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CAPITAL HOLDING AGREES TO SELL DURHAM CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH BUSINESS TO PROTECTIVE LIFE

 CAPITAL HOLDING AGREES TO SELL DURHAM CREDIT LIFE
 AND CREDIT ACCIDENT AND HEALTH BUSINESS TO PROTECTIVE LIFE
 LOUISVILLE, Ky., May 6 /PRNewswire/ -- Capital Holding Corporation (NYSE: CPH) announced today that it has executed a definitive agreement for the assumption by Protective Life Insurance Company (NASDAQ-NMS: PROT) of Birmingham, Alabama, of the credit life and credit accident and health insurance business of Capital Holding's subsidiary, Durham Life Insurance Company.
 Protective will assume the policy obligations associated with the credit
life and credit accident and health insurance business produced by Durham. In 1991, this business generated statutory premium income of approximately $48 million.
 Closing is anticipated by July 1, 1992, and is subject to approval by regulators and certain other conditions.
 Capital Holding is pleased to have entered into an agreement for the sale of this business, which does not represent a strategic fit with its Agency Group core operations, according to company officials. Capital Holding said it expects to redeploy financial resources previously dedicated to the credit operations and that the disposition of the credit business is not expected to impact the corporation's earnings.
 Capital Holding is one of the nation's five largest shareholder- owned life insurance organizations, with $19.7 billion in assets and $55 1 billion of life insurance coverage in force.
 The corporation offers a broad range of financial services and products through agents, direct-marketing media, investment professionals and retail locations. Its common stock is listed on the New York and Pacific Stock exchanges under the ticker symbol CPH; its preferred stock is listed on the New York Stock Exchange under the symbol CPHF.
 -0- 5/6/92
 /CONTACT: Bill Gibbons, Capital Holding Corporation, 502-560-3939/
 (CPH) CO: Capital Holding Corporation; Protective Life Insurance Company;
 Durham Life Insurance Company ST: Kentucky, Alabama, North Carolina IN: INS SU:


CM -- CH006 -- 7108 05/06/92 12:35 EDT
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Publication:PR Newswire
Date:May 6, 1992
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