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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the Year Ended December 31, 1993
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the Transition Period From to
Commission File Number
A. Full title of the Plan and the address of the Plan,
if different from that of the issuer named below:
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED SAVINGS PLAN
B. Name of issuer of the securities held pursuant to
the Plan and the address of its principal
executive office:
ACCEPTANCE INSURANCE COMPANIES INC.
ONE CENTRAL PARK PLAZA
222 SOUTH 15TH STREET, SUITE 600
OMAHA, NEBRASKA 68102
<PAGE>
REQUIRED INFORMATION
Plan financial statements and schedules are prepared in accordance
with the financial reporting requirements of ERISA and are included
therein as listed in the table of contents below.
Table of Contents
(a) Financial Statements and Annual Report Schedules
Independent Auditors' Report
Statement of Net Assets Available for Benefits,
December 31, 1993
Statement of Net Assets Available for Benefits,
December 31, 1992
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 1993
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 1992
Notes to Financial Statements
(b) Annual Report Schedules
Item 27a - Schedule of Assets Held for Investment
Purposes, December 31, 1993
Item 27d - Schedule of Reportable Transactions for
the Year Ended December 31, 1993
(c) Exhibits
Exhibit 24 - Independent Auditors' Consent
Schedules not filed herewith are omitted because of the absence of
the conditions under which they are required.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX
DEFERRED SAVINGS PLAN
(Name of Plan)
/s/ Georgia Mace
Date July 13, 1994 By
Georgia Mace
Plan Administrator
<PAGE>
INDEPENDENT AUDITORS' REPORT
Administrative Committee
Acceptance Insurance Companies Inc. Employee Stock
Ownership and Tax Deferred Savings Plan
Omaha, Nebraska
We have audited the accompanying statements of net assets available
for benefits of the Acceptance Insurance Companies Inc. Employee
Stock Ownership and Tax Deferred Savings Plan (the Plan) as of
December 31, 1993 and 1992, and the related statements of changes
in net assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for benefits of the
Acceptance Insurance Companies Inc. Employee Stock Ownership and
Tax Deferred Savings Plan as of December 31, 1993 and 1992, and the
changes in net assets available for benefits for the years then
ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
annual report schedules are presented for purposes of additional
analysis and are not a required part of the basic financial
statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974. These schedules are the responsibility of the Plan's
management. Such schedules have been subjected to auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, are fairly stated in all material respects
when considered in relation to the basic financial statements taken
as a whole.
/s/ Deloitte & Touche
DELOITTE & TOUCHE
July 1, 1994
Omaha, Nebraska
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED SAVINGS PLAN
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1993
Woodward Acceptance Employee
Money Equity Woodward Woodward Common Stock
Market Index Bond Opportunity Stock Ownership
ASSETS Fund Fund Fund Fund Fund Fund Other Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments:
Acceptance Insurance
Companies Inc. Common
Stock $ - $ - $ - $ - $262,373 $678,539 $ - $ 940,912
Acceptance Insurance
Companies Inc. Warrants - - - - 40,164 83,943 - 124,107
Orange-co., Inc.
Common Stock - - - - 1,486 - - 1,486
Woodward Equity Index
Fund - 104,649 - - - - - 104,649
Woodward Bond Fund - - 87,090 - - - - 87,090
Woodward Opportunity
Fund - - - 207,953 - - - 207,953
Money Market Fund 287,247 10 9 - 63,053 1,352 5,642 357,313
Participant loans - - - - - - 134,972 134,972
Cash 1 1 - 1 (51) - 2,716 2,668
Receivables:
Employer contributions - - - - - - 58,054 58,054
Accrued interest 754 - - - 180 3 15 952
-------- -------- ------- -------- -------- -------- -------- ----------
Net Assets Available for
Benefits $288,002 $104,660 $87,099 $207,954 $367,205 $763,837 $201,399 $2,020,156
======== ======== ======= ======== ======== ======== ======== ==========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED SAVINGS PLAN
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1992
Ambassador Ambassador Ambassador Acceptance Employee
Money Growth Indexed Common Stock
Market Stock Stock Stock Ownership
ASSETS Fund Fund Fund Fund Plan Other Total
<S> <C> <C> <C> <C> <C> <C> <C>
Investments:
Acceptance Insurance
Companies Inc. Common
Stock $ - $ - $ - $125,385 $269,317 $ - $ 394,702
Acceptance Insurance
Companies Inc. Warrants - - - 35,824 76,948 - 112,772
Orange-co., Inc.
Common Stock - - - 6,083 - - 6,083
Ambassador Growth Stock
Fund - 200,321 - - - - 200,321
Ambassador Indexed Stock
Fund - - 171,385 - - - 171,385
Ambassador Money Market
Fund 218,631 5,962 7,054 4 1,311 3,849 236,811
Other - - - 1,829 - - 1,829
Participant loans - - - - - 62,878 62,878
Receivables:
Employees' contributions 5,132 3,398 3,548 398 - - 12,476
Employer contributions - - - - 223,848 - 223,848
Accrued interest 609 26 27 7 4 2,684 3,357
-------- -------- -------- -------- -------- ------- ----------
Net Assets Available for
Benefits $224,372 $209,707 $182,014 $169,530 $571,428 $69,411 $1,426,462
======== ======== ======== ======== ======== ======= ==========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED
SAVINGS PLAN
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
Woodward Ambassador
Money Equity Woodward Woodward Growth
Market Index Bond Opportunity Stock
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest $ 9,152 $ 702 $ 1,267 $ 559 $ 1,245
Dividends - - - - 5,200
Net appreciation in fair
value of investments 2,693 (774) (1,298) 8,528 22,624
--------- -------- ------- -------- ---------
11,845 (72) (31) 9,087 29,069
Contributions:
Employee 192,994 - - - 42,194
Employee rollovers 20,574 - - - -
Employer - - - - -
--------- -------- ------- -------- ---------
213,568 - - - 42,194
--------- -------- ------- -------- ---------
Total Additions 225,413 (72) (31) 9,087 71,263
Deductions:
Distributions to Plan
participants 37,372 221 295 - 38,269
Transfer of Assets (To)
From Other Funds (124,411) 104,953 87,425 198,867 (242,540)
--------- -------- ------- -------- ---------
Net Increase 63,630 104,660 87,099 207,954 (209,546)
Net Assets Available for
Benefits at Beginning
of Year 224,372 - - - 209,707
--------- -------- ------- -------- ---------
Net Assets Available for
Benefits at End of Year $ 288,002 $104,660 $87,099 $207,954 $ 161
========= ======== ======= ======== =========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED
SAVINGS PLAN
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993 - (Continued)
Acceptance Employee
Ambassador Common Stock
Indexed Stock Ownership
Fund Fund Plan Other Total
<S> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest $ 229 $ 604 $ 37 $ (93) $ 13,702
Dividends 7,843 - - - 13,043
Net appreciation in fair
value of investments 1,303 102,485 192,525 - 328,086
--------- -------- -------- -------- ----------
9,375 103,089 192,562 (93) 354,831
Contributions:
Employee 36,256 19,955 - - 291,399
Employee rollovers - - - - 20,574
Employer - - - 58,054 58,054
--------- -------- -------- -------- ----------
36,256 19,955 - 58,054 370,027
--------- -------- -------- -------- ----------
Total Additions 45,631 123,044 192,562 57,961 724,858
Deductions:
Distributions to Plan
participants 41,733 13,121 153 - 131,164
Transfer of Assets (To)
From Other Funds (185,870) 87,752 - 73,824 -
--------- -------- -------- -------- ----------
Net Decrease (181,972) 197,675 192,409 131,785 593,694
Net Assets Available for
Benefits at Beginning
of Year 182,014 169,530 571,428 69,411 1,426,462
--------- -------- -------- -------- ----------
Net Assets Available for
Benefits at End of Year $ 42 $367,205 $763,837 $201,196 $2,020,156
========= ======== ======== ======== ==========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED SAVINGS PLAN
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1992
Ambassador Ambassador Ambassador Acceptance Employee
Money Growth Indexed Common Stock
Market Stock Stock Stock Ownership
Fund Fund Fund Fund Plan Other Total
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest $ 6,667 $ 494 $ 375 $ 275 $ 45 $ 6,488 $ 14,344
Dividends - 1,338 2,691 - - - 4,029
Net appreciation in fair
value of investments - 21,877 10,453 35,468 79,808 - 147,606
6,667 23,709 13,519 35,743 79,853 6,488 165,979
-------- -------- -------- -------- -------- ------- ----------
Contributions:
Employee 102,380 69,279 70,178 21,820 - - 263,657
Employee rollovers 29,286 105,218 56,176 - - - 190,680
Employer - - - - 223,848 - 223,848
-------- -------- -------- -------- -------- ------- ----------
131,666 174,497 126,354 21,820 223,848 - 678,185
Total Additions 138,333 198,206 139,873 57,563 303,701 6,488 844,164
Deductions:
Distributions to Plan
