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ALLIED INTENDS TO SELL NON-INSURANCE SUBSIDIARY

 DES MOINES, Iowa, June 25 /PRNewswire/ -- ALLIED Group, Inc. (NASDAQ: ALGR) today announced that management has reached an agreement in principle for the sale of all of the stock of its investment banking and asset management subsidiary, Dougherty Dawkins, Inc. to the management of Dougherty Dawkins for a purchase price of approximately $13,900,000. The purchase price approximates the company's carrying value of $14,300,000. The sale will be contingent upon various matters, including the negotiation of a definitive agreement, approval by the board of directors of ALLIED Group, Inc., approval by the shareholders of the registered investment companies to which Voyageur Fund Managers (a 50 percent owned subsidiary of Dougherty Dawkins, Inc.) acts as investment adviser, the obtaining of acquisition financing by the buyer, and other conditions.
 Michael E. Dougherty, president of Dougherty Dawkins, Inc., has resigned as a director of ALLIED Group, Inc.
 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- 6/25/93
 /CONTACT: Jim Shaffer of ALLIED Group, 515-280-4326/
 (ALGR)


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

AL -- MN007 -- 5802 06/25/93 14:30 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
Words:219
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