GRAND CAYMAN, Cayman Islands, July 31 /PRNewswire/ -- Chandler Insurance
Company, Ltd. (Nasdaq: CHANF), the parent of subsidiary companies based in
Oklahoma, today announced that on July 29, 1998, the U.S. Circuit Court of
Appeals for the 8th Circuit affirmed an order by Senior U.S. District Judge
Warren Urbom which will result in stripping Detroit-based CenTra, Inc. and its
affiliates (CenTra) of all ownership or control of 3,133,450 common shares of
Chandler Insurance Company, Ltd. (Chandler) stock.  The CenTra-owned shares
comprise approximately 45% of Chandler's issued and outstanding shares.
    The 8th Circuit Court's ruling let stand Judge Urbom's March 25, 1997
order declaring that neither CenTra nor its affiliates may own Chandler
shares.  Judge Urbom's previous rulings indicate that following submission of
divestiture plans by the parties, which include Chandler's U.S. subsidiary,
National American Insurance Company (NAICO); the Nebraska Insurance
Department; and CenTra, he will issue an order to facilitate an orderly
divestiture of the shares which are all currently in the possession of the
U.S. District Court Clerk in Nebraska.
    NAICO's general counsel stated that Judge Urbom has given no indication of
the method or timing of the divestiture, and CenTra may still request the 8th
Circuit Court of Appeals to reconsider its ruling and may also request the
U.S. Supreme Court to hear the case.
    Shares of Chandler common stock are publicly traded under the symbol
"CHANF" on The Nasdaq Stock Market.  Chandler is headquartered in the Cayman
Islands.  NAICO is a Nebraska-domiciled insurance company with major
operations in Chandler, Okla.

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