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MCM CORPORATION CLOSES SALE OF ATLANTIC SOUTHERN INSURANCE COMPANY TO GLOBAL LIFE ASSURANCE COMPANY LIMITED

 MCM CORPORATION CLOSES SALE OF ATLANTIC SOUTHERN INSURANCE COMPANY
 TO GLOBAL LIFE ASSURANCE COMPANY LIMITED
 RALEIGH, N.C., June 22 /PRNewswire/ -- McM Corporation (NASDAQ: MCMC), a Raleigh based insurance holding company, today announced the closing of the sale of its subsidiary, Atlantic Southern Insurance Company, to Global Life Assurance Company Limited, a subsidiary of Life of Jamaica Ltd. This sale completes McM's divestiture of its life and health business previously accounted for in the Company's consolidated financial statements reflecting the 1991 reclassification of the life and health segments as discontinued operations.
 Atlantic Southern is a Puerto Rican life insurance company located in San Juan, Puerto Rico, which markets life and health insurance products in Puerto Rico and throughout the Caribbean. Substantially all of the outstanding shares of Atlantic Southern were owned by Occidental Fire & Casualty Company of North Carolina, a subsidiary of McM.
 Efforts to sell McM and its remaining subsidiaries, Occidental Fire and Wilshire Insurance Company, are continuing. PaineWebber Incorporated will continue to act as McM's investment banker for the sale of these companies.
 -0- 6/22/92
 /CONTACT: George E. King, President, McM Corporation, 919-833-1600/
 (MCMC) CO: McM Corporation; Atlantic Southern Insurance Company; Global Life
 Assurance Company Limited; Life of Jamaica Ltd. ST: North Carolina IN: INS SU: TNM


CM -- CH002 -- 2328 06/22/92 11:04 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
Words:220
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