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McM CORPORATION ANNOUNCES EXECUTION OF NEW AGREEMENT TO SELL ATLANTIC SOUTHERN INSURANCE COMPANY

 McM CORPORATION ANNOUNCES EXECUTION OF NEW AGREEMENT
 TO SELL ATLANTIC SOUTHERN INSURANCE COMPANY
 RALEIGH, N.C., Dec. 5 /PRNewswire/ -- McM Corporation (NASDAQ: MCMC), a Raleigh based insurance holding company, today announced the execution of a new agreement for the sale of Atlantic Southern Insurance Company. The new agreement was subject to the termination of the previously announced agreement between McM's subsidiary, Occidental Fire & Casualty Company of North Carolina, and Colonial Life Insurance Company (Trinidad) Limited. In announcing the Dec. 4, 1991, termination of the Colonial Life agreement, George E. King, President of McM Corporation, stated that Colonial Life had been unable to timely satisfy certain conditions necessary for the completion of the sale in spite of Colonial Life having posted non-refundable cash deposits.
 Occidental Fire's new definitive agreement for the sale of Atlantic Southern has been signed with Life of Jamaica. The terms of the agreement with Life of Jamaica and the purchase price were not disclosed. The transaction is subject to a number of conditions including regulatory approvals. Closing of the transaction is expected to occur shortly after the conditions, including regulatory approvals, have been satisfied.
 Atlantic Southern is a Puerto Rico life insurance company located in San Juan, Puerto Rico, which markets life and health insurance products in Puerto Rico and the Virgin Islands. Substantially all of the outstanding shares of Atlantic Southern are currently owned by Occidental Fire.
 Efforts to sell McM and its remaining subsidiaries, Occidental Fire and Wilshire Insurance Company, are continuing. PaineWebber Incorporated will continue to act as McM's investment banker for the sale of these companies.
 -0- 12/5/91
 /CONTACT: George E. King, President, McM Corporation, 919-833-1600/
 (MCMC) CO: McM Corporation; Atlantic Southern Insurance Company; Life of
 Jamaica ST: North Carolina IN: INS SU: TNM


CM -- CH005 -- 9754 12/05/91 14:50 EST
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Publication:PR Newswire
Date:Dec 5, 1991
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