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ALLIED GROUP, INC. ANNOUNCES DIRECTOR ELECTIONS, STOCK SPLIT, AND DIVIDEND INCREASE

 DES MOINES, Iowa, May 26 /PRNewswire/ -- ALLIED Group, Inc. (NASDAQ: ALGR) today held its annual meeting of stockholders, which was followed by a regular meeting of the company's board of directors.
 At the Annual Meeting
 Stockholders elected three members of the board of directors to serve until the 1996 annual meeting: John E. Evans, who has been a director since 1972 and also serves as company chairman and president; William E. Timmons, who is a senior partner in a Des Moines law firm and a former Insurance Commissioner of Iowa; and Donald S. Willis, who has been a director since 1974 and is president of a general insurance agency. Charles ?Colby, chairman of a real estate development company, was elected to a one-year term. He resigned from the board of ALLIED Mutual, on which he had served since 1971, to accept election to the company board.
 Acting on another agenda item, stockholders voted to increase the number of authorized shares of company common stock to 40 million from 15 million. The increase allows the company to meet future requirements for issuing common stock.
 At the Board of Directors Meeting
 The directors authorized a three-for-two stock split of company common stock for every two shares held on the record date of June 17, 1993. Fractional shares will be paid in cash. Voting rights on all other classes of stock will be adjusted to maintain proportional representation. After the split, the number of common shares outstanding will increase to 8.4 million from 5.6 million.
 The directors also declared a second-quarter common stock dividend on the split shares of 13 cents per share (19-1/2 cents on a pre-split basis). The dividend is an 8.3 percent increase over the previous quarter's payout. It is payable June 30, 1993 to stockholders of record on June 17, 1993.
 "We at ALLIED Group are proud of our superior first-quarter performance and are optimistic about our prospects for continued growth and profitability," said Evans. "The board's actions reflect the directors' confidence in the financial future of the company."
 ALLIED Group, Inc. is a regional property-casualty insurance holding company specializing in personal lines. The company's property-casualty subsidiaries use independent agencies, exclusive agencies, and direct response marketing to offer products in the suburban and rural areas of central and western states.
 -0- 5/26/93
 /CONTACT: Jim Shaffer of ALLIED Group, 515-280-4326/
 (ALGR)


CO: ALLIED Group, Inc. ST: Iowa IN: INS SU: DIV PER

AL -- MN006 -- 2443 05/26/93 12:12 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:417
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