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CAPITOL AMERICAN ANNOUNCES NEW CEO

 CLEVELAND, Feb. 2 /PRNewswire/ -- Capitol American Financial Corporation (NYSE: CAF), a supplemental health insurance company, announced today the election of David H. Gunning as chairman of the board of directors, president and chief executive officer of the company. Gunning is a current director and long-time advisor to the company who has served as chairman of the Compensation Committee of the board. Gunning will assume these positions immediately. He was previously a partner in the law firm of Jones, Day, Reavis & Pogue and head of the firm's worldwide corporate practice.
 Gunning succeeds Barry J. Hershey who previously served as chairman and will remain active on the board of directors. Hershey will retain his significant stock ownership in the company and remain active in shaping the strategic and investment policies of the company. Gunning also succeeds John K. Anderson, Jr. as president and chief executive officer of the company. Anderson continues to serve as a director and will remain associated with the company for a short period of time to assure a smooth transition in the operations of the company.
 Hershey stated, "The board is delighted with the selection of David Gunning who has spent 25 years counseling public companies and their boards of directors and managing a significant part of the operations of Jones, Day, Reavis and Pogue. We regret that Jay Anderson has decided to continue his career elsewhere and he leaves with our thanks and respect."
 Gunning stated, "Capitol American is a company with a tremendous track record and an exciting and profitable future under the guidance of the current operating management team which has provided outstanding leadership. I expect the favorable operating and earnings results of the company to continue their recent trends. I am delighted to have the opportunity to lead this dynamic organization."
 Capitol American Financial is a leading supplemental insurance company with an outstanding history of substantial growth and financial stability. The company's market focus is on specialty lines including cancer, accident, intensive care and heart insurance programs. Capitol American is licensed in 47 states and has more than 650,000 policies in force.
 -0- 2/2/93
 /CONTACT: Douglas B. Kelly, senior vice president and chief financial officer of Capitol American Financial Corporation, 216-696-6400; or Henry F. Eaton of Dix & Eaton Incorporated, 216-241-0405; for Capitol American Financial Corporation/
 (CAF)


CO: Capitol American Financial Corporation ST: Ohio IN: INS SU: PER

KK -- CL003 -- 1683 02/02/93 09:02 EST
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Publication:PR Newswire
Date:Feb 2, 1993
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