabilities Agreement

                                       of

                           Kemper Reinsurance Company
                              Long Grove, Illinois
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                              Umbrella Quota Share
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



It Is Hereby Agreed that  Addendum No. 3 to the Contract  shall form part of the
Contract, effective January 1, 1997.

It Is Further Agreed that the Subscribing Reinsurer's share in the interests and
liabilities of the "Reinsurer"  under the Contract shall be decreased from 30.0%
to 27.5%,  effective  at 12:01  a.m.,  January 1, 1997,  with  respect to losses
arising out of occurrences commencing on or after that date.

In Consideration  Thereof, the Company shall remit to the Subscribing  Reinsurer
an additional  2.5% share of the ceded unearned  premium in force at 12:01 a.m.,
January 1, 1997 (less commission allowed thereon), as promptly as possible after
that date.



<PAGE>


In Witness  Whereof,  the parties  hereto by their  respective  duly  authorized
representatives have executed this Addendum as of the dates undermentioned at:

Glenmont, New York,
this  1st day of     May    1997.

                             /s/ Timothy A. Walsh - Exec VP Finance
                             ---------------------------------------
                              Farm Family Casualty Insurance Company

Long Grove, Illinois,
this _______ day of _____________________________________199___.

                             ---------------------------------------------------
                             Kemper Reinsurance Company







<PAGE>


                                 Addendum No. 3

                                     to the

                       Interests and Liabilities Agreement

                                       of
                          Continental Casualty Company
                                Chicago, Illinois

                               with respect to the

                              Umbrella Quota Share
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York



It Is Hereby Agreed that  Addendum No. 3 to the Contract  shall form part of the
Contract, effective January 1, 1997.

In Witness  Whereof,  the parties  hereto by their  respective  duly  authorized
representatives have executed this Addendum as of the dates undermentioned at:

Glenmont, New York,
this  1st day of     May    1997.

                             /s/ Timothy A. Walsh - Exec VP Finance
                             ---------------------------------------
                              Farm Family Casualty Insurance Company

Long Grove, Illinois,
this _______ day of _____________________________________199___.

                             ---------------------------------------------------
                             Continental Casualty Company







<PAGE>


                                 Addendum No. 3

                                     to the

                       Interests and Liabilities Agreement

                                       of

                        Folksamerica Reinsurance Company
                               New York, New York

                               with respect to the

                              Umbrella Quota Share
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York



It Is Hereby Agreed that  Addendum No. 3 to the Contract  shall form part of the
Contract, effective January 1, 1997.

In Witness  Whereof,  the parties  hereto by their  respective  duly  authorized
representatives have executed this Addendum as of the dates undermentioned at:

Glenmont, New York,
this  1st day of     May    1997.

                             /s/ Timothy A. Walsh - Exec VP Finance
                             ---------------------------------------
                              Farm Family Casualty Insurance Company

Long Grove, Illinois,
this _______ day of _____________________________________199___.

                             ---------------------------------------------------
                             Folksamerica Reinsurance Company






<PAGE>


                                 Addendum No. 2

                                     to the

                       Interests and Liabilities Agreement

                                       of

                      United Farm Family Insurance Company
                               Glenmont, New York

                               with respect to the

                              Umbrella Quota Share
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                     Farm Family Casualty Insurance Company
                               Glenmont, New York



It Is Hereby Agreed that  Addendum No. 3 to the Contract  shall form part of the
Contract, effective January 1, 1997.

In Witness  Whereof,  the parties  hereto by their  respective  duly  authorized
representatives have executed this Addendum as of the dates undermentioned at:

Glenmont, New York,
this 1st day of    May    1997.

                             /s/ Timothy A. Walsh - Exec VP Finance
                             --------------------------------------
                             Farm Family Casualty Insurance Company

Glenmont, New York,
this 1st day of  May    1997.

                             /s/ Timothy A. Walsh, Treasurer
                             -------------------------------
                             United Farm Family Insurance Company

                           (Revised: January 1, 1997)



<PAGE>


                              Umbrella Quota Share
                              Reinsurance Contract
                           Effective: January 1, 1995

                                    issued to

                     Farm Family Casualty Insurance Company
                               Glenmont, New York



Reinsurers
Participations

Continental Casualty Company                                       27.5%
Folksamerica Reinsurance Company                                   12.5
Kemper Reinsurance Company                                         27.5
Signet Star Reinsurance Company                                    32.5
                                                                   ----
Total                                                             100.0%
                                                                  ===== 



                                E. W. Blanch Co.

                              Reinsurance Services

                              3500 West 80th Street

                          Minneapolis, Minnesota 55431


<PAGE>






Exhibit 10.6
                                 Addendum No. 1

                                     to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



It Is Hereby  Agreed,  effective  July 26,  1996,  that all  references  in this
Contract to "Farm  Family  Mutual  Insurance  Company"  shall be amended to read
"Farm Family Casualty Insurance Company."

The provisions of this Contract shall remain otherwise unchanged.

In Witness  Whereof,  the  Company  by its duly  authorized  representative  has
executed this Addendum as of the date undermentioned at:

Glenmont, New York, this  5th day of    December   1996.

            /s/ Philip P. Weber, President & Chief Executive Officer
            --------------------------------------------------------
            Farm Family Casualty Insurance Company




<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                      The Aetna Casualty and Surety Company
                              Hartford, Connecticut
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Hartford, Connecticut,     this ________ day of ______________________ 199___.

                           -----------------------------------------------------
                           The Aetna Casualty and Surety Company



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                 American Fuji Fire and Marine Insurance Company
                                Chicago, Illinois
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Chicago, Illinois this _______ day of ___________________________________199___.

                           -----------------------------------------------------
                           American Fuji Fire and Marine Insurance Company



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

              Christiania General Insurance Corporation of New York
                               Tarrytown, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Tarrytown, New York, this _______ day of ______________________________ 199___.

                           -----------------------------------------------------
                           Christiania General Insurance Corporation of New York



<PAGE>













                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                      Constitution Reinsurance Corporation
                               New York, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York,      this _______ day of ___________________________ 199___.

                           -----------------------------------------------------
                           Constitution Reinsurance Corporation



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                          Continental Casualty Company
                                Chicago, Illinois
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Chicago, Illinois,  this _______ day of _________________________________199___.

                           -----------------------------------------------------
                           Continental Casualty Company



<PAGE>













                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                           Dorinco Reinsurance Company
                                Midland, Michigan
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Midland, Michigan, this _______ day of _________________________________199___.

                           -----------------------------------------------------
                           Dorinco Reinsurance Company



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                        Employers Mutual Casualty Company
                                Des Moines, Iowa
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Des Moines, Iowa, this _______ day of ________________________________ 199___.

                           -----------------------------------------------------
                           Employers Mutual Casualty Company



<PAGE>













                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                             Erie Insurance Exchange
                               Erie, Pennsylvania
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Erie, Pennsylvania, this _______ day of ________________________________ 199___.

                           -----------------------------------------------------
                           Erie Insurance Exchange



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                Farm Bureau Mutual Insurance Company of Michigan
                                Lansing, Michigan
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Lansing, Michigan,  this _______ day of _____________________________ 199___.

                           -----------------------------------------------------
                           Farm Bureau Mutual Insurance Company of Michigan



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                  Farmers Mutual Hail Insurance Company of Iowa
                                Des Moines, Iowa
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Des Moines, Iowa, this _______ day of __________________________________ 199___.

                           -----------------------------------------------------
                           Farmers Mutual Hail Insurance Company of Iowa



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                        Folksamerica Reinsurance Company
                            New York, New Yorkthrough
                       Fester, Fothergill & Hartung, Ltd.
                               New York, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York, this _______ day of ______________________________ 199___.

                       -----------------------------------------------------
                       Fester, Fothergill & Hartung, Ltd. (for and on behalf of
                       Folksamerica Reinsurance Company)



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                        Folksamerica Reinsurance Company
                               New York, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York, this _______ day of _______________________________ 199___.

                           -----------------------------------------------------
                           Folksamerica Reinsurance Company



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

               Gerling Global Reinsurance Corporation,U.S. Branch
                               New York, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York, this _______ day of _______________________________ 199___.

                           -----------------------------------------------------
                           Gerling Global Reinsurance Corporation, U.S. Branch
                           By:      Gerling Global Offices, Inc., U.S. Manager



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                    Great Lakes American Reinsurance Company
                               New York, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York,   this _______ day of ____________________________ 199___.

                           -----------------------------------------------------
                           Great Lakes American Reinsurance Company


<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                       Grinnell Mutual Reinsurance Company
                                 Grinnell, Iowa
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Grinnell, Iowa, this _______ day of __________________________________ 199___.

                           -----------------------------------------------------
                           Grinnell Mutual Reinsurance Company



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                  Hannover Ruckversicherungs-Aktiengesellschaft
                                       and
              Eisen und Stahl Ruckversicherungs-Aktiengesellschaft
                            both of Hannover, Germany
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Hannover, Germany,   this _______ day of ____________________________ 199___.

Hannover     Ruckversicherungs-Aktiengesellschaft     80.0%Eisen    und    Stahl
Ruckversicherungs-Aktiengesellschaft     20.0%    Total    100.0%Each    company
participating  to the  extent of the  respective  proportions  of the  liability
assumed severally and not jointly.

-----------------------------------------------------
Hannover Ruckversicherungs-Aktiengesellschaft
Eisen und Stahl Ruckversicherungs-Aktiengesellschaft



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                        Insurance Corporation of Hannover
                             An Illinois Corporation
                                Chicago, Illinois
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract,
effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Los Angeles, California, this_______day of ______________________________199___.

-----------------------------------------------------
Insurance Corporation of Hannover, An Illinois Corporation



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                           Kemper Reinsurance Company
                              Long Grove, Illinois
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Long Grove, Illinois, this _______ day of _______________________________199___.

-----------------------------------------------------
Kemper Reinsurance Company



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                       Nationwide Mutual Insurance Company
                                 Columbus, Ohio
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Columbus, Ohio, this_______day of________________________________________199___.

-----------------------------------------------------
Nationwide Mutual Insurance Company



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                            PXRE Reinsurance Company
                              Hartford, Connecticut
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York, this _______ day of ________________________________ 199___.

-----------------------------------------------------
PXRE Reinsurance Company




<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                            SCOR Reinsurance Company
                               New York, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York, this _______ day of ________________________________ 199___.

-----------------------------------------------------
SCOR Reinsurance Company



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                           Shelter Reinsurance Company
                               Columbia, Missouri
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Columbia, Missouri, this _______ day of ________________________________199___.

-----------------------------------------------------
Shelter Reinsurance Company



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                         Signet Star Reinsurance Company
                              Wilmington, Delaware
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Florham Park,  New Jersey, this _______ day of  ________________________199___.

-----------------------------------------------------
Signet Star Reinsurance Company



<PAGE>



                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                         Sydney Reinsurance Corporation
                           Philadelphia, Pennsylvania
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York, this _______ day of ________________________________ 199___.

-----------------------------------------------------
Sydney Reinsurance Corporation



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                      United Farm Family Insurance Company
                               Glenmont, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Glenmont, New York, this 5th day of December   1996.

                                            /s/ Timothy A. Walsh, Treasurer
                                            -------------------------------
                                            United Farm Family Insurance Company



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                         United Fire & Casualty Company
                               Cedar Rapids, Iowa
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Cedar Rapids, Iowa this _______ day of __________________________________199___.

-----------------------------------------------------
United Fire & Casualty Company



<PAGE>






                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                            USF RE Insurance Company
                              Boston, Massachusetts
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Costa Mesa, California, this_______day of________________________________199___.

-----------------------------------------------------
USF RE Insurance Company



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                        Vesta Fire Insurance Corporation
                               Birmingham, Alabama
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Birmingham, Alabama,       this _______ day of __________________________199___.

-----------------------------------------------------
Vesta Fire Insurance Corporation



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                  GIO Insurance Ltd.trading as GIO Reinsurance
                                Sydney, Australia
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Sydney, Australia,         this _______ day of _________________________ 199___.

-----------------------------------------------------
GIO Insurance Ltd.
trading as GIO Reinsurance



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                    Reinsurance Australia Corporation Limited
                                Sydney, Australia
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Sydney, Australia,         this _______ day of _________________________ 199___.

-----------------------------------------------------
Reinsurance Australia Corporation Limited



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                            Albingia Versicherungs AG
                                Hamburg, Germany
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Hamburg,  Germany,  this  _______  day of  _____________________________199___.

--------------------------------------------------
Albingia Versicherungs AG



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                  Berner Allgemeine Versicherungs-Gesellschaft
                                Bern, Switzerland
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Bern, Switzerland,         this _______ day of _________________________ 199___.

-----------------------------------------------------
Berner Allgemeine Versicherungs-Gesellschaft



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                      Cie Transcontinentale de Reassurance
                                  Paris, France
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Paris,  France,  this _______ day of  ________________________________199___.

-----------------------------------------------------
Cie Transcontinentale de Reassurance



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                                    Europa Re
                                Cologne, Germany
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Cologne,  Germany,  this  _______  day of  _____________________________199___.

-----------------------------------------------------
Europa Re



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

          Various "XL Agreement 70" Companieshereinafter designated by
                    EXKO Excess Ruckversicherungs-Kontor GmbH
                   Hamburg, Germanyas its Underwriting Manager
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")


The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Hamburg, Germany, this_______day of_____________________________________199___.

Alte  Leipziger  Ruckversicherung  AG,  Oberursel  15.625%AXA  RE France,  Paris
12.500%Elvia   Schweizerische   Versicherungs-Gesellschaft,   Zurich   12.500%Le
Assicurazioni d'Italia, Rome 12.500%Neue Ruckversicherungs-Gesellschaft,  Geneva
6.250%Nordstern Allegemeine  Versicherungs-AG,  Cologne 15.625%Tela Versicherung
Aktiengesellschaft,     Munich    6.250%Thuringia    Versicherungs-AG,    Munich
6.250%Vereinte    Versicherung    AG,    Munich     6.250%Wurttembergische    AG
Versicherungs-Beteiligungsgesellschaft,     Stuttgart     6.250%Each     company
participating  to the  extent of the  respective  proportions  of the  liability
assumed severally and not jointly.

-----------------------------------------------------
EXKO  Excess  Ruckversicherungs-Kontor  GmbH  (for  and on  behalf  of  the  "XL
Agreement 70" Companies listed above)



<PAGE>











                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                     Helvetia Swiss Insurance Company, Ltd.
                             St. Gallen, Switzerland
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

St. Gallen, Switzerland,   this _______ day of __________________________199___.

-----------------------------------------------------
Helvetia Swiss Insurance Company, Ltd.



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                                KAB International
                               Copenhagen, Denmark
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Copenhagen, Denmark,       this _______ day of __________________________199___.

-----------------------------------------------------
KAB International



<PAGE>









s


                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                      Mapfre Re Compania de Reaseguros, S.A
                                  Madrid, Spain
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Madrid,  Spain,  this  _______ day of  _____________________________199___.

-----------------------------------------------------
Mapfre Re Compania de Reaseguros, S.A.



<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                   Sirius International Insurance Corporation
                                Stockholm, Sweden
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Stockholm, Sweden,    this _______ day of _______________________________199___.

-----------------------------------------------------
Sirius International Insurance Corporation


<PAGE>












                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                    Unione Italiana di Riassicurazione S.P.A.
                                   Rome, Italy
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

Rome, Italy,      this _______ day of _______________________________ 199___.

-----------------------------------------------------
Unione Italiana di Riassicurazione S.P.A.



<PAGE>



<PAGE>
                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                    SOREMA North America Reinsurance Company
      New York, New Yorkas the fronting company for P.R.A.M. subscriptions
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

In  Witness   Whereof,   the  Subscribing   Reinsurer  by  its  duly  authorized
representative has executed this Addendum as of the date undermentioned at:

New York, New York,        this _______ day of__________________________ 199___.

-----------------------------------------------------
SOREMA North America Reinsurance Company
for and on behalf of P.R.A.M.




<PAGE>


                                 Addendum No. 1

                                     to the

                       Interests and Liabilities Agreement

                                       of

                     Certain Underwriting Members of Lloyd's
                  shown in the Signing Schedule attached hereto
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                               Excess Catastrophe
                              Reinsurance Contract
                           Effective: January 1, 1996

                                    issued to

                      Farm Family Mutual Insurance Company
                               Glenmont, New York
                   (hereinafter referred to as the "Company")



The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective July 26, 1996.

Signed for and on behalf of the  Subscribing  Reinsurer in the Signing  Schedule
attached hereto.


<PAGE>


                               AMENDMENT NO. 1 TO

                       MEMBERSHIP LIST PURCHASE AGREEMENTS

Amendment  No. 1,  effective  July 26, 1996, to those  certain  Membership  List
Purchase  Agreements ("MLP  Agreements")  effective  January 1, 1996, among Farm
Family  Casualty  Insurance  Company  (formerly  known  as  Farm  Family  Mutual
Insurance Company) (the "Insurer");  Connecticut Farm Bureau Association,  Inc.,
Delaware Farm Bureau,  Inc., Maine Farm Bureau  Association,  Massachusetts Farm
Bureau Federation,  Inc., New Hampshire Farm Bureau Federation,  New Jersey Farm
Bureau, New York Farm Bureau,  Inc., Rhode Island Farm Bureau Federation,  Inc.,
Vermont Farm Bureau,  Inc., and West Virginia Farm Bureau,  Inc.  (collectively,
the "Farm  Bureaus");  United Farm Family  Insurance  Company,  Rural Agency and
Brokerage,  Inc.,  Rural Agency and  Brokerage  of New  Hampshire,  Inc.,  Rural
Insurance Agency and Brokerage of Massachusetts,  Inc., R.A.A.B. of W. Va., Inc.
(collectively, the "Subsidiaries"); and Farm Family Holdings, Inc. ("FFH").

WHEREAS,   the   Insurer   has   reorganized   and   converted   from  a  mutual
property/casualty  insurance  company  to a  stock  property/casualty  insurance
company in accordance  with the terms of Section 7307 of the New York  Insurance
Law and a Plan of  Reorganization  and  Conversion  (the "Plan")  adopted by its
Board of Directors and approved by its policyholders; and

WHEREAS,  in accordance with the Plan and Section 7307 of the New York Insurance
Law,  the  Insurer's  corporate  existence  as a stock  insurance  company  is a
continuation of its corporate  existence as a former mutual  insurance  company;
and

WHEREAS,  in accordance  with the Plan, the Insurer's name has been changed from
Farm Family Mutual Insurance Company ("FFMIC") to Farm Family Casualty Insurance
Company ("FFCIC"); and

WHEREAS,  the  Insurer  wishes to have  FFCIC  recognized  as the  successor  in
interest to FFMIC under the MLP Agreements; and

WHEREAS,  in  accordance  with the Plan,  the Insurer has become a wholly  owned
subsidiary of FFH; and

WHEREAS,  the Farm Bureaus wish to grant FFH a limited  license to use the Marks
in its stationery and other printed material to refer to the insurance  services
as rendered by its subsidiaries  under the Marks, and not in connection with the
sale of insurance or any other goods or services by FFH; and

WHEREAS,  Paragraph  7 of the MLP  Agreements  requires  the consent of the Farm
Bureaus to extend such rights to FFH.

NOW, THEREFORE, for good and valuable consideration,  receipt of which is hereby
severally acknowledged, the parties agree as follows:
         
1.   FFCIC is hereby  recognized as the successor in interest to FFMIC under the
     MLP Agreements and all rights and interests of FFMIC thereunder,  including
     but not limited to, all rights  granted  pursuant to paragraph 6 of the MLP
     Agreements,  shall be deemed  transferred  to and vested in FFCIC,  and all
     obligations and liabilities of FFMIC thereunder shall be deemed transferred
     to and assumed by FFCIC.

2.   The Farm Bureaus  hereby grant to FFH,  and FFH accepts,  a  non-exclusive,
     non-transferrable  license to display the Marks and the Farm Bureaus' other
     names and logos  (excluding  those names and logos owned by AFBF other than
     the Marks) in its stationery  and other printed  materials only to refer to
     the insurance  services rendered by FFH's subsidiaries under the Marks, and
     not in connection with the sale of insurance or any other goods or services
     by FFH.

3.   FFH agrees to assume and fulfill the same  obligations  to the Farm Bureaus
     and the American  Farm Bureau  Federation as those agreed to by the Insurer
     under the terms and conditions of Paragraphs 1, 6(A), 6(C) - 6(H) and 12 of
     the MLP Agreements,  and to otherwise  comply with the terms and conditions
     of those said paragraphs of the MLP Agreements.

4.   Unless otherwise defined herein,  all capitalized terms shall have the same
     meanings as provided in the MLP Agreements.

5.   This Amendment may be executed in any number of counterparts, each of which
     shall be deemed an original,  but all of which shall constitute one and the
     same document.

6.   Except as otherwise  provided  herein,  all terms and conditions of the MLP
     Agreements shall remain in full force and effect.


