AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 9, 1998 
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                           SCHEDULE 14A INFORMATION 
                  PROXY STATEMENT PURSUANT TO SECTION 14(A) 
                    OF THE SECURITIES EXCHANGE ACT OF 1934 

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                     AMERICAN BANKERS INSURANCE GROUP, INC.
                           -------------------------
                (Name of Registrant as Specified in Its Charter)

                              CENDANT CORPORATION
                           -------------------------
    (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

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                   CENDANT EXTENDS $58 PER SHARE TENDER OFFER
               FOR AMERICAN BANKERS INSURANCE GROUP TO MARCH 27

Stamford, CT and Parsippany, NJ, March 9, 1998 - Cendant Corporation (NYSE: CD)
announced today it is extending its cash tender offer to buy approximately 23.5
million common shares of American Bankers Insurance Group Inc. (NYSE: ABI) at a
price of $58 per share. The offer, which commenced on January 28, 1998, and was
scheduled to expire at 5:00 p.m., New York City time, on March 6, 1998, has
been extended through 12 midnight New York City time on March 27, 1998.

As of 5:00 p.m. on March 6, 1998, 15,578,084 shares of American Bankers' stock
had been tendered to Cendant under the terms of the offer, including 7,169,219
shares tendered pursuant to notices of guaranteed deliver. Shares tendered
represent approximately 37% of American Bankers outstanding common stock.

"Following the signing of a confidentiallty agreement, we are in the process
of thoroughly examining the data provided to us by American Bankers. We expect
shortly to reach a conclusion regarding our future actions. We are committed to
acquiring American Bankers, and we are evaluating the most effective strategy to
do so," said Walter A. Forbes, Chairman, and Henry R. Silverman, President and
Chief Executive Officer of Cendant. Cendant stated it has extended the offer
through the scheduled American Bankers' shareholder vote on AIG's offer to
acquire American Bankers.

On January 27, Cendant proposed to acquire American Bankers for $58 per share
in cash and stock, for an aggregate of approximately $2.7 billion on a fully
diluted basis. The shares Cendant will purchase under this tender offer,
combined with the shares Cendant already owns, will equal 51% of the fully
diluted shares of American Bankers. Cendant will exchange, on a tax-free basis,
shares of its common stock with a fixed value of $58 per share for the balance
of American Bankers' common stock.

The Information Agent for the Cendant offer is Innisfree M&A Incorporated. The
Dealer Managers are Lehman Brothers and Merrill Lynch & Co.

Cendant (NYSE: CD) is the world's premier provider of consumer and business
services. With a market capitalization of approximately $30 billion, it ranks
among the 100 largest U.S. corporations. Cendant operates in three principal
segments: Membership, Travel and Real Estate Services. In Membership Services,
Cendant provides access to travel, shopping, auto, dining, and other services
through more than 66.5 million memberships worldwide. In Travel Services,
Cendant is the leading franchisor of hotels and rental car agencies worldwide,
the premier provider of vacation exchange services and the second largest fleet
management company. In Real Estate Services, Cendant is the world's premier
franchisor of residential real estate brokerage offices, a major provider of
mortgage services to consumers and a global leader in corporate employee
relocation. Headquartered in Stamford, CT and Parsipanny, NJ, the company has
more than 35,000 employees, operates in over 100 countries and makes
approximately 100 million customer contacts annually.


INVESTOR CONTACT:               MEDIA CONTACT         OR:                      
Laura P. Hamilton               Elliot Bloom          Jim Fingeroth           
Senior Vice President           Vice President        Kekst and Company       
Corporate Communications        Public Relations                              
and Investor Relations          (973)496-8414         (212)521-4800          
(203)965-5114