Exhibit 11

             ALLMERICA PROPERTY & CASUALTY COMPANIES, INC.
                                   
            STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                   
             For the Periods Ended March 31, 1997 and 1996
                 (in millions, except per share data)
<TABLE>                                   
                                                                     Quarter Ended
                                                                        March 31,

<S>                                                                 <C>       <C>   
                                                                    ----------------
                                                                     1997      1996
                                                                    ----------------
Primary:                                                      
                                                              
  Average shares outstanding                                          59.7      60.5
                                                              
  Net effect of dilutive stock options based on the treasury            -         -
   stock method using average market price
                                                                    ----------------
                                                      TOTALS          59.7      60.5
                                                                    ================
                                                                    
  Net income available to shareholders                              $ 51.8    $ 49.6
                                                                    ================
                                                                    
  Per share amount                                                  $ 0.87    $ 0.82
                                                              
                                                              
                                                              
Fully diluted:                                                
                                                              
  Average shares outstanding                                          59.7      60.5
                                                              
  Net effect of dilutive stock options based on the treasury            -         -
   stock method using average market price       
                                                                    ----------------                              
                                                      TOTALS          59.7      60.5
                                                                    ================
                                                              
  Net income available to shareholders                              $ 51.8    $ 49.6
                                                                    ================
                                                              
  Per share amount                                                  $ 0.87    $ 0.82
                                                              


</TABLE>