10-Q/A

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

          [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 1996

                         Commission file number 33-83116

                         ASSOCIATED BUSINESS & COMMERCE
                             INSURANCE CORPORATION
             (Exact name of Registrant as specified in its charter)

          FLORIDA                                     65-0496132
          -------                                     ----------
(State or other jurisdiction of             (IRS Employer Identification No.)
incorporation of organization)

4700 NW BOCA RATON BOULEVARD, SUITE 400, BOCA RATON, FL     33431
- -------------------------------------------------------    ------
(Address of principal executive offices)                  (Zip Code)

Registrant's telephone number,
including area code                             (561) 997-0708
                                                --------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(b) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

   
The number of the outstanding Preferred Stock held by nonaffiliates of the
Registrant on August 5, 1996, was 243,860 shares.
    



                         ASSOCIATED BUSINESS & COMMERCE
                             INSURANCE CORPORATION

                               Table of Contents
   
Part II. Other Information

    Item 6. Exhibits and Reports on Form 8-K .........................3

Signatures ...........................................................4
    



                         ASSOCIATED BUSINESS & COMMERCE
                             INSURANCE CORPORATION
                            Part II Other Information
       

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
a) EXHIBIT INDEX
   -------------
   Exhibit 27    Financial Data Schedule
b) Reports on Form 8-K - The Company filed no reports on Form 8-K during the
   quarter ended March 31, 1996.

   
                                       3
    



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                            ASSOCIATED BUSINESS & COMMERCE INSURANCE CORPORATION
                            Registrant

   
Date: August 21, 1996        /s/ JAMES R. NAU
                            ----------------------------------------------------
                            James R. Nau
                            President

Date: August 20, 1996        /s/ CLIFFORD G. MERRITT
                            ----------------------------------------------------
                            Clifford G. Merritt
                            Vice President, Finance
                            (Principal Financial and Accounting Officer)

                                       4
    

EX-27

 


<ARTICLE>                                           7
   
<LEGEND>
     THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
     UNAUDITED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 
     1996 AND THE UNAUDITED BALANCE SHEET AS OF MARCH 31, 1996 AND IS QUALIFIED
     IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-END>                                   MAR-31-1996
<DEBT-HELD-FOR-SALE>                           3,130,265
<DEBT-CARRYING-VALUE>                          9,417,822
<DEBT-MARKET-VALUE>                            9,226,605
<EQUITIES>                                     0
<MORTGAGE>                                     0
<REAL-ESTATE>                                  0
<TOTAL-INVEST>                                 12,548,087
<CASH>                                         2,718,356
<RECOVER-REINSURE>                             169,842
<DEFERRED-ACQUISITION>                         563,474
<TOTAL-ASSETS>                                 38,848,504
<POLICY-LOSSES>                                27,825,314
<UNEARNED-PREMIUMS>                            2,443,710
<POLICY-OTHER>                                 0
<POLICY-HOLDER-FUNDS>                          0
<NOTES-PAYABLE>                                0
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    5,715,360
<COMMON>                                       102,501
<OTHER-SE>                                     0
<TOTAL-LIABILITY-AND-EQUITY>                   38,848,504
<PREMIUMS>                                     1,937,698
<INVESTMENT-INCOME>                            248,041
<INVESTMENT-GAINS>                             0
<OTHER-INCOME>                                 167,757
<BENEFITS>                                     1,382,313
<UNDERWRITING-AMORTIZATION>                    152,000
<UNDERWRITING-OTHER>                           696,359
<INCOME-PRETAX>                                117,824
<INCOME-TAX>                                   40,000
<INCOME-CONTINUING>                            77,824
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   77,824
<EPS-PRIMARY>                                  .76
<EPS-DILUTED>                                  .76
<RESERVE-OPEN>                                 28,306,416
<PROVISION-CURRENT>                            1,382,313
<PROVISION-PRIOR>                              0
<PAYMENTS-CURRENT>                             256,104
<PAYMENTS-PRIOR>                               2,675,602
<RESERVE-CLOSE>                                27,825,314
<CUMULATIVE-DEFICIENCY>                        0