Exhibit 99.1

CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059	Form OPR-1A

COMPARATIVE BALANCE SHEET

ASSETS

	Filing Date		1/31/05		2/28/05		3/31/05
CURRENT ASSETS:
Cash (Attach Recons. & Bk Stmts.)	17,002		2,657		4,433		4,164
Marketable securities	2,785,516		2,797,982		2,774,982		2,774,980
Prepaid expense & deposits	60,000		60,000		60,000		60,000
TOTAL CURRENT ASSETS	2,862,518		2,860,639		2,839,415		2,839,144
OTHER ASSETS:
Note receivable from AIC	20,000,000		20,000,000		20,000,000		20,000,000
Valuation allowance	(20,000,000	)	(20,000,000	)	(20,000,000	)	(20,000,000	)
Investment in AIC	8,753,000		8,753,000		8,552,000		8,552,000
Contingent claims	21,500,000		21,500,000		21,500,000		21,500,000
TOTAL OTHER ASSETS	30,253,000		30,253,000		30,052,000		30,052,000
TOTAL ASSETS	33,115,518		33,113,639		32,891,415		32,891,144

I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.

Date Submitted      4-7-05 Signed  /s/ GARY N. THOMPSON Printed Name of Signatory Gary N. Thompson

CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059	Form OPR-1B

COMPARATIVE BALANCE SHEET

LIABILITIES AND STOCKHOLDERS EQUITY

	Filing Date		1/31/05		2/28/05		3/31/05
LIABILITIES:
Post-Petition debt (Sched. C)	0		0		3,681		58,081
Pre-Petition Debt:
Litigation claims	22,000,000		22,000,000		22,000,000		22,000,000
Unsecured liabilities	46,054		46,054		46,054		46,054
Unsecured debt	116,110,260		116,110,260		116,110,260		116,110,260
TOTAL LIABILITIES	138,156,314		138,156,314		138,159,995		138,214,395
SHAREHOLDERS EQUITY:
Preferred stock	0		0		0		0
Common stock	6,274,000		6,274,000		6,274,000		6,274,000
Paid-in capital	199,660,000		199,660,000		199,660,000		199,660,000
Treasury stock	(29,969,000	)	(29,969,000	)	(29,969,000	)	(29,969,000	)
Retained earnings:
As of filing date	(281,005,796	)	(281,005,796	)	(281,005,796	)	(281,005,796	)
After filing date	0		(1,879	)	(227,784	)	(282,455	)
TOTAL SHAREHOLDERS EQUITY	(105,040,796	)	(105,042,675	)	(105,268,580	)	(105,323,251	)
TOTAL LIABILITIES AND SHAREHOLDER EQUITY	33,115,518		33,113,639		32,891,415		32,891,144

CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059	Form OPR-2

STATEMENT OF INCOME

	1/31/05		2/28/05		3/31/05
REVENUE:
Net investment income	3,190		5,251		6,845
Net realized gain	0		0		0
Other	434		0		0
OPERATING EXPENSES:
Salaries and benefits	(5,187	)	(7,262	)	(6,977	)
Board fees and expenses	0		(19,250	)	6,000
Legal fees and expenses			(372	)	(58,081	)
Filing fees and expenses	(317	)	(3,272	)	(2,433	)
Miscelleanous	0		0		(24	)
NET OPERATING INCOME / LOSS	(1,879	)	(24,905	)	(54,671	)
OTHER INCOME (EXPENSE):
Interest expense	0		0		0
Equity in earnings of AIC	0		(201,000	)	0
TOTAL OTHER INCOME (EXPENSE)	0		(201,000	)	0
NET INCOME (LOSS)	(1,879	)	(225,905	)	(54,671	)

CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059	Form OPR-3

SOURCES AND USE OF CASH

	1/31/05		2/28/05		3/31/05
CASH DIFFERENCE:
Current ending cash balance	2,657		4,433		4,164
Less ending prior month balance	(17,002	)	(2,657	)	(4,433	)
NET CASH INCREASE (DECREASE)	(14,345	)	1,776		(269	)
SOURCES OF CASH:
Net income (loss)	(1,879	)	(225,905	)	(54,671	)
Equity in earnings of AIC	0		201,000		0
Decrease in:
Receivables	0		0		0
Marketable securities	0		23,000		2
Increase in:
Post - petition debt	0		3,681		54,399
Pre - petition debt	0		0		0
TOTAL SOURCES OF CASH	(1,879	)	1,776		(269	)
USES OF CASH:
Increase in:
Receivables	0		0		0
Marketable securities	(12,466	)	0		0
Decrease in:
Post - petition debt	0		0		0
Pre-petition debt	0		0		0
TOTAL USES OF CASH	(12,466	)	0		0
NET CASH INCREASE (DECREASE)	(14,345	)	1,776		(269	)

CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059	SCHEDULE C

SCHEDULE OF POST PETITION DEBT

	1/31/05	2/28/05	3/31/05
TRADE ACCOUNTS PAYABLE	0	0	58,081
PAYROLL AND PAYROLL TAXES		3,681	0
TAXES PAYABLE	0	0	0
TOTAL POST PETITION DEBT	0	3,681	58,081

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Account Detail

COMMERCIAL CHECKING - 22620112

Information as of 04/01/2005
Current Balance	$	4,163.52
Available Balance	$	279,969.08
Interest Paid YTD	$	0.00
Interest Paid Last Year	$	0.00

