Conseco, American Travellers complete merger.

CARMEL, Ind.--(BUSINESS WIRE)--Dec. 17, 1996--Conseco, Inc. (NYSE:CNC) today completed its merger with American Travellers Corp. (NASDAQ:ATVC). ATVC was merged into Conseco.

Conseco Chairman Stephen C. Hilbert said, "We are pleased to welcome American Travellers Life Insurance Co. and its 22,000 agents to the Conseco family of life companies. We are eager to begin working with them to build upon their leadership in long-term care insurance and to take full advantage of cross-marketing opportunities with other Conseco affiliates."

In the merger, each outstanding share of ATVC common stock was converted into the right to receive 0.5836 of a share of Conseco common stock. First Union National Bank of North Carolina will act as agent for the conversion. Appropriate forms for presenting ATVC stock certificates will be mailed shortly to all ATVC stockholders of record. For further information, holders may contact First Union at [phone].

Conseco is a financial services organization headquartered in Carmel, Ind. Through its subsidiaries, Conseco is one of the nation's leading providers of supplemental health insurance, retirement annuities and universal life insurance.

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CONTACT: Conseco, Inc., Carmel

Jim Rosensteele, Vice President-Investor Relations

317/817-2893

E-mail: [e-mail]