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McM CORPORATION ANNOUNCES SETTLEMENT OF THE PREVIOUSLY DISCLOSED JUDGMENT ENTERED AGAINST OCCIDENTAL FIRE & CASUALTY COMPANY OF N.C.

 RALEIGH, N.C., May 24 /PRNewswire/ -- McM Corporation (NASDAQ: MCMC), