<PAGE>   1

                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 21st 
day of March, 1997.



                                                /s/ Jack T. Currie
                                          ---------------------------------
                                                    Jack T. Currie
<PAGE>   2
                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 20th
day of March, 1997.



                                                  /s/ Henry W. Hope
                                             ------------------------------
                                                      Henry W. Hope
<PAGE>   3
                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 21st
day of March, 1997.



                                               /s/ Harris L. Kempner, Jr.  
                                           -----------------------------------
                                                   Harris L. Kempner, Jr.
<PAGE>   4
                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 21st
day of March, 1997.



                                           /s/ William C. Levin, M.D.
                                      -----------------------------------------
                                               William C. Levin, M.D.
<PAGE>   5
                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 22nd
day of March, 1997.



                                                 /s/ James W. McFarland 
                                            -----------------------------------
                                                     James W. McFarland
<PAGE>   6
                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 21st
day of March, 1997.



                                                /s/ Synott L. McNeel 
                                          ------------------------------------
                                                    Synott L. McNeel
<PAGE>   7
                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 21st
day of March, 1997.



                                                 /s/ Marvin L. West
                                          ----------------------------------
                                                     Marvin L. West
                                               
<PAGE>   8
                               POWER OF ATTORNEY


        KNOW ALL MEN BY THESE PRESENTS, that the undersigned director of
American Indemnity Financial Corporation, a Delaware corporation (the
"Company"), hereby constitutes and appoints J. Fellman Seinsheimer, III and
Phillip E. Apgar and each of them (with full power to each of them to act
alone), his true and lawful attorney-in-fact and agent, for him and on his
behalf and in his name, place and stead, in any and all capacities, to sign,
execute and file any of the documents relating to the Company's Annual Report
of Form 10-K for the year ended December 31, 1996, to be filed with the
Securities and Exchange Commission, together with all exhibits and any and all
documents required to be filed with respect thereto with any regulatory
authority, granting unto said attorneys, and each of them, full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises in order to effectuate the same
as fully to all intents and purposes as the undersigned might or could do if
personally present, hereby ratifying and confirming all that said
attorney-in-facts and agents, or either of them, may lawfully do or cause to be
done by virtue hereof.

        IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 21st
day of March, 1997.



                                                 /s/ Fred C. Burns
                                          ----------------------------------
                                                     Fred C. Burns