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UNITED PACIFIC LIFE INSURANCE COMPANY CLAIMS PAYING RATING PLACED ON RATING WATCH BY DUFF & PHELPS - FAVORABLE

 CHICAGO, April 5 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has placed the `A+' (Single-A-Plus) claims paying ability rating of United Pacific Life Insurance Company (UPLIC) on Rating Watch - Favorable. Duff & Phelps has also placed the `A+' (Single-A-Plus) claims paying ability rating of UPLIC's wholly owned subsidiary, United Pacific Reliance Life Insurance Company of New York on Rating Watch - Favorable.
 The rating actions reflect today's announcement of a definitive sale agreement between GE Capital (GECC) and Reliance Group Holdings Inc. (Reliance). GE Capital will acquire UPLIC from Reliance for a purchase price of approximately $550 million. Reliance's core business, property and casualty insurance, has experienced strained financial results due to several under-performing assets and the protracted trough in the property and casualty underwriting cycle.
 -0- 4/5/93
 /CONTACT: Julie A. Burke, CPA of Duff & Phelps Credit Rating Co., 312-368-3158/


CO: United Pacific Life Insurance Company ST: IN: INS SU: RTG

PS -- NY036 -- 3034 04/05/93 12:17 EDT
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Publication:PR Newswire
Date:Apr 5, 1993
Words:159
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