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A.M. BEST PLACES DELTA LIFE AND ANNUITY COMPANY'S RATING UNDER REVIEW

 OLDWICK, N.J., Feb. 22 /PRNewswire/ -- Effective immediately, the "A+" (Superior) Best's Rating of Delta Life and Annuity Company is being placed under review, pending further evaluation of the company's ongoing strategic plans subsequent to the announcement on Feb. 12, 1993, of the resignation of its chairman, president and C.E.O., Robert H. Wallace, Jr. Mr. Wallace co-founded the insurer in 1979. Immediately following Mr. Wallace's resignation, the company's board of directors elected Gerald Tsai, Jr. to the vacated positions. Mr. Tsai, who is a former chairman of Primerica Corporation and has been a board member of Delta Life and Annuity and its parent corporation since his association with the insurer began in 1992, will head an executive search for additional executive support. However, the company has indicated that it is operating under no time constraints.
 "Delta Life and Annuity has operated in a conservative manner under the leadership of Bob Wallace. Although we do not anticipate any adverse financial impact from the change in the top management post in the near term, we intend to explore with Mr. Tsai the longer-term financial and operational implications which this may have on the company," said Larry G. Mayewski, senior vice president of A.M. Best's life/health division.
 Delta Life and Annuity Company is headquartered in Memphis, Tenn., and specializes in the sale of single and flexible deferred annuities. As of Dec. 31, 1992, the company had nearly $1 billion in assets with approximately 78 percent of its investments in securities issued, guaranteed or secured by the U.S. Government or its agencies.
 -0- 2/22/93
 /CONTACT: Larry Mayewski of A.M. Best Company, 908-439-2200, ext. 5643/


CO: Delta Life and Annuity Company ST: Tennessee IN: INS SU: RTG

GK -- NY030 -- 8849 02/22/93 09:52 EST
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Date:Feb 22, 1993
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