AmVestors Financial Corp. and Financial Benefit Group announce Michigan approval.BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 31, 1996--AmVestors Financial Corp. ("AmVestors") (NYSE NYSE See: New York Stock Exchange :AMV AMV Anime Music Video AMV Avian Myeloblastosis Virus AMV Alfalfa Mosaic Virus AMV Army Motor Vehicle AMV Assisted Mechanical Ventilation AMV Armored Maintenance Vehicle AMV Accredited Meter Verifier AMV Annulus Master Valve ) and Financial Benefit Group ("FBG FBG Fiber Bragg Gratings FBG Fasting Blood Glucose FBG Functional Brain-Gut Research Group FBG Florida Brewer's Guild FBG Fluidized Bed Generator FBG Flavor Blasted Goldfish (gaming) FBG Forum Battle Group ") (NASDAQ/NMS:FBGIA) announced Wednesday that the State of Michigan Insurance Bureau has issued a new order approving the application for requalification of FBG's insurance subsidiary to do business in Michigan if a change in control occurs pursuant to the company's previously announced Merger Agreement. The Michigan Insurance Bureau had previously issued an order denying such requalification, as announced by the companies on Dec. 28, 1995. The new order supersedes the original order and was necessary for FBG's insurance subsidiary to do business in Michigan following a change of control. Approximately 13% of FBG's premiums written during the 12 months ended Dec. 31, 1995 were written in Michigan. The current termination date termination date, n See expiration date. for the Merger Agreement is Feb. 14, 1996. As it will not be possible for the Merger to be consummated prior to such time, an extension of such termination date will be necessary in order to facilitate efforts to fulfill other conditions to the Merger Agreement. No assurance can be given that such other conditions will be satisfied. AmVestors markets individual annuities and life insurance policies nationwide to the savings and retirement market through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , American Investors Life Insurance Co. Inc. American Investors is licensed in 47 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . FBG is an insurance holding company located in Boca Raton, and owns all of the shares of Financial Benefit Life Insurance Co., a Florida insurer which specializes in the sale and underwriting of annuity products and is admitted in 41 jurisdictions, which includes 39 states, the District of Columbia and the U.S. Virgin Islands. The company also owns all of the shares of Annuity International Marketing Corp. and The Insurancemart Inc. both of which specialize in the distribution and marketing of annuities. AmVestors' common stock trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol AMV. Financial Benefit Group Inc.'s Class A Common Stock trades in the Nasdaq National Market under the symbol FBGIA. CONTACT: AmVestors Financial Corp., Topeka, Kan. Ralph W. Laster Jr. or Mark V. Heitz, 913/295-4406 or Financial Benefit Group Inc., Boca Raton Frank T. Crohn or Donna J. Rubertone, 407/394-9400 |
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