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LIFE USA HOLDING, INC. ANNOUNCES AGREEMENT TO ACQUIRE MASSACHUSETTS COMPANY -- WILL INCREASE RETENTION OF WRITTEN BUSINESS IN 1993

 MINNEAPOLIS, Dec. 23 /PRNewswire/ -- Life USA Holding, Inc. (NASDAQ-NMS: LUSA) today announced that it has signed a purchase agreement with Standard Life of Indiana to acquire First International Life Company of Danvers, Mass., a 49-state charted life insurance company shell. The acquisition is valued at approximately $6.5 million dollars and is scheduled to close, subject to regulatory approval, during the first quarter of 1993.
 Life USA Chairman and CEO Robert W. MacDonald said, "While this is a relatively small acquisition, it is important for Life USA Holding, because it will enable us to become a true national company, marketing and issuing our life insurance and annuity products in all jurisdictions, exclusive of New York."
 MacDonald also announced that LifeUSA Insurance Company will, beginning in 1993, increase the retention of the business it writes from 25 to 35 percent (the balance of the business will continue to be co-insured by three of the world's largest reinsurance organizations). It is anticipated that, by the end of 1993, LifeUSA will fully retain 50 percent of all new business written.
 MacDonald pointed out, "As LifeUSA continues to grow, the impact on capital requirements, current income and future values, makes managing the increase in retention of new business an important element of planning. We believe that the company is acting prudently, even conservatively, in the action we are taking to balance all of these needs in 1993."
 Life USA Holding, Inc. is an agent and employee-owned insurance holding company founded in 1987. LifeUSA Insurance Company, the sole subsidiary of Life USA, is represented by over 38,000 field agents and 270 home office employees. Universal Benefits Life, a division of LifeUSA, sells life and annuity policies in the employer-sponsored market.
 Life USA Holding, Inc. common stock is a designated stock on the NASDAQ National Market, trading under the symbol LUSA.
 -0- 12/23/92
 /CONTACT: Robert W. MacDonald of Life USA, 612-591-5201/
 (LUSA)


CO: Life USA Holding, Inc. ST: Minnesota IN: INS SU:

KH -- MN012 -- 9706 12/23/92 16:42 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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