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CAPITOL AMERICAN FINANCIAL ANNOUNCES INITIAL PUBLIC OFFERING

 CLEVELAND, Dec. 18 /PRNewswire/ -- Capitol American Financial Corporation, a supplemental health and accident insurer, commenced its initial public offering today with 4,400,000 Common Shares priced at $24.00 per share. Of the 4,400,000 shares, 2,200,000 shares are being offered by the company and 2,200,000 are being offered by selling shareholders. The company and certain of the selling shareholders have also granted to the Underwriters a 30-day option to purchase up to 660,000 additional Common Shares, divided equally between the company and certain of the selling shareholders as a group, solely to cover over-allotments, if any. The offering is being made by Alex. Brown & Sons Incorporated, Donaldson, Lufkin & Jenrette Securities Corporation and Merrill Lynch & Co. as representatives of the underwriters. The Common Shares of the company trade on the New York Stock Exchange under the symbol CAF.
 The company, founded in 1970 in Cleveland, offers cancer and other individual supplemental health and accident insurance products in 47 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. The company's products provide lifestyle protection through payment of benefits directly to the family as a supplement to other health insurance plans.
 A prospectus relating to the offering can be obtained from Alex. Brown & Sons Incorporated, 135 East Baltimore St., Baltimore, Maryland.
 -0- 12/18/92
 /CONTACT: Douglas B. Kelly, Senior Vice President and Chief Financial Officer, Capitol American Financial Corporation, 216-696-6400, or David J. Hoek of Dix & Eaton Incorporated, 216-241-0405, for Capitol American Financial Corporation/
 (CAF)


CO: Capitol American Financial Corporation ST: Ohio IN: INS SU: OFR

BM -- CL008 -- 8099 12/18/92 09:57 EST
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Publication:PR Newswire
Date:Dec 18, 1992
Words:275
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