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VICTORIA FINANCIAL CORPORATION ANNOUNCES REDEMPTION OF 10 PERCENT CONVERTIBLE SUBORDINATED NOTES

 CLEVELAND, Nov. 30 ~PRNewswire~ -- Victoria Financial Corporation (NASDAQ: VICF), a Cleveland-based specialty insurance company, today announced redemption of its 10 percent Convertible Subordinated Notes.
 The company recently sent Notices of Redemption to all holders of the $6,174,000 outstanding 10 percent Convertible Subordinated Notes due 2001. The redemption date is Jan. 1, 1993 and holders are entitled to convert all or part of their notes prior to the redemption date at a conversion price of $2.00 per share of common stock. On Nov. 25, 1992 the reported closing bid and asked prices for Victoria Financial Corporation common stock were $3-5~8 and $4 respectively. To encourage holders who wish to convert to do so soon, the company has agreed to pay interest through Dec. 31, 1992 on all notes submitted for conversion prior to Dec. 31.
 The company recently reported an increase of 67 percent in net operating income for the third quarter ended Sept. 30, 1992.
 Victoria Financial Corporation, headquartered in Cleveland, is a specialty lines insurance holding company concentrating in nonstandard automobile insurance. The company currently operates in Arizona, Florida, Illinois, Indiana, Iowa, Ohio, Tennessee and Virginia and is licensed to write business in an additional 17 states and the District of Columbia. The company's common stock trades on the NASDAQ over-the- counter market with the symbol VICF.
 -0- 11~30~92
 ~CONTACT: Tab A. Keplinger, assistant vice president of Victoria Financial Corporation, 216-461-3461~
 (VICF)


CO: Victoria Financial Corporation ST: Ohio IN: INS SU:

BM -- CL008 -- 1994 11~30~92 14:36 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:257
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