Activity of Statement Closing 03/31/2005

Date	Description	Debit		Credit		Ledger Balance
03/31/2005	INTRABANK TRANSFER	$	3,488.60			$	4,163.52
03/31/2005	INVESTMENT DEBIT	$	274,980.29			$	7,652.12
03/31/2005	INVESTMENT CREDIT			$	280,000.00	$	282,632.41
03/30/2005	INVESTMENT DEBIT	$	279,980.71			$	2,632.41
03/30/2005	INVESTMENT CREDIT			$	280,000.00	$	282,613.12
03/29/2005	INVESTMENT DEBIT	$	279,980.17			$	2,613.12
03/29/2005	INVESTMENT CREDIT			$	280,000.00	$	282,593.29
03/28/2005	INVESTMENT DEBIT	$	279,981.49			$	2,593.29
03/28/2005	INVESTMENT CREDIT			$	280,000.00	$	282,574.78
03/28/2005	INVESTMENT CREDIT			$	2,000.00	$	2,574.78
03/28/2005	CUSTOMER DEPOSIT			$	180.00	$	574.78
03/25/2005	CHECK	$	927.50			$	394.78
03/24/2005	INVESTMENT DEBIT	$	279,923.78			$	1,322.28
03/24/2005	INVESTMENT CREDIT			$	270,000.00	$	281,246.06
03/23/2005	INVESTMENT DEBIT	$	269,981.62			$	11,246.06
03/23/2005	INVESTMENT CREDIT			$	270,000.00	$	281,227.68
03/22/2005	INVESTMENT DEBIT	$	269,981.70			$	11,227.68
03/22/2005	CHECK 26992	$	24.48			$	281,209.38
03/22/2005	INVESTMENT CREDIT			$	270,000.00	$	281,233.86
03/22/2005	CUSTOMER DEPOSIT			$	6,319.56	$	11,233.86
03/21/2005	INVESTMENT DEBIT	$	269,981.40			$	4,914.30
03/21/2005	INVESTMENT CREDIT			$	270,000.00	$	274,89570
03/18/2005	INVESTMENT DEBIT	$	269,945.10			$	4,89570
03/18/2005	INVESTMENT CREDIT			$	270,000.00	$	274,840.80
03/18/2005	INVESTMENT CREDIT			$	1,395.14	$	4,840.80
03/17/2005	INVESTMENT DEBIT	$	269,982.45			$	3,445.66
03/17/2005	INVESTMENT CREDIT			$	270,000.00	$	273,428.11

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Activity of Statement Closing 03/31/2005

Date	Description	Debit		Credit		Ledger Balance
03/16/2005	INVESTMENT DEBIT	$	269,982.97			$	3,428.11
03/16/2005	INVESTMENT CREDIT			$	270,000.00	$	273,411.08
03/15/2005	INTRABANK TRANSFER	$	3,488.60			$	3,411,08
03/15/2005	INVESTMENT DEBIT	$	269,982.37			$	6,899.68
03/15/2005	INVESTMENT CREDIT			$	275,000.00	$	276,882.05
03/14/2005	INVESTMENT DEBIT	$	274,982.51			$	1,882.05
03/14/2005	INVESTMENT CREDIT			$	275,000.00	$	276,864.56
03/11/2005	INVESTMENT DEBIT	$	274,948.67			$	1,864.56
03/11/2005	INVESTMENT CREDIT			$	275,000.00	$	276,813.23
03/11/2005	INVESTMENT CREDIT			$	1,312.50	$	1,813.23
03/10/2006	INVESTMENT DEBIT	$	274,982.89			$	500.73
03/10/2005	INVESTMENT CREDIT			$	275,000.00	$	275,483.62
03/09/2005	INVESTMENT DEBIT	$	274,982.97			$	483.62
03/09/2005	INVESTMENT CREDIT			$	275,000.00	$	275,466.59
03/08/2005	INVESTMENT DEBIT	$	274,982.81			$	466.59
03/08/2005	CHECK 26991	$	1,685.68			$	275,449.40
03/08/2005	INVESTMENT CREDIT			$	275,000.00	$	277,135.08
03/07/2005	INVESTMENT DEBIT	$	274,982.81			$	2,135,08
03/07/2005	INVESTMENT CREDIT			$	275,000.00	$	277,117.89
03/04/2005	INVESTMENT DEBIT	$	274,949.13			$	2,117.89
03/04/2005	INVESTMENT CREDIT			$	275,000.00	$	277,067.02
03/04/2005	INVESTMENT CREDIT			$	1,263.89	$	2,067.02
03/03/2005	INVESTMENT DEBIT	$	274,982.81			$	803.13
03/03/2005	INVESTMENT CREDIT			$	275,000.00	$	275,785.94
03/02/2005	INTRABANK TRANSFER	$	3,680.91			$	785.94
03/02/2005	INVESTMENT DEBIT	$	274,983.19			$	4,466.85
03/02/2005	INVESTMENT CREDIT			$	275,000.00	$	279,450.04
03/01/2005	INVESTMENT DEBIT	$	274,982.66			$	4,450.04
03/01/2005	CHECK 26990	$	371.80			$	279,432.70
03/01/2005	INVESTMENT CREDIT			$	275,000.00	$	279,804.50

* Based on the terms and conditions of your loan, the effective date of your transactions may differ from the actual date.

** The Ledger Balance and Current Balance may not include some items pending for processing.

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