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                       MMI Companies, Inc and Subsidiaries
           Exhibit 11 - Statement re Computation of Per Share Earnings
                      (In thousands, except per share data)

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                               Three Months Ended       Nine Months Ended
                                 September 30,            September 30,
                                   1996  1995               1996  1995
<S>                              <C>      <C>             <C>      <C>
PRIMARY                                                           
                                                                  
Weighted average shares       
  outstanding                     10,030    8,910          9,871     8,723

Net effect of dilutive stock                                      
  options based on the treasury
  stock method using average                                      
  market price                       464      358            432       259
                                                                  
Weighted average number of common                                     
  and common equivalent shares    10,494    9,268         10,303     8,982
                                                                  
Net income                       $ 6,176  $ 5,906        $19,935   $15,954
Less preferred stock dividends         -      164              -       294

Net income available to common          
  stockholders                   $ 6,176  $ 5,742        $19,935   $15,660
                                                                  
Earnings per common and                                                     
  common equivalent share        $   .59  $   .62        $  1.93   $  1.74
                                    
                                                                  
FULLY DILUTED                                                     
                                                                  
Weighted average shares      
  outstanding                     10,030    8,910          9,871     8,723
                                                                 
Net effect of dilutive stock                                                
  options based on the treasury          
  stock method using ending                                    
  market price, if higher than
  average.                           464      417            463       416
Assumed conversion of dilutive                                      
  convertible  preferred stock         -      685              -       410

Weighted average number of common  
  and common equivalent shares    10,494   10,012         10,334     9,549
                                                                  
Net income                       $ 6,176  $ 5,906        $19,935   $15,954
                               
Earnings per common and                                           
  common equivalent share        $   .59  $   .59        $  1.93   $  1.67
                                                           
                                                                  
                                                                  
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