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SELECTIVE INSURANCE GROUP, INC. ACQUIRES NIAGARA EXCHANGE CORPORATION

SELECTIVE INSURANCE GROUP, INC. ACQUIRES NIAGARA EXCHANGE CORPORATION
 BRANCHVILLE, N.J., Aug. 27 /PRNewswire/ -- Selective Insurance Group, Inc. ("Selective") announced today that it has acquired Niagara Exchange Corporation ("Niagara") through a cash merger, with the stockholders of Niagara receiving $11.50 in cash for each share of Niagara common stock and each share of Niagara series C cumulative convertible preferred stock. The acquisition was approved at a special meeting in Lieu of the annual meeting of stockholders of Niagara held on Aug. 27, 1992 and became effective on such date. The acquisition had been previously approved by the boards of directors of both companies and the appropriate authorities.
 Niagara Exchange Corporation is a Buffalo, N.Y., based insurance holding company whose principal subsidiary, Exchange Insurance Company, writes property and casualty insurance.
 Selective Insurance Group, Inc. is a holding company with five insurance subsidiaries: Selective Insurance Company of America and Selective Way Insurance Company, based in Branchville, N.J.; Selective Insurance Company of the Southeast and Selective Insurance Company of South Carolina, based in Charlotte, N.C.; and Exchange Insurance Company, based in Buffalo, N.Y. Selective's insurance subsidiaries are regional property and casualty insurers that underwrite traditional lines of insurance including automobile, property, workers' compensation, general liability and fidelity and surety.
 -0- 8/27/92
 /CONTACT: Dominic J. Addesso, executive vice president and chief financial officer, 201-948-1289, or Thornton R. Land, senior vice president and general counsel and secretary, 201-948-1322, both of Selective Insurance Group, Inc./
 (SIGI) CO: Selective Insurance Group, Inc.; Niagara Exchange Corp. ST: New Jersey, New York IN: INS SU: TNM


DC-OS -- NY057 -- 4046 08/27/92 15:13 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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