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ALLIED GROUP, INC. COMPLETES COMMON STOCK OFFERING

 DES MOINES, Iowa, Feb. 19 /PRNewswire/ -- ALLIED Group, Inc. (NASDAQ: ALGR) announced the completion of its common stock offering yesterday selling 850,000 primary shares for its own account and 650,000 secondary shares on behalf of its affiliate ALLIED Mutual Insurance Company. The underwriters, represented by Alex. Brown & Sons Incorporated and Kemper Securities, Inc. exercised their over-allotment option to purchase an additional 225,000 primary shares, which brought the total number of shares sold under the offering to 1,725,000 shares. ALLIED Group, Inc. received $37.7 million in net proceeds, and ALLIED Mutual received $22.8 million in net proceeds.
 Utilizing the offering proceeds, the property-casualty subsidiaries of ALLIED Group, Inc. retroactively increased their participation percentage in the Pooling Agreement from 60 to 64 percent effective Jan. 1, 1993. ALLIED Mutual Insurance Company's participation percentage in the Pooling Agreement was reduced to 36 percent.
 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 the central and western states.
 -0- 2/19/93
 /CONTACT: Jim Shaffer of ALLIED, 515-280-4326/
 (ALGR)


CO: ALLIED Group, Inc. ST: Minnesota IN: SU: OFR

KH -- MN001 -- 8258 02/19/93 08:02 EST
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Publication:PR Newswire
Date:Feb 19, 1993
Words:218
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