<PAGE>

-------------------------------------------------------------------------------


                          SECURITIES AND EXCHANGE COMMISSION

                               Washington, D. C.  20549

                                 --------------------
                                      FORM 10-Q
                                 --------------------

           X       Quarterly Report Pursuant to Section 13 or 15(d)
         ------    of the Securities Exchange Act of 1934

                   For the quarterly period ended March 31, 1997

                                          OR

                   Transition Report Pursuant to Section 13 or 15(d) of
         ------    the Securities Exchange Act of 1934

                  For the transition period from _______ to _______

                            Commission File Number 0-27146

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

         Delaware                                     11-3085148
    (State or other jurisdiction of                   (I.R.S. Employer
    incorporation or organization)                    Identification No.)

    200 E. Randolph Drive, 49th Floor, Chicago, IL         60601-7125
    (Address of principal executive offices)               (Zip Code)

    Registrant's telephone number, including area code:    (312) 540-0078

    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      
                                    -----       -----
                  APPLICABLE ONLY TO ISSUER'S INVOLVED IN BANKRUPTCY
                     PROCEEDINGS DURING THE PRECEDING FIVE YEARS

    Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
                                Yes          No      
                                    -----       -----
                         APPLICABLE ONLY TO CORPORATE ISSUERS

    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 May 1, 1997
                  -----                        --------------------------
    Voting Common Stock, $.01 par value                24,454,699
    Nonvoting Common Stock, $.01 par value              1,656,909

<PAGE>
                                  AMERIN CORPORATION

                                  TABLE OF CONTENTS


                                                                          PAGE
                                                                          ----
PART I.   FINANCIAL INFORMATION

     ITEM 1.   Financial Statements:

       Condensed Consolidated Balance Sheets at
          March 31, 1997 (unaudited) and December 31, 1996 . . . . . . . .   1

       Condensed Consolidated Statements of Income for the
          Three Month Periods Ended March 31, 1997 and 1996 (unaudited). .   2

       Condensed Consolidated Statements of Cash Flows for the
          Three Month Periods Ended March 31, 1997 and 1996 (unaudited). .   3

       Notes to Condensed Consolidated Financial Statements (unaudited). .   4

     ITEM 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations. . . . . . . . . . . . . . .   5


PART II.  OTHER INFORMATION

     ITEM 6.   Exhibits and Reports on Form 8-K. . . . . . . . . . . . . .  10




                                      i
<PAGE>
                        PART I.  FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS

                      Amerin Corporation and Subsidiaries

                     Condensed Consolidated Balance Sheets
<TABLE>
<CAPTION>

                                                                                             MARCH 31,    DECEMBER 31,
                                                                                               1997           1996 
                                                                                             ---------    ------------
                                                                                            (UNAUDITED)
                                                                                             (IN THOUSANDS OF DOLLARS)
<S>                                                                                          <C>          <C>
ASSETS
Investments:
     Fixed maturities available-for-sale at fair value . . . . . . . . . . . . . . . . . .    $317,129     $308,076
     Short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       9,528       20,717
                                                                                              --------     --------
Total investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     326,657      328,793
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       1,831        1,176
Accrued investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       4,458        4,393
Premiums receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       5,036        5,833
Deferred policy acquisition costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . .       5,534        5,569
     Leasehold improvements, furniture and equipment, at cost,
     net of accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . .       4,452        4,368
Goodwill, net of accumulated amortization. . . . . . . . . . . . . . . . . . . . . . . . .       2,245        2,282
Other intangibles, net of accumulated amortization . . . . . . . . . . . . . . . . . . . .          75          156
Deferred income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       1,771           --
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       3,334        2,254
                                                                                              --------     --------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    $355,393     $354,824
                                                                                              --------     --------
                                                                                              --------     --------

LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
Liabilities:
     Unearned premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     $20,468      $20,525
     Loss reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      22,488       18,730
     Current income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       3,052          111
     Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          --          289
     Payable for securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          --        9,677
     Accrued expenses and other liabilities. . . . . . . . . . . . . . . . . . . . . . . .       3,312        4,883
                                                                                              --------     --------
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      49,320       54,215
Common Stockholders' Equity:
     Voting Common Stock, $.01 par, 50,000,000 shares authorized, 
          24,454,699 shares and 22,471,214 shares issued and 
          outstanding in 1997 and 1996, respectively . . . . . . . . . . . . . . . . . . .         244          225
     Nonvoting Common Stock, $.01 par, 50,000,000 shares authorized, 
          1,656,909 shares and 3,609,625 shares issued and outstanding 
          in 1997 and 1996, respectively . . . . . . . . . . . . . . . . . . . . . . . . .          17           36
     Additional paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     316,205      315,863
     Net unrealized investment gains (losses). . . . . . . . . . . . . . . . . . . . . . .      (3,324)         222
     Retained-earnings deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (7,069)     (15,737)
                                                                                              --------     --------
Total common stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . .     306,073      300,609
                                                                                              --------     --------
Total liabilities and common stockholders' equity. . . . . . . . . . . . . . . . . . . . .    $355,393     $354,824
                                                                                              --------     --------
                                                                                              --------     --------
</TABLE>
                               See accompanying notes.


                                       1
<PAGE>
                         Amerin Corporation and Subsidiaries

                     Condensed Consolidated Statements of Income
<TABLE>
<CAPTION>

                                                                       THREE MONTHS ENDED MARCH
                                                                                  31,  
                                                                       ------------------------
                                                                            1997      1996 
                                                                       -----------  -----------
                                                                             (unaudited)
                                                                    (in thousands of dollars, except
                                                                             per share data)
<S>                                                                    <C>            <C>
Revenues:
      Net premiums written . . . . . . . . . . . . . . . . . . .        $ 20,424       $ 13,307
      Decrease (increase) in unearned premiums . . . . . . . . .              67         (1,185)
                                                                       ---------      ---------
      Net premiums earned. . . . . . . . . . . . . . . . . . . .          20,491         12,122
      Net investment income. . . . . . . . . . . . . . . . . . .           4,483          4,041
      Realized investment gains (losses) . . . . . . . . . . . .             (22)            45
                                                                       ---------      ---------
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . .          24,952         16,208

Expenses:
      Losses incurred. . . . . . . . . . . . . . . . . . . . . .           6,630          4,016
      Policy acquisition costs . . . . . . . . . . . . . . . . .           2,539          1,954
      Underwriting and other expenses. . . . . . . . . . . . . .           3,616          2,358
                                                                       ---------      ---------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . .          12,785          8,328
                                                                       ---------      ---------
Net income before income taxes . . . . . . . . . . . . . . . . .          12,167          7,880
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . .           3,498          2,206
                                                                       ---------      ---------
Net income   . . . . . . . . . . . . . . . . . . . . . . . . . .         $ 8,669        $ 5,674
                                                                       ---------      ---------
                                                                       ---------      ---------
Net income per common share. . . . . . . . . . . . . . . . . . .           $0.33          $0.22
                                                                       ---------      ---------
                                                                       ---------      ---------
Average common and common equivalent shares
 outstanding (in thousands). . . . . . . . . . . . . . . . . . .        26,374.4       26,342.7

</TABLE>
                               See accompanying notes.



