<TABLE> <S> <C>

<ARTICLE> 7
<RESTATED> 
<MULTIPLIER> 1,000
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   9-MOS                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1996
<PERIOD-END>                               SEP-30-1996             DEC-31-1996
<DEBT-HELD-FOR-SALE>                           880,726                 901,102
<DEBT-CARRYING-VALUE>                                0                       0
<DEBT-MARKET-VALUE>                                  0                       0
<EQUITIES>                                           0                       0
<MORTGAGE>                                           0                       0
<REAL-ESTATE>                                        0                       0
<TOTAL-INVEST>                                 880,726                 901,102
<CASH>                                           1,922                  15,285
<RECOVER-REINSURE>                           1,360,611                 691,415
<DEFERRED-ACQUISITION>                         112,709                 111,364
<TOTAL-ASSETS>                               1,114,361               1,156,401
<POLICY-LOSSES>                                 19,629                  19,902
<UNEARNED-PREMIUMS>                            347,436                 337,104
<POLICY-OTHER>                                       0                       0
<POLICY-HOLDER-FUNDS>                                0                       0
<NOTES-PAYABLE>                                 90,772                  99,782
<PREFERRED-MANDATORY>                           75,000                  75,000
<PREFERRED>                                          0                       0
<COMMON>                                           160                     160
<OTHER-SE>                                     467,774                 489,186
<TOTAL-LIABILITY-AND-EQUITY>                 1,114,361               1,156,401
<PREMIUMS>                                      64,431                  92,436
<INVESTMENT-INCOME>                             37,792                  51,558
<INVESTMENT-GAINS>                             (1,039)                   1,471
<OTHER-INCOME>                                     788                     951
<BENEFITS>                                       5,621                   9,483
<UNDERWRITING-AMORTIZATION>                     21,264                  30,714
<UNDERWRITING-OTHER>                             7,253                  10,796
<INCOME-PRETAX>                                 54,208                  77,159
<INCOME-TAX>                                    14,201                  20,635
<INCOME-CONTINUING>                             40,007                  56,524
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                    40,007                  56,524
<EPS-PRIMARY>                                     2.57                    3.61
<EPS-DILUTED>                                     2.51                    3.54
<RESERVE-OPEN>                                  10,880                  10,245
<PROVISION-CURRENT>                                688                   8,370
<PROVISION-PRIOR>                                4,933                   1,113
<PAYMENTS-CURRENT>                                  55                      10
<PAYMENTS-PRIOR>                                 2,105                   1,959
<RESERVE-CLOSE>                                 14,341                  17,759
<CUMULATIVE-DEFICIENCY>                              0<F1>                       0<F1>
<FN>
<F1>Not Applicable for mortgage guaranty and specialty reinsurer
</FN>
        

</TABLE>