participants 71,411 2,723 4,660 42,881 3,134 - 124,809
Transfer of Assets (To)
From Other Funds (14,307) (21,756) (13,383) 37,680 (29,148) 40,914 -
-------- -------- -------- -------- -------- ------- ----------
Net Increase 52,615 173,727 121,830 52,362 271,419 47,402 719,355
Net Assets Available for
Benefits at Beginning
of Year 171,757 35,980 60,184 117,168 300,009 22,009 707,107
-------- -------- -------- -------- -------- ------- ----------
Net Assets Available for
Benefits at End of Year $224,372 $209,707 $182,014 $169,530 $571,428 $69,411 $1,426,462
======== ======== ======== ======== ======== ======= ==========
<FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1993 AND 1992
1. DESCRIPTION OF THE PLAN
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
General
The Acceptance Insurance Companies Inc. Employee Stock
Ownership (ESOP) and Tax Deferred Savings Plan (401[k]) (the
Plan) was established to enable participating employees of
Acceptance Insurance Companies Inc. (the Company) to share in
the growth of the employer and to provide participants with
future economic security. Participation in the Plan is
voluntary and is applicable to all employees who have been
credited with one year of service and attained the age of 21
for the ESOP portion and have been credited with six months of
service and attained the age of 21 for the 401(k) portion. The
Plan is administered by the Acceptance Insurance Companies Inc.
Administrative Committee.
Contributions
Employee contributions are invested in one or more funds as
elected by the employee (at December 31, 1993): Money Market
Fund; Woodward Equity Index Fund, Woodward Bond Fund, Woodward
Opportunity Fund; and Acceptance Insurance Companies Inc.
Common Stock Fund. Employer contributions are invested only in
the Acceptance Common Stock Fund for the ESOP portion of the
Plan and in all funds for the 401(k) portion of the Plan.
Each participant may, subject to the maximum limitations under
ERISA, contribute to the 401(k) portion Plan from 1% to 15% of
their compensation, as defined under the Plan. The Company
may, but is not required, to contribute a matching
contribution. The Company may also make an additional
discretionary contribution. Any Company contributions are
determined by the Company's Board of Directors.
Vesting
Employer contributions to the ESOP portion of the Plan become
vested in accordance with a vesting schedule which increases
20% for each consecutive year of service starting with the
third year of service and are fully vested after seven years of
service. For the 401(k) portion of the Plan, employer
contributions are vested 10% with one year of service and
vesting increases to 30%, 50%, 75% and 100% through five years
of service. Employee contributions are fully vested at all
times.
The normal form of benefit for a participant who terminates or
retires is a lump sum payment. If the participant's account
was invested in Acceptance Insurance Companies Inc. common
stock, the payment can be in the form of stock or cash. For
all other account balances lump sum payment is in cash only.
<PAGE>
Plan Termination
The term of the Plan is indefinite, but may be amended,
modified or terminated at any time by the Company. Regardless
of such actions, the principal and income of the Plan remains
for the exclusive benefit of the Plan's participants and
beneficiaries. In the event the Plan is terminated, each
participant's account becomes 100% vested. The Company is
required to direct the Trustee to distribute the Plan's assets
to participants in lump sum distributions, which shall be made
in whole shares of the Acceptance Insurance Companies, Inc.
stock to the extent the fund is so comprised and cash.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Acceptance Insurance Companies
Inc. Employee Stock Ownership and Tax Deferred Savings Plan are
prepared on the accrual basis of accounting.
Investments - Investments in common stock and common stock
rights of the Company are recorded at fair value as determined
by the closing price on the New York Stock Exchange. Mutual
fund units are recorded at reported net asset value.
Participant loans are carried at the balance of outstanding
principal.
Interest and dividend income are recorded on the accrual basis.