                                      2
<PAGE>

                         Amerin Corporation and Subsidiaries

                   Condensed Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
                                                                                   THREE MONTHS ENDED 
                                                                                         MARCH 31,     
                                                                                ---------------------------
                                                                                    1997           1996 
                                                                                -----------      ----------
                                                                                        (UNAUDITED)
                                                                                  (IN THOUSANDS OF DOLLARS)     
<S>                                                                             <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              $ 8,669        $   5,674
Adjustments to reconcile net income to net cash
  provided by operating activities:
     Change in:
     Accrued investment income and premiums receivable. . . . . . . .                  731           (1,844)
     Loss reserves. . . . . . . . . . . . . . . . . . . . . . . . . .                3,758            3,128
     Unearned premiums. . . . . . . . . . . . . . . . . . . . . . . .                  (57)           1,185
     Accounts payable and accrued expenses. . . . . . . . . . . . . .               (1,529)            (954)
     Federal income taxes . . . . . . . . . . . . . . . . . . . . . .                2,791            1,551
Policy acquisition costs deferred . . . . . . . . . . . . . . . . . .               (2,360)          (1,812)
Policy acquisition costs amortized. . . . . . . . . . . . . . . . . .                2,395            1,789
Depreciation and other amortization . . . . . . . . . . . . . . . . .                  334              308
Realized investment losses (gains). . . . . . . . . . . . . . . . . .                   22              (45)
Other items, net. . . . . . . . . . . . . . . . . . . . . . . . . . .               (1,016)            (831)
                                                                                  --------          -------
Net cash provided by operating activities . . . . . . . . . . . . . .               13,738            8,149
                                                                                  --------          -------

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of:
     Fixed maturity securities. . . . . . . . . . . . . . . . . . . .              (31,768)        (156,841)
     Property and equipment . . . . . . . . . . . . . . . . . . . . .                 (300)            (219)
Sale or maturity of:
     Fixed maturity securities. . . . . . . . . . . . . . . . . . . .                7,453           15,739
     Short-term investments, net. . . . . . . . . . . . . . . . . . .               11,189          132,614
     Property and equipment . . . . . . . . . . . . . . . . . . . . .                    1               --
                                                                                  --------          -------
Net cash used by investing activities   . . . . . . . . . . . . . . .              (13,425)          (8,707)
                                                                                  --------          -------

CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock. . . . . . . . . . . . . . . . . . . . . . .                  342               --
                                                                                  --------          -------
Net cash provided by financing activities . . . . . . . . . . . . . .                  342               --
                                                                                  --------          -------
Net increase (decrease) in cash and cash equivalents. . . . . . . . .                  655             (558)
Cash and cash equivalents at beginning of period. . . . . . . . . . .                1,176            1,054
                                                                                  --------          -------
Cash and cash equivalents at end of period. . . . . . . . . . . . . .               $1,831       $      496
                                                                                  --------          -------
                                                                                  --------          -------
</TABLE>
                               See accompanying notes.




                                      3
<PAGE>

                         Amerin Corporation and Subsidiaries
                 Notes to Condensed Consolidated Financial Statements
                                    March 31, 1997
                                     (Unaudited)


1.   ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the requirements of Form 10-Q.  Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements.  In the
opinion of management, all adjustments (consisting only of normal recurring
accruals) considered necessary for a fair presentation have been included. 
Operating results for the three month period ended March 31, 1997, are not
necessarily indicative of the results that may be expected for the year ending
December 31, 1997.  For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on Form
10-K for the year ended December 31, 1996.

NET INCOME PER COMMON SHARE

Net income per share of common stock is determined by dividing net income by 
the weighted average number of shares of common stock and common stock 
equivalents (dilutive stock options) outstanding.  Fully diluted net income 
per share is equal to primary net income per share for the three months ended 
March 31, 1997 and 1996.

In February 1997, the Financial Accounting Standards Board issued Statement No.
128, Earnings per Share, which is required to be adopted on December 31, 1997. 
At that time, the Company will be required to change the method currently used
to compute earnings per share and to restate all prior periods.  Under the new
requirements for calculating primary earnings per share, the dilutive effect of
stock options will be excluded.  The impact of the Statement does not change
primary earnings per share for the first quarters ended March 31, 1997 and 1996.
The impact of Statement 128, if any, in the calculation of fully diluted
earnings per share for these quarters is not expected to be material.

