<TABLE>
<CAPTION>
               ACCEPTANCE INSURANCE COMPANIES INC.
                 COMPUTATION OF INCOME PER SHARE
           for the three months and nine months ended 
                   September 30, 1995 and 1994
              (in thousands, except per share data)
                           (unaudited)
                           Exhibit 11

                                Three Months         Nine Months  
                            ------------------  -----------------
                               1995    1994(a)    1995    1994(a)
                            -------   --------  -------  --------
<S>                         <C>       <C>       <C>      <C>
PRIMARY INCOME (LOSS)
  PER SHARE:
Net income (loss)           $(5,961)  $  6,326  $(1,479) $13,249
Adjustment for interest 
  expense reduction and 
  interest income from 
  assumed proceeds             --          527     --      1,690
                             ------   --------  -------  -------
Adjusted net income (loss)  $(5,961)  $  6,853  $(1,479) $14,939
                            =======   ========  =======  =======
   
Weighted average number 
  of shares outstanding      14,861      9,991   14,857    9,896
Adjustment for stock 
  options                      --         --         91     --
Adjustment for shares 
  issuable                     --        3,497      --     3,495
                            -------   --------  -------  ------- 
Adjusted weighted average 
  number of shares 
  outstanding                14,861     13,488   14,948   13,391
                            =======   ========  =======  =======

Primary income (loss) 
  per share                 $  (.40)  $    .51  $  (.10) $  1.12
                            =======   ========  =======  ======= 

FULLY DILUTED INCOME 
  (LOSS) PER SHARE:
Net income (loss)           $(5,961)  $  6,326  $(1,479) $13,249
Adjustment for interest 
  expense reduction and 
  interest income from 
  assumed proceeds             --          499     --      1,475 
                            -------   --------  -------  -------

Adjusted net income (loss)  $(5,961)  $  6,825  $(1,479) $14,724
                            =======   ========  =======  ======= 

Weighted average number 
  of shares outstanding      15,101     10,231   15,097   10,136
Adjustment for stock 
  options                      --         --       --       --
Adjustment for shares 
  issuable                     --        3,449     --      3,434
                            -------   --------  -------  ------- 

Adjusted weighted average 
 number of shares 
 outstanding                 15,101     13,680   15,097   13,570
                            =======   ========  =======  ======= 

Fully diluted income
  (loss) per share          $  (.40)  $    .50  $  (.10) $  1.09
                            =======   ========  =======  ======= 

<FN>
(a)  As of September 30, 1994, the number of shares of the
Company's common stock obtainable on exercise of outstanding
options and warrants in the aggregate exceeds 20% of the common
shares outstanding.  Therefore, the method of calculating
earnings per share has been adjusted accordingly as provided by
APB Opinion No. 15.

</FN>
</TABLE>