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JEFFERSON-PILOT SELECTED AS LEAD BIDDER FOR KENTUCKY CENTRAL LIFE INSURANCE BUSINESS

 GREENSBORO, N.C., Aug. 17 /PRNewswire/ -- Jefferson-Pilot Corporation (NYSE: JP) announced today that the Kentucky Department of Insurance has selected Jefferson-Pilot as the lead first-round bidder for the life insurance liabilities and certain assets of Kentucky Central Life Insurance Company (NASDAQ: KENCA), which entered rehabilitation proceedings in February 1993.
 As the designated lead bidder for Kentucky Central's life insurance business, Jefferson-Pilot will work closely with the Kentucky Department of Insurance and with Don W. Stephens, Kentucky's Commissioner of Insurance, to draft a definitive and detailed sale agreement for a plan of rehabilitation for Kentucky Central.
 While details of the first-round bids will not be disclosed at this time, the Jefferson-Pilot proposal consists of assumption reinsurance by Jefferson-Pilot Life Insurance Company of Kentucky Central's obligations to its life insurance and annuity policyholders. Jefferson-Pilot Life also proposed to assume most of the assets of Kentucky Central except real estate-related investments.
 After completion of the proposed reinsurance acquisition documents over the next few weeks, the Commissioner will submit those documents to all eight first-round bidders for a final and best bid to determine the ultimate winning bidder.
 David Stonecipher, Jefferson-Pilot's president and CEO, noted that, notwithstanding Kentucky Central's difficult recent history, the company's $1 billion of policy liabilities are a substantial business, and its policyholders are desirable clients for Jefferson-Pilot Life. Stonecipher added that JP is excited about the possibility of acquiring the Kentucky Central business because the company's policyholders live in areas that are important to JP, and the company's business has been written primarily through personal producing general agents, a life insurance distribution system that fits well with JP's marketing plans.
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 Jefferson-Pilot Corporation, a holding company, is one of the nation's largest shareholder-owned life insurance companies. The company's largest subsidiary, Jefferson-Pilot Life Insurance Company, offers a full line of individual and group life and health insurance and annuity products. Other subsidiaries offer fire and casualty insurance, title insurance, and mutual fund sales. Jefferson-Pilot Communications Company owns and operates two network television stations, 12 radio stations, and produces sports programming.
 -0- 8/17/93
 /CONTACT: John T. Still, III, 919-691-3382, or William H. Chenoweth, 919-691-3390, both of Jefferson-Pilot Corporation/
 (JP KENCA)


CO: Jefferson-Pilot Corporation; Kentucky Department of Insurance;
 Kentucky Central Life Insurance Company ST: North Carolina, Kentucky IN: INS SU: TNM


SB -- CH009 -- 3743 08/17/93 17:10 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
Words:388
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