2.   INCOME TAXES

The provision for income taxes varies from the statutory federal income tax rate
applied to income before income taxes principally due to tax exempt interest.



                                      4
<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

     THREE MONTHS ENDED MARCH 31, 1997 COMPARED TO THREE MONTHS ENDED MARCH 31,
1996.  Net premiums written for the three months ended March 31, 1997 were $20.4
million  compared to $13.3 million for the three months ended March 31, 1996,
which represents a 53% increase.  The increase was primarily attributable to
growth in insurance in force and related renewal premiums of the Company's
primary insurance subsidiary,  Amerin Guaranty Corporation ("Amerin Guaranty"). 
Management believes that Amerin Guaranty was able to increase revenues due
primarily to increased use by existing lenders of the Company's borrower-paid
mortgage insurance, the addition of new, large lenders which began doing
business with the Company during 1996 and increased sales of lender paid
mortgage insurance.  Amerin Guaranty's monthly premium plan represented 91.2% of
new insurance written for the three months ended March 31, 1997 compared to
83.6% for the same period in 1996.  Renewal premiums for the three months ended
March 31, 1997 increased 81.5% from the comparable prior year period due
primarily to the growth of insurance in force throughout 1996, as well as
increased popularity of the monthly premium plan.

     Net premiums earned increased by $8.4 million to $20.5 million for the
three months ended March 31, 1997 from $12.1 million for the three months ended
March 31, 1996.  This increase was primarily due to the increase in insurance
written and in force in the 1997 period over the corresponding portion of the
1996 period.

     Net investment income of $4.5 million for the three months ended March 
31, 1997 increased by $0.4 million (or 11%) over the same period in 1996 
primarily due to investment of the proceeds of Amerin Guaranty's net 
operating cash flows over the course of 1996 and first quarter of 1997.   
Realized investment losses for the three months ended March 31, 1997 were 
$.02 million compared to realized investment gains of $0.04 million for the 
same period in 1996.  This decrease reflected lower sales activity within the 
portfolio in order to maintain the Company's desired composition of the 
investment portfolio.

     Losses incurred in the three months ended March 31, 1997 were $6.6 million,
compared to $4.0 million of losses incurred in the three months ended March 31,
1996, as a result of the aging of the Company's policies.  Because of the
Company's limited operating history, its loss experience is expected to
significantly increase as its policies age further.  Policy acquisition costs
during the three months ended March 31, 1997 of $2.5 million increased by $0.6
million (or 30%) compared to the same period in 1996 principally due to the
growth in the level of marketing and underwriting activity in connection with
the increased production of new insurance written in the 1997 period compared to
the prior year period.  Underwriting and other expenses increased by $1.3
million (or 53%) for the three months ended March 31, 1997 over the same period
in 1996 due to the increase in insurance in force and increases in various
administrative and occupancy costs relating to growth in the Company's personnel
as well as $0.5 million of expenses incurred in connection with the Company's
secondary offering completed on February 13, 1997.

                                      5
<PAGE>

     The Company's effective tax rate was 29% in the three months ended March
31, 1997, compared to 28% in the same period in 1996.  The effective tax rate
for the first quarter of 1997 was below the statutory rate of 35%, principally
reflecting the benefits of tax-exempt investment income.

     As a result of the foregoing factors, the Company had net income of $8.7
million for the three months ended March 31, 1997, compared to net income of
$5.7 million for the same period in 1996.


LIQUIDITY AND CAPITAL RESOURCES

     The liquidity and capital resources considerations are different for Amerin
Corporation and its principal insurance operating subsidiary, Amerin Guaranty,
as discussed below.

     Amerin Corporation is a holding company whose principal assets are its
investments in Amerin Guaranty and Amerin Re Corporation ("Amerin Re"). The
Company has no operations of its own and no employees and has only limited needs
for liquidity to meet certain legal, accounting, tax and administrative
expenses. The Company relies primarily on dividends and other permitted
distributions from Amerin Guaranty and Amerin Re as sources of funds.  The
Company does not currently have any committed lines of credit.

