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NEW YORK STATE INSURANCE DEPARTMENT APPROVES MERGER OF THE PHOENIX AND HOME LIFE

 NEW YORK STATE INSURANCE DEPARTMENT APPROVES MERGER OF
 THE PHOENIX AND HOME LIFE
 NEW YORK, June 17 /PRNewswire/ -- The New York State Insurance Department today granted its approval of the merger of Phoenix Mutual Life Insurance Company and Home Life Insurance Company to be effective July 1, 1992, the companies announced. This is the first merger among major mutual life insurance companies.
 The Connecticut Insurance Department approved the merger on March 27, 1992, and the policyholders of the two companies voted to approve the merger on May 21, 1992.
 "The overwhelming support we have received from all of our constituencies has played a critical role in our success and proves to management that this merger is indeed in our policyholders' best interests," said John Gummere, chairman and chief executive officer of The Phoenix.
 "We look forward to moving ahead as a merged company," said William B. Wallace, chairman and chief executive officer of Home Life. "We believe this merger will position us as the mutual life insurer of choice in this decade and beyond."
 The companies announced their intention to merge last December. The combined company, Phoenix Home Life Mutual Insurance Company, will be a New York company subject to the regulation of the New York Insurance Department and will maintain its corporate presence in Connecticut. The combined company will be the 12th largest mutual life insurance company and will rank among the nation's 30 largest insurers with assets under management of almost $16 billion and capital of nearly $600 million.
 -0- 6/17/92
 /CONTACT: Jo-Anne Leventhal, 203-275-5359; Geraldine O'Brien, 908-980-8640; or Catherine Marcus, 212-371-5999, all for Home Life and The Phoenix/ CO: Home Life Insurance Company; Phoenix Mutual Life Insurance C ST: New York, Connecticut IN: INS SU: TNM


GK -- NY083 -- 1283 06/17/92 18:20 EDT
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Publication:PR Newswire
Date:Jun 17, 1992
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