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PENN CENTRAL AGREES TO ACQUIRE LEADER NATIONAL INSURANCE

 CINCINNATI, March 18 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) announced that it has entered into a definitive agreement for the purchase of Leader National Insurance Company from The Dyson- Kissner-Moran Corporation for $38 million in cash.
 Leader National, headquartered in Independence, Ohio, writes non- standard private passenger automobile insurance for individuals unable to obtain coverage in standard markets due to age, type of car, occupation or record of accidents or violations. To a lesser extent, Leader National also writes policies in niche commercial automobile insurance markets. For 1992, Leader National had net earned premiums of $85.9 million, pre-tax income of $4.3 million and a statutory combined ratio of 103.6 percent. Its book value at Dec. 31, 1992 was approximately equal to the purchase price.
 Consummation of the transaction is subject to certain conditions, including insurance regulatory approvals.
 Carl H. Lindner III, president and chief operating officer of Penn Central, said, "This acquisition will further our strategy of investing Penn Central's cash resources in the property and casualty insurance area. The acquisition will complement Penn Central's non-standard automobile insurance group by adding to its existing premium base of approximately $600 million and broadening its geographic coverage through Leader National's strong Pacific northwest and midwest presence."
 Penn Central is engaged primarily in the area of specialty property and casualty insurance.
 -0- 3/18/93
 /CONTACT: Philip A. Hagel, vice president, treasurer of Penn Central Corporation, 513-579-6600/
 (PC)


CO: Penn Central Corporation; Leader National Insurance Company ST: Ohio IN: INS SU: TNM

BM -- CL010 -- 7532 03/18/93 13:00 EST
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Publication:PR Newswire
Date:Mar 18, 1993
Words:262
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