     The principal sources of funds for Amerin Guaranty are premiums received on
new and renewal business, amounts earned from the investment of its contributed
capital as well as the investment of its cash flow and commissions on ceded
business and reimbursement of losses from reinsurers.  The principal uses of
funds by Amerin Guaranty are currently the payment of claims and related
expenses, reinsurance premiums, other operating expenses and may in the future
include the payment of dividends to Amerin Corporation.  Liquidity requirements
are influenced significantly by the level of claims incidence.  Amerin Guaranty
does not currently have any committed lines of credit.

     Amerin Guaranty generates substantial cash flows from operations as a
result of premiums being received in advance of the time when claim payments are
required.  Cash flows generated from Amerin Guaranty's mortgage insurance
operations totaled $14.1 million and $8.4 million for the first three months of
1997 and the first three months of 1996, respectively.  These operating cash
flows, along with that portion of the investment portfolio that is held in cash
and highly liquid securities, are available towards the liquidity requirements
of Amerin Guaranty.  Amerin Guaranty's investment portfolio was $288.3        
million at March 31, 1997 and $291.3 million at December 31, 1996.

     All of the Company's $317.1 million of fixed income securities at March 31,
1997 are rated "investment grade," which is defined by the Company as a security
having a National Association of Insurance Commissioners ("NAIC") rating of 1 or
2 or an S&P rating ranging from "AAA" to "BBB-."

     RISK TO CAPITAL RATIO.  As a condition to maintenance of its claims-paying
ratings, the total amount of insurance risk that may be written by Amerin
Guaranty is limited to a multiple of 20 times its statutory capital (which
includes the contingency reserve) less the 

                                      6
<PAGE>

carrying value of non-investment grade debt and tax and loss bonds and 
investments in affiliates, or such higher or lower multiple as is reasonably 
determined by the rating agency in its sole discretion.  Amerin Guaranty has 
several alternatives available to control its risk to capital ratio, 
including obtaining capital contributions from the Company, purchasing 
reinsurance and reducing the amount of new business written. A material 
reduction in statutory capital, whether resulting from underwriting or 
investment losses or otherwise, or a disproportionate increase in risk in 
force, could increase the risk to capital ratio.  An increase in the risk to 
capital ratio could limit Amerin Guaranty's ability to write new business 
(which in turn could materially adversely affect the Company's results of 
operations and prospects).  At March 31, 1997 and December 31, 1996, Amerin 
Guaranty's risk to capital ratio was 14.3 to 1 and 13.3 to 1, respectively.

                                      7
<PAGE>

                             PART II.  OTHER INFORMATION


ITEM 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS


     No matters were submitted to a vote of holders of the Company's securities
in the third quarter.



ITEM 6.        EXHIBITS AND REPORTS ON FORM 8-K

a)   Exhibits

     See Exhibit Index on Page E-1 for exhibits filed with this report on Form
     10-Q.

b)   Reports on Form 8-K

     The Registrant did not file any reports on Form 8-K during the quarter for
     which this report on Form 10-Q is filed.






                                      8
<PAGE>

                                  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.


                                          AMERIN CORPORATION


Date:  May 13, 1997                    By:  /s/ GERALD L. FRIEDMAN
                                            --------------------------------
                                        Gerald L. Friedman
                                        Chairman of the Board and
                                        Chief Executive Officer




Date:  May 13, 1997                    By:  /s/ GEORGE G. FREUDENSTEIN
                                            --------------------------------

                                        George G. Freudenstein
                                        Senior Vice President, Chief Financial
                                        Officer and Chief Administrative Officer



                                      9
<PAGE>

                              INDEX TO EXHIBITS


Exhibit
 Number   Description of Document                                        Page
-------   ---------------------------------------------------------      ----
11        Statement Regarding Computation of Earnings Per Share.

27.1      Financial Data Schedule.




                                     E-1