PennCorp Financial Group announces closing of the purchase of Integon Life and its life insurance subsidiaries.
PennCorp, an insurance holding company, through its life insurance subsidiaries, underwrites and markets life and fixed benefit accident and sickness insurance to the middle market throughout the United States, Canada, Puerto Rico, and the Caribbean basin. PennCorp shall immediately commence the consolidation of Integon Life's principal operations with its Raleigh, N.C. based operations which include its subsidiary Occidental Life Insurance Co. of North Carolina.
David J. Stone, chairman of PennCorp, said, "The completion of the Integon Life acquisition represents another positive event in what has become a remarkable year for the company. A.M. Best's recently announced rating upgrades of the PennCorp life companies reflects PennCorp's elevated level of financial strength resulting from the success of the 1995 Preferred and Common Stock offerings. The improved ratings, together with added distribution through the Integon Life sales force, substantially furthers our commitment to build a premier life insurance organization."
On a combined basis, PennCorp and Integon Life Corp. will have annual revenues of approximately $510 million and total assets of approximately $3.0 billion.
CONTACT: PennCorp Financial Group Inc., New York
Analysts: Steven Fickes, 202/338-3558
Media: Carol Spencer, 212/832-0700
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|Date:||Jul 25, 1995|
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