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KIRBY CORPORATION ANNOUNCES MERGER

 KIRBY CORPORATION ANNOUNCES MERGER
 HOUSTON, May 7 /PRNewswire/ -- Kirby Corporation (AMEX: KEX)


announced today that its wholly owned Puerto Rican subsidiary, Universal Insurance Company (Universal), has signed a letter of intent to merge Eastern America Insurance Company (Eastern), a wholly owned subsidiary of Eastern America Financial Group, Inc. (Group), into Universal, with Universal being the surviving entity. Immediately after the merger, Kirby will own approximately 84 percent of the combined common and preferred stock of the merged company. Both companies are engaged in the writing of property and casualty insurance in Puerto Rico.
 Through option and redemption rights included in the transaction, Group could become the owner of up to 100 percent of Universal's stock over a period of up to 12 years. The consummation of the merger is subject to the conclusion of a definitive agreement approved by the board of directors of each company and their respective parent companies and appropriate regulatory filings and approvals.
 Universal had earnings of $4,870,303 in 1991 and equity as of Dec. 31, 1991 of $42,838,172. Eastern had earnings of $1,978,042 in 1991 and equity as of Dec. 31, 1991 of $8,052,143.
 Kirby is engaged, through its subsidiaries, in inland and offshore marine transportation, diesel repair and property and casualty insurance. The proposed transaction will allow Kirby to further concentrate on its marine strategy.
 -0- 5/7/92
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX) CO: Kirby Corporation; Universal Insurance Company ST: Texas IN: INS SU: TNM


TS -- NY068 -- 7624 05/07/92 12:26 EDT
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Publication:PR Newswire
Date:May 7, 1992
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