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SOUTHERN EDUCATORS CONTINUES NEGOTIATIONS WITH AIA SERVICES

 SOUTHERN EDUCATORS CONTINUES NEGOTIATIONS WITH AIA SERVICES
 NORCROSS, Ga., March 25 /PRNewswire/ -- I.F. Williams Sr., chairman of the board and president of Southern Educators Life Insurance Company, and R. John Taylor, president of AIA Services Corporation, today jointly announced that Southern Educators' board of directors, at its regular quarterly meeting held March 24, agreed to continue negotiations with AIA Services Corporation to combine insurance operations through the formation of a new public holding company.
 The new holding company, to be named Southern Educators Insurance Corporation, would be registered with the Securities and Exchange Commission and listed on the NASDAQ National Market Service. Southern Educators Insurance Corporation would own 100 percent of the outstanding stock of Southern Educators Life, Universe Life, Great Fidelity Life, and AIA Insurance, Inc.
 Subject to the approval of Southern Educators' board of directors and shareholders, Southern Educators shareholders would contribute their current shares of Southern Educators, and AIA Services shareholders would contribute their shares of AIA Services to capitalize the new holding company. In return, Southern Educators shareholders would receive cash of $4.375 for each share contributed along with one share in the new holding company valued at $4.375.
 A definitive agreement would be presented for board and shareholder approval upon satisfactory indication of regulatory approval by the necessary state insurance departments and other regulatory agencies.
 -0- 3/25/92
 /CONTACT: Ferrell E. White of Southern Educators Life Insurance, 404-449-4951, ext. 224, or 800-221-1012/ CO: Southern Educators Life Insurance Company; AIA Services
 Corporation; Southern Educators Insurance Corporation ST: Georgia IN: INS SU: TNM


BN-BR -- AT003 -- 1462 03/25/92 11:02 EST
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Publication:PR Newswire
Date:Mar 25, 1992
Words:269
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