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SMC ANNOUNCES ALLIANCE WITH UKRAINIAN INSURANCE COMPANY

 INDIANAPOLIS, Aug. 30 /PRNewswire/ -- Standard Management Corporation ("SMC" or the "company") (NASDAQ: SMAN) today announced it had forged an alliance with Salamandra Joint-Stock Insurance Company ("Salamandra") in Ukraine for the purpose of marketing insurance products.
 The joint announcement was made in New York City by Ronald D. Hunter, chairman of the board and CEO of SMC, and Igor E. Massalov, chairman of the board of Salamandra.
 Hunter and Massalov stated that this partnership would not have been possible without the initiative of Universal Transactions Incorporated ("UTI") of Cincinnati, and Universal Management Resources ("UMR") of Indianapolis.
 This venture involves the marketing by Salamandra of annuities which will be reinsured by a new jointly owned reinsurance company -- Standard Reinsurance of North America, Ltd. Timothy E. Jacobs, president of UMR, will serve as president of the new reinsurance company.
 This project offers SMC and Salamandra, which is one of the largest and best known non-governmental insurance companies in Ukraine, the opportunity to strategically position themselves in a growing economy of over 50 million people with virtually untapped insurance and financial markets. Salamandra will benefit from American technology and experience in the fields of administration, product design and marketing annuities and other insurance products.
 Massalov, chairman of Salamandra, indicated, "This will be the first time Ukrainian people will be able to secure financial protection, not from the state, but from American and Ukrainian insurance companies working together and investing in U.S. securities."
 In making the announcement, Hunter stated, "We believe the insurance industry as we know it is the epitome of the free enterprise system and is symbolic of the entrepreneurial spirit that has made our nation great. We know we share this spirit with our friends and business associates in Ukraine. It is this mutual understanding that has helped us achieve this alliance."
 He continued, "We believe this is the first time this type of partnership has been established in the former Soviet Union. It offers tremendous opportunity for the growth of all the companies associated with this project, and for the marketing and distribution of insurance products in Ukraine. We look forward to many years of profitable association with our Ukrainian and American partners."
 -0- 8/30/93
 /CONTACT: Norman W. Wilkens of Standard Management Corporation, 317- 574-5221/
 (SMAN)


CO: Standard Management Corp.; Salamandra Joint-Stock Insurance Co. ST: Indiana IN: INS SU: JVN

AR -- CL002 -- 6953 08/30/93 09:05 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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