FARM FAMILY CASUALTY
INSURANCE COMPANY


By:  /s/ Philip P. Weber
-------------------------
         President


Date:  11/13/96







<PAGE>


CONNECTICUT FARM BUREAU             NEW JERSEY FARM BUREAU
ASSOCIATION, INC.


By:  /s/ Norma R. O'Leary           By:  /s/ John I. Rigolizzo, Jr.
---  --------------------           ---  --------------------------
         President                       President

Date:  8/15/96                           Date:  9/12/96


DELAWARE FARM BUREAU, INC.          NEW YORK FARM BUREAU, INC.


By:   /s/ Joseph E. Calhoun         By:  /s/ John W. Lincoln
---   ---------------------         ---  -------------------
         President                       President

Date:  10/30/96                     Date:  9/10/96


MAINE FARM BUREAU                   RHODE ISLAND FARM BUREAU
ASSOCIATION                         FEDERATION, INC.


By:  /s/ Daniel LaPointe            By:  /s/ William M. Stamp, Jr.
---  -------------------            ---  -------------------------
         President                           President

Date:  8/9/96                       Date:  10/22/96


MASSACHUSETTS FARM BUREAU           VERMONT FARM BUREAU, INC.
FEDERATION, INC.


By:  /s/ Arthur D. Keown, Jr.       By:  /s/ Clark W. Hinsdale III
---  ------------------------       ---  -------------------------
         President                          President

Date:  10/4/96                      Date:   9/20/96




<PAGE>


NEW HAMPSHIRE FARM BUREAU           WEST VIRGINIA FARM BUREAU,
FEDERATION                                           INC.


By:  /s/ Gordon H. Gowen            By:  /s/ Fred G. Butler
---  -------------------            ---  ------------------
         President                        President

Date:  8/30/96                      Date:  10/28/96

THE UNDERSIGNED HEREBY ACKNOWLEDGE AND AGREE TO THE TERMS AND CONDITIONS OF THIS
AMENDMENT NO. 1 AS THEY RELATE TO PARAGRAPH 6 OF THE MLP AGREEMENTS.

RURAL AGENCY AND BROKERAGE,                 RURAL AGENCY AND BROKERAGE
INC.                                        OF NEW HAMPSHIRE, INC.


By:  /s/ Philip P. Weber                    By:  /s/ Philip P. Weber
---  -------------------                    ---  -------------------
         President                               President

Date:  11/13/96                             Date:  11/13/96


RURAL INSURANCE AGENCY AND          R.A.A.B. OF W. VA., INC.
BROKERAGE OF MASSACHUSETTS, INC.


By:  /s/ Philip P. Weber            By:  /s/ Philip P. Weber
---  -------------------            ---  -------------------
         President                           President

Date:  11/13/96                     Date:  11/13/96


THE UNDERSIGNED  HEREBY  ACKNOWLEDGES  AND AGREES TO THE TERMS AND CONDITIONS OF
THIS  AMENDMENT NO. 1 AS THEY RELATE TO PARAGRAPHS 1, 6(C) - 6(H), AND 12 OF THE
MLP AGREEMENTS.


FARM FAMILY HOLDINGS, INC.

By:  /s/ Philip P. Weber
---  -------------------
         President

Date:  11/13/96


<PAGE>


Exhibit 11.       Statement re computation of per share earnings
<TABLE>

                           FARM FAMILY HOLDINGS, INC.
                        COMPUTATION OF EARNINGS PER SHARE
                  (Amounts in thousands, except per share data)

<CAPTION>
                                                                               Three months ended March 31,
                                                                                    1997                 1996
                                                                           ---------------      --------------
<S>                                                                                <C>                   <C> 
Net income available to common shareholders                                        $3,056                $302

Weighted average shares outstanding (1)                                             5,254               3,000
                                                                           ---------------      --------------

Net income per share                                                                $0.58               $0.10
                                                                           ---------------      --------------

</TABLE>




          (1) Gives  effect to the  allocation  of 3,000,000  shares to eligible
policyholders  on July 26, 1996  pursuant to Farm Family  Casualty's  conversion
from a mutual company to a stockholder owned company.





Reports on Form 8-K


        A report on Form 8-K was filed on February  13,  1997  reporting a press
release issued announcing the Company's  operating results for the quarter ended
and the year ended December 31, 1996.

        No financial statements were filed with the Form 8-K. ITEM 1.