<TABLE>
FORM 5 U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___ Check box if
no longer subject ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities Exchange
obligations may Act of 1934, Section 17(a) of the Public Utility Holding
continue. See Company Act of 1935 or Section 30(f) of the Investment
Instruction 1(b). Company Act of 1940
___ Form 3 Holdings
Reported.
___ Form 4 Transactions
Reported.
1. Name and Address of Reporting Person 2. Issuer Name and Ticker or 6. Relationship of Reporting Person to
Trading Symbol Issuer
(Check all applicable)
Mang George P. Acceptance Insurance
(Last) (First) (Middle) Companies Inc. (AIF) ___ Director ___ 10% Owner
_X_ Officer (give ___ Other (specify
3. IRS or Social 4. Statement for title below)
Security Month/Year below)
Number of
4041 N. Central Avenue, Suite 1900 Reporting 12/95 Senior Vice President
(Street) Person Phoenix Indemnity Insurance Company
(Voluntary) 5. If Amendment,
Date of Original
(Month/Year)
Phoenix AZ 85072
(City) (State) (Zip)
<PAGE>
<CAPTION>
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature of
(Instr. 3) action action or Disposed of (D) Securities ship Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Form: Beneficial
(Month/ (Instr. -------------------------- Owned at End Direct Ownership
Day/ 8) (A) of Issuer's (D) or (Instr. 4)
Year) or Fiscal Year Indirect
Amount (D) Price (Instr. 3 (I)
and 4) (Instr. 4)
- -------------------- ---------- ---------- ---------- --- --------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock (ESPP) 06/26/96 B(1) 206 A 12.1125 639 D
Common Stock (ESPP) 12/20/95 B(1) 199 A 12.5375 838 D
<FN>
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly
(Print or Type Responses)
</FN>
<PAGE>
<CAPTION>
FORM 5 (continued) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative
(Instr. 3) or Exercise Date Code Securities Acquired
Price of (Month/Day/ (Instr. 8) (A) or Disposed (D)
Derivative Year) (Instr. 3, 4, and 5)
Security -----------------------
(A) (D)
- ----------------------------------------- -------------- -------------- -------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
<CAPTION>
6. Date Exercisable 7. Title and Amount of Under- 8. Price of 9. Number of 10. Ownership 11. Nature of
and Expiration lying Securities Derivative Derivative of Deriv- Indirect
Date (Instr. 3 and 4) Security Securities ative Beneficial
(Month/Day/Year) (Instr. 5) Beneficially Security: Ownership
- ---------------------- ----------------------------- Owned at End Direct (D) (Instr. 4)
Date Expira- Amount or of Year or Indirect
Exer- tion Title Number of (Instr. 4) (I)
cisable Date Shares (Instr. 4)
- ---------- ---------- ---------------- ----------- ------------- --------------- ---------------- --------------
<C> <C> <C> <C> <C> <C> <C> <C>
<FN>
Explanation of Responses:
(1) The shares were subscribed to and purchased by the
Reporting Person subject to the terms of AICI's
Employee Stock Purchase Plan.
</FN>
**Intentional misstatements or omissions of facts constitute /s/ George P. Mang 2/14/96
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. --------------------------------------------
78ff(a). **Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be
manually signed. If space provided is insufficient, see
instruction 6 for procedure.
</TABLE>