Loans to Participants - The Plan provides that participants may
be granted loans subject to certain terms and maximum dollar or
vested account balance limits, as defined by the Plan. These
loans mature within five years from the date they are granted,
except for real estate loans where the maturity date can be
extended beyond five years. Loan payments are withheld from
employee payroll and submitted to the trustee.
3. FEES AND EXPENSES
Fees and expenses that are incurred directly in the interest of
the Plan were paid by Acceptance Insurance Companies Inc. for
the years ended December 31, 1993 and 1992.
4. INCOME TAX STATUS
The Plan, as amended and restated October 1, 1990, has been
submitted to the Internal Revenue Service for a determination
of exemption from federal income tax under Section 401(a) of
the Internal Revenue Code. Although such determination has not
been received, it is the opinion of the Plan administrator that
the Plan is designed and being operated in compliance with
applicable requirements of the Internal Revenue Code.
Therefore they believe that the Plan was qualified and the
related trust was tax exempt as of the date of the financial
statements.
A participant's contributions to the 401(k) portion of the Plan
are made on a pre-tax basis, i.e., excluded from gross income
for tax purposes, but such contributions are subject to social
security taxes. These contributions are taxable to the
participant upon receipt. A participant is not subject to
federal income taxes on the amount of Company contributions and
Plan earnings until such amounts are withdrawn or distributed.
The tax consequences of distributions to participants will vary
depending on the circumstances at the time of distribution.
<PAGE>
5. INVESTMENTS
Investments held by the Plan at December 31, are:
<TABLE>
<CAPTION>
1993 1992
Description Cost Market Cost Market
<S> <C> <C> <C> <C>
Acceptance Insurance Companies
Inc.
Common Stock (77,601 and 905,324 940,912 672,939 394,702
41,008 shares)
Acceptance Insurance Companies
Inc.
Warrants (41,369 and 41,008 61,168 124,107 - 112,772
shares)
Orange-co., Inc. Common Stock
(283 and 1,058 shares) 2,122 1,486 8,227 6,083
Woodward Equity Index Fund
(9,387 units) 106,604 104,649 - -
Woodward Bond Fund
(8,436 units) 90,894 87,090 - -
Woodward Opportunity Fund
(14,351 units) 209,640 207,953 - -
Money Market Fund
(357,313 and 236,811 units) 357,313 357,313 236,811 236,811
Other - - - 1,829
Participant Loans 134,972 134,972 62,878 62,878
Ambassador Growth Stock Fund
(16,299 units) - - 175,990 200,321
Ambassador Indexed Stock Fund
(14,636 units) - - 156,709 171,385
---------- ---------- ---------- ----------
$1,868,037 $1,958,482 $1,313,554 $1,186,781
========== ========== ========== ==========
</TABLE>
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED SAVINGS
PLAN
<TABLE>
<CAPTION>
ANNUAL REPORT SCHEDULES
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT
PURPOSES
DECEMBER 31, 1993
Column B Column C Column D Column E
Description of Investment,
Including
Identity of Issue, Borrower, Collateral, Rate of Interest, Current
Lessor or Similar Party Maturity Date, Par or Maturity Cost Value
Value
<S> <C> <C> <C>
Common Stock:
* Acceptance Insurance Companies Inc. 77,601 shares $ 905,324 $ 940,912
* Acceptance Insurance Companies Inc.
- Warrants 41,369 shares 61,168 124,107
Orange-co., Inc.
Common Stock 283 shares 2,122 1,486
-------- ----------
Total Common Stock 968,614 1,066,505
Money Market Fund: 357,313 units 357,313 357,313
Mutual Funds:
Woodward Equity Index Fund 9,387 units 106,604 104,649
Woodward Bond Fund 8,436 units 90,894 87,090
Woodward Opportunity Fund 14,351 units 209,640 207,953
-------- ----------
Total Mutual Funds 407,138 399,692
Loans to Participants: Particpant loans bearing
various
dates and interest rates 134,972 134,972
---------- ----------
Total Investments $1,868,037 $1,958,482
<FN>
* Represents a Party-In-Interest.
</TABLE>
<PAGE>
ACCEPTANCE INSURANCE COMPANIES INC.
