PaineWebber Inc. analyst Gary Gordon initiated coverage of Amerin Corp. with a "buy" rating.

Mr. Gordon estimated that Amerin will earn $1.06 a share this year and $1.55 in 1997. He added that he expects earnings growth over the next five years to be 25% annually.

Chicago-based Amerin is an insurance holding company that provides private mortgage insurance to originators. Unlike other kinds of mortgage insurance, Amerin's is paid for by the lenders.

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