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INITIAL PUBLIC OFFERING OF ARM FINANCIAL GROUP LISTS ON THE AMERICAN STOCK EXCHANGE

 NEW YORK, December 7 /PRNewswire/ -- The American Stock Exchange today began trading the initial public offering of 9 1/2 percent cumulative perpetual preferred stock of ARM Financial Group, Inc.
 The preferred shares, (symbol: ARM.Pr), opened on a quotation of 24 1/4 (bid) to 24 1/2 (ask). Spear, Leeds & Kellogg has been selected as ARM's specialist firm.
 This initial public offering consists of 2 million preferred shares with an over-allotment option of 300,000 shares.
 Louisville-based ARM Financial Group was organized in July 1993 by The Morgan Stanley Leveraged Equity Fund II, L.P. and Analytical Risk Management, Ltd. (ARM) to acquire subsidiaries of The National Mutual Life Association of Australasia Limited. The acquired companies, Integrity Life Insurance Company and National Integrity Life Insurance Company, are engaged in the development, marketing and servicing of investment-oriented insurance products.
 John Franco and Martin H. Ruby, co-chief executive officers of ARM said, "We are excited about the opportunities presented by the acquisition of Integrity and National Integrity and about ARM Financial's initial listing on the American Exchange which has traditionally supported companies such as ours."
 The American Stock Exchange is unique among U.S. financial markets. It is the only exchange to successfully provide both a primary equities market for growth companies and a principal market for derivatives. The American Stock Exchange is dedicated to providing both public and professional investors with superior trading products and services at competitive prices.
 -0- 12/7/93
 /CONTACT: Melissa Grand, Manager, Communications of American Stock Exchange 212-306-1635/
 (ARM)


CO: American Stock Exchange; ARM Financial Group, Inc. ST: New York IN: FIN SU: OFR

SP -- NY022 -- 1206 12/07/93 10:33 EST
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Publication:PR Newswire
Date:Dec 7, 1993
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