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                     SECURITIES AND EXCHANGE COMMISSION
                           Washington D.C.   20549
                            _____________________




                                   FORM 10/A

                                      

     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
 X   For the quarterly period ended September 30, 1996
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                                     OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
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                       Commission File Number 0-16748
                       ------------------------------ 

                           INTERCARGO CORPORATION
           (Exact name of registrant as specified in its charter)




             DELAWARE                                       36-3414667
        (State or other jurisdiction                    (IRS Employer
         of incorporation)                              Identification No.)


       1450 East American Lane, 20th Floor, Schaumburg, Illinois 60173
            (Address of principal executive office and zip code)

Registrant's telephone number, including area code:  (847) 517-2510

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 X   No
                                              ---     ---

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:


          Class                         Outstanding at November 14, 1996
--------------------------              --------------------------------
Common Stock, $1 par value                      7,648,981 shares



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                                  SIGNATURES

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.
        
Date: November 13, 1996



                                    (Registrant) INTERCARGO CORPORATION




                                By:  /s/ James R. Zuhlke                  
                                    --------------------------------------
                                     James R. Zuhlke                      
                                     Chairman of the Board                
                                     President and Chief Executive Officer
                                                                          
                                                                          
                                                                          
                                                                          
                                By:  /s/ Michael L. Rybak                 
                                    --------------------------------------
                                     Michael L. Rybak                     
                                     Vice President                       
                                     Chief Financial Officer, Treasurer   
                                                                          

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                                EXHIBIT INDEX


10.1 Employment Agreement dated August 12, 1996 between the Company and
     Michael L. Rybak.  (Previously filed)

11.0 Computation of Earnings per share.
                   (Previously fileed)

27.0 Financial Data Schedule 


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