Consumers Financial Corp. sells universal life block of business.CAMP HILL, Pa.--(BUSINESS WIRE)--Dec. 16, 1994--Consumers Financial Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFIN CFin Computational Finance CFIN Combat Flight Inspection ) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced that it signed an agreement to sell its universal life block of business to American Merchants Life Insurance Co., Jacksonville, Fla., for $5 million. The sale is expected to be completed by Dec. 31. The company also received notice from its joint venture partner, World Insurance Co., that it intends to exercise its option to purchase its block of universal life business for a purchase price of $1.85 million. This is expected to be completed by April 30, 1995. The company had previously sold its traditional block of individual life insurance business on Dec. 31, 1992. This universal life business is the remaining portion of the individual life insurance business owned by the company. "The sale of the universal life insurance business will increase the statutory capital of its life insurance subsidiaries by over $4.8 million, and allow the company to focus on building its core businesses of credit insurance and auto auction operations," James C. Robertson, chairman, president and chief executive officer said. Consumers Financial Corp., an insurance holding company, operates through the following business units: The Automotive Resources Division provides management training and education services as well as credit insurance and other products to automobile dealers; and the Auto Auction Division operates a wholesale automobile auction. CONTACT: Consumers Financial Corp., Camp Hill Christy chris·ty n. Variant of christie. L. Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. , investor relations Investor relations The process by which the corporation communicates with its investors. , 717/761-4230 |
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