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KIRBY CORPORATION SUBSIDIARY CONSUMMATES MERGER WITH EASTERN AMERICA INSURANCE COMPANY

 KIRBY CORPORATION SUBSIDIARY CONSUMMATES MERGER
 WITH EASTERN AMERICA INSURANCE COMPANY
 HOUSTON, Sept. 28 /PRNewswire/ -- Kirby Corporation (AMEX: KEX) stated today that the previously announced merger of Eastern America Insurance Company ("Eastern"), a wholly-owned subsidary of Eastern America Financial Group, Inc. ("Group"), into Universal Insurance Company ("Universal"), a wholly-owned subsidiary of Kirby, has been consummated. Both Eastern and Universal are engaged in the writing of property and casualty insurance in Puerto Rico.
 Luis Miranda Casanas, president of Eastern, will be chairman of the board of directors and chief executive officer of the merged company and Adrian E. Ortiz, president of Universal, will be president of the merged company.
 Although Kirby will initially own approximately 84 percent of the combined common and preferred stock of the merged company, through option and redemption rights included in the transaction, Group could become the owner of up to 100 percent of Universal's stock over a period of up to 12 years.
 Universal had earnings of $4,870,303 in 1991 and equity as of Dec. 31, 1991, of $42,838,172. Eastern had earnings of $1,978,042 in 1991 and equity as of Dec. 31, 1991, of $8,052,143.
 Kirby is engaged, through its subsidiaries, in inland and offshore marine transportation, diesel repair, and property and casualty insurance. The proposed transaction will allow Kirby to further concentrate on its marine strategy.
 -0- 9/28/92
 /CONTACT: Steve Holcomb of Kirby, 713-629-9370/
 (KEX) CO: Kirby Corporation; Eastern America Financial Group, Inc. ST: Texas IN: INS TRN SU: TNM


GK -- NY023 -- 3873 09/28/92 10:04 EDT
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Publication:PR Newswire
Date:Sep 28, 1992
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