EMPLOYEE STOCK OWNERSHIP AND TAX DEFERRED
SAVINGS PLAN
<TABLE>
<CAPTION>
ANNUAL REPORT SCHEDULES
Item 27d - SCHEDULE OF REPORTABLE
TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
Single Transactions Involving an Amount in Excess
of 5 Percent of the Current Value of Plan Assets
Column A Column B Column C Column D Column G Column H Column I
Current
Identity of Purchase Selling Cost of Value Net Gain
Party Involved Description of Asset Price Price Asset of Asset or (Loss)
<S> <C> <C> <C> <C> <C> <C>
National Bank of Detroit Money Market Fund $ 431,961 $ - $ - $ 431,961 $ -
National Bank of Detroit Money Market Fund 640,000 - - 640,000 -
National Bank of Detroit Money Market Fund - 431,961 431,961 - -
National Bank of Detroit Money Market Fund - 471,368 471,368 - -
National Bank of Detroit Money Market Fund 104,952 - - 104,952 -
National Bank of Detroit Money Market Fund - 104,952 104,952 - -
National Bank of Detroit Woodward Equity Index Fund 104,952 - - 104,952 -
National Bank of Detroit Money Market Fund 87,725 - - 87,725 -
National Bank of Detroit Money Market Fund - 87,725 87,725 - -
National Bank of Detroit Woodward Bond Fund 87,725 - - 87,725 -
National Bank of Detroit Money Market Fund 204,047 - - 204,047 -
National Bank of Detroit Money Market Fund - 204,047 204,047 - -
National Bank of Detroit Woodward Opportunity Fund 204,047 - - 204,047 -
National Bank of Detroit Money Market Fund 74,643 - - 74,643 -
Greenwich US Gov't Securities 1,127,000 - - 1,127,000 -
Greenwich US Gov't Securities - 1,127,000 1,127,000 - -
Comerica Ambassador Money Market Fund 187,308 - - 187,308 -
Comerica Ambassador Money Market Fund - 188,291 188,291 - -
Comerica Ambassador Growth Stock Fund - 252,967 230,679 - 22,288
Comerica Ambassador Money Market Fund 252,218 - - 252,218 -
Comerica Ambassador Money Market Fund - 253,206 253,206 - -
Comerica Ambassador Money Market Fund 73,066 - - 73,066 -
Comerica Ambassador Money Market Fund 73,066 - - 73,066 -
Comerica Ambassador Money Market Fund - 73,066 73,066 - -
Comerica Ambassador Money Market Fund - 73,885 73,885 - -
Comerica Ambassador Money Market Fund - 190,803 190,803 - -
Comerica Acceptance Insurance Companies Inc.
Common Stock 223,848 - - 223,848 -
Comerica Acceptance Insurance Companies Inc.
Common Stock 104,216 - - 104,216 -
<CAPTION>
Series Transactions, When Aggregated, Involving an Amount
in Excess of 5 Percent of the Current Value of Plan Assets
Column A Column B Column C Column D Column E Column F Column G
Total Total
Identity of Number of Number of Dollar Value Dollar Value Net Gain
Party Involved Description of Assets Purchases Sales of Purchases of Sales or (Loss)
<S> <C> <C> <C> <C> <C> <C>
National Bank of Detroit Money Market Fund 47 16 $1,751,992 $1,402,095 $ -
National Bank of Detroit Woodward Equity Index Fund 6 1 106,828 222 (2)
National Bank of Detroit Woodward Bond Fund 7 1 91,946 596 (6)
National Bank of Detroit Woodward Opportunity Fund 6 2 214,812 5,162 (11)
Comerica Ambassador Money Market Fund 168 64 1,202,037 1,431,471 -
Comerica Ambassador Growth Stock Fund 8 5 49,222 272,432 22,695
Comerica Ambassador Index Fund 7 3 47,566 219,990 1,126
Comerica Acceptance Insurance Companies Inc.
Common Stock 3 1 337,958 48,958 (7,005)
</TABLE>
EXHIBIT 24
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in the registration
statement on Form S-8 of Acceptance Insurance Companies Inc.
relating to the Acceptance Insurance Companies Inc. Employee Stock
Ownership and Tax Deferred Savings Plan of our report dated July 1,
1994, appearing in this Annual Report on Form 11-K of the
Acceptance Insurance Companies Inc. Employee Stock Ownership and
Tax Deferred Savings Plan for the year ended December 31, 1993.
/s/ Deloitte & Touche
DELOITTE & TOUCHE
Omaha, Nebraska
July 11, 1994
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