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ITT HARTFORD LIFE TO ACQUIRE AMERICAN SKANDIA LIFE REINSURANCE CORP.

 SIMSBURY, Conn., Oct. 15 /PRNewswire/ -- ITT Hartford Life Insurance Cos. today announced an agreement to purchase American Skandia Life Reinsurance Corp., the independent life reinsurance subsidiary of Skandia Group Insurance Co., Ltd. of Sweden.
 American Skandia Re focuses on niche life reinsurance markets by employing innovative products to satisfy the strategic risk-management needs of primary life insurance companies. Based in Shelton, Conn., it is licensed to serve clients nationwide.
 Completion of the sale, which is valued at approximately $21 million, is contingent on the approval of the Connecticut Department of Insurance. American Skandia Re had gross revenues of $248 million in 1992 and as of June 30, 1993 had total assets of $145 million and statutory capital and surplus of $14.5 million.
 The agreement gives ITT Hartford Life a new product line, life reinsurance, noted Lon A. Smith, president and chief operating officer. "American Skandia Re is recognized throughout the industry for developing creative solutions in a changing risk-management and capital-management environment," said Smith. "Their management team is a leader in the field of corporate life insurance products and we look forward to utilizing their experience to capitalize on the strategic opportunities presented by the life reinsurance market."
 "The acquisition by ITT Hartford meets all the key objectives we sought, including solid credit quality, financial strength and an excellent strategic fit," according to Eugene M. Woodard, president, American Skandia Re.
 American Skandia Re will be a subsidiary of Hartford Life Insurance Co., a member of ITT Hartford Insurance Group. With $27 billion in assets as of June 30, 1993, Hartford Life is the nation's 15th largest life insurance company and enjoys excellent financial ratings from leading insurance industry ratings agencies, including A.M. Best Co. (A++), Standard & Poor's (AAA), Duff & Phelps (AAA) and Moody's (Aa2).
 ITT Hartford Insurance Group is one of the oldest and largest multi-line insurance and financial services organizations in the world with more than $57 billion in assets. It sells a wide range of individual life insurance coverages, employee benefits, fixed and variable annuities, and retirement plans, as well as a variety of property and casualty coverages. ITT Hartford is a subsidiary of ITT Corp. (NYSE: ITT), a highly diversified manufacturing and services organization, with worldwide assets of more than $71 billion.
 -0- 10/15/93
 /CONTACT: Joseph Fazzino of ITT Hartford Life Insurance, 203-843-8180 (office), 203-489-0055 (home)/
 (ITT)


CO: ITT Hartford Life Insurance Co.; American Skandia Life Reinsurance
 Corp.; Skandia Group Insurance Co.; ITT Corp. ST: Connecticut IN: INS SU: TNM


DJ-CM -- NE006 -- 2756 10/15/93 12:43 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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