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CITIZENS CORPORATION MAKES INITIAL PUBLIC OFFERING OF 6,250,000 SHARES OF COMMON STOCK AT $24.00 PER SHARE

 WORCESTER, Mass., March 19 /PRNewswire/ -- Citizens Corporation today announced an initial public offering of 6,250,000 shares of common stock at a price of $24.00 per share. The stock has been approved for trading on the New York Stock Exchange under the symbol "CZC". The company, through its wholly-owned subsidiary, Citizens Insurance, is one of the leading underwriters of personal and commercial property and casualty insurance in Michigan.
 Citizens Corporation has granted the underwriters options to purchase up to an additional 937,500 shares to cover over-allotments.
 Merrill Lynch & Co., Donaldson, Lufkin & Jenrette Securities Corporation, and Kidder, Peabody & Co. are managing underwriters for the offering of 5,250,000 shares in the United States. Merrill Lynch International Limited, Donaldson, Lufkin & Jenrette Securities Corporation, and Kidder, Peobody International Limited are underwriting managers for the offering of 1 million shares outside the United States.
 After the offerings, and assuming no exercise of the underwriters' over-allotment options, The Hanover Insurance Company will own approximately 82.3 percent of the common stock. Hanover is a wholly owned subsidiary of Allmerica Property & Casualty Companies, Inc. (Allmerica P & C), a publicly-held holding company whose common stock is listed on the New York Stock Exchange under the trading symbol "APY." State Mutual Life Assurance Company of America is the 57.3 percent indirect owner of Allmerica P & C. These companies are members of Allmerica Financial, a diversified group of insurance and financial service companies.
 Prospectuses may be obtained from any of the participating underwriters.
 -0- 3/19/93
 /CONTACT: Michael Buckley, director of public information for Citizens Corporation, 508-855-3099/


CO: Citizens Corporation ST: Massachusetts IN: SU: OFR

CH -- NE010 -- 8023 03/19/93 16:34 EST
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Publication:PR Newswire
Date:Mar 19, 1993
Words:281
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