- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------


                      SECURITIES AND EXCHANGE COMMISSION
                                           
                           Washington, D.C. 20549
                        ----------------------------
                                           
                                SCHEDULE 13E-4

                        Issuer Tender Offer Statement
                               (Amendment No. 1)
                                           
   (Pursuant to Section 13(e)(1) of the Securities Exchange Act of 1934)
                                           
                  FUND AMERICAN ENTERPRISES HOLDINGS, INC.
                             (Name of Issuer)
                                                 
                  FUND AMERICAN ENTERPRISES HOLDINGS, INC.
                    (Name of Person(s) Filing Statement)
                                            
                  Common Stock, Par Value $1.00 Per Share
                      (Title of Class of Securities)
                                          
                                360768 10 5
                   (CUSIP Number of Class of Securities)
                                          
                            Michael S. Paquette
                      Vice President and Controller
                 Fund American Enterprises Holdings, Inc.
                           80 South Main Street
                   Hanover, New Hampshire 03755-2053
                              (603) 643-1567
                                          
                                 Copy to:
                         Philip A. Gelston, Esq.
                         Cravath, Swaine & Moore
                  825 Eighth Avenue - Worldwide Plaza 
                        New York, New York 10019
                             (212) 474-1000
                                          
(Name, address and Telephone Number of Person Authorized to Receive Notices
     and Communications on Behalf of the Person(s) Filing Statement)
                                          


- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------





    This Amendment No. 1 amends and supplements the Issuer Tender Offer 
Statement on Schedule 13E-4 filed by Fund American Enterprises Holdings, 
Inc., a Delaware corporation (the "Company"), with the Securities and 
Exchange Commission on November 3, 1997 (as amended, the "Schedule 13E-4"), 
relating to a tender offer by the Company to purchase up to 1,000,000 shares 
of its Common Stock, par value $1.00 per share ("Shares") at a price not 
greater than $125.00 nor less than $105.00 per Share, net to the seller in 
cash, upon the terms and subject to the conditions set forth in the Offer to 
Purchase dated November 3, 1997 (the "Offer to Purchase") and the related 
Letter of Transmittal (which together constitute the "Offer"), copies of 
which are filed as Exhibits (a)(1) and (a)(2), respectively, to the Schedule 
13E-4.  Capitalized terms used and not defined herein shall have the meanings 
assigned to such terms in the Offer to Purchase and the Schedule 13E-4.

ITEM 8.  Additional Information.

    The Company has extended the Offer until 11:59 p.m., New York City time 
on Tuesday, December 2, 1997.  The text of the press release dated November 
12, 1997, issued by the Company with respect to the extension of the Offer is 
filed herewith as Exhibit (a)(10) and is incorporated herein by reference.

ITEM 9.  Material to be Filed as Exhibits.


(a)(10)  Text of press release dated November 12, 1997.



                                       1



                                   SIGNATURE



After due inquiry and to the best of my knowledge and belief, I certify that 
the information set forth in this statement is true, complete and correct.
         

                                       FUND AMERICAN ENTERPRISES HOLDINGS, INC.




November 12, 1997                  By: /s/ Michael S. Paquette
                                       -----------------------
                                       Michael S. Paquette
                                       Vice President and Controller


                                       2


                                 EXHIBIT INDEX



Exhibits                                                                  Page
- --------                                                                  ----


(a)(10)  Text of press release dated November 12, 1997.................


                                       3




- ----------
Fund                                                    PRESS
American                                                RELEASE
- ----------


                                                        CONTACT: Terry Baxter
                                                                 603-640-2229

                                           
                                           
                    FUND AMERICAN EXTENDS STOCK TENDER OFFER


HANOVER, New Hampshire, November 12, 1997 - Fund American Enterprises 
Holdings, Inc. today announced that it has extended the expiration date of 
its offer to purchase up to 1,000,000 shares of its common stock at prices 
not greater than $125.00 nor less than $105.00 per share, net to the seller 
in cash.  The Offer is now scheduled to expire at 11:59 p.m., New York City 
time, on Tuesday, December 2, 1997, unless extended.  As of the close of 
business yesterday, no shares of Fund American's common stock have been 
tendered in the offer.  The terms and conditions of the offer are set forth 
in Fund American's Offer to Purchase dated November 3, 1997, and the related 
Letter of Transmittal.  Lehman Brothers Inc. is the Dealer Manager for the 
offer and First Chicago Trust Company of New York is the Information Agent.







                    Fund American Enterprises Holdings, Inc.
                             80 South Main Street
                          Hanover, New Hampshire 03755
                                 603-643-1567