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THE FLORIDA EMPLOYERS INSURANCE COMPANY ANNOUNCES CHANGES IN PROPOSED ACQUISITION AGREEMENT

 THE FLORIDA EMPLOYERS INSURANCE COMPANY ANNOUNCES CHANGES
 IN PROPOSED ACQUISITION AGREEMENT
 GEORGE TOWN, Grand Cayman, British West Indies, Jan. 21 /PRNewswire/ -- The Florida Employers Insurance Company (NASDAQ-NMS: FLAEF) (FEICO) announced today that it has executed an amendment with FCCI Investment Group, Inc. (FCCI Investment), a wholly owned subsidiary of the Florida Construction, Commerce and Industry Self Insurers Fund, amending certain provisions of the pending acquisition agreement between the parties.
 As previously announced, FEICO and FCCI Investment entered into an acquisition agreement on Aug. 21, 1991 under which FCCI Investment is to acquire the assets of FEICO for $36,112,560 U.S. (the equivalent of $16.00 per share). Under the terms of the agreement, FCCI Investment will also assume all of FEICO's known and reported liabilities and, in addition, assume its unknown liabilities, if any, up to a value of $2 million.
 The substantive amendments to the agreement extended the deadline for the calling of a meeting for a shareholder vote on the proposed transaction from March 15, 1992 to March 20, 1992; extended the deadline for the closing of the transaction from March 21, 1992 to March 30, 1992; and changed the requirement for shareholder approval of the transaction from 2/3 of all outstanding shares to approval by 2/3 of all shares present in person or by proxy and voting on the proposal.
 On Jan. 6, 1992, FEICO announced that it had scheduled a meeting to be held in George Town, Grand Cayman, British West Indies on March 16, 1992 for the purpose of voting on the proposed transaction. The acquisition remains subject to certain conditions in addition to shareholder approval, including, among others, approval by the Florida Department of Insurance. Approvals have been obtained from the Tennessee Department of Insurance and the Florida Department of Labor and Employment Security.
 Further particulars of the meeting will be announced in the proxy statement to be sent to FEICO shareholders which is currently under review by the Securities and Exchange Commission.
 -0- 1/21/92
 /CONTACT: Roger Phelps of the Florida Employers Insurance Company, 809-949-0155/
 (FLAEF) CO: Florida Employers Insurance Company ST: Florida IN: INS SU:


SS -- FL017 -- 2076 01/21/92 16:54 EST
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Publication:PR Newswire
Date:Jan 21, 1992
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