PROSPECTUS SUPPLEMENT
(To Prospectus Supplement dated September 17, 1997 and
Prospectus dated September 6, 1991)
40,000 Shares
DELPHI FINANCIAL GROUP, INC.
Class A Common Stock
------------------
Charles P O'Brien, one of the Selling Shareholders referred to in the
accompanying Prospectus and Prospectus Supplement, has advised Delphi Financial
Group, Inc. (the "Company") that he intends to offer for sale up to 40,000
shares of Class A Common Stock, $.01 par value per share (the "Class A Common
Stock"). As of February 12, 1998, Mr. O'Brien beneficially owned 168,446 shares
of Class A Common Stock. After completion of the offering, Mr. O'Brien will own
128,446 shares of Class A Common Stock. All of the shares offered hereby are
being sold by Mr. O'Brien. Consequently, the Company will receive no cash
proceeds from the sale of the Common Stock offered hereby. The Class A Common
Stock is listed on the New York Stock Exchange under the symbol "DFG." On
February 11, 1998, the last sale price of the Class A Common Stock, as reported
by the New York Stock Exchange, was $44.375 per share.
------------------
The date of this Prospectus Supplement is February 13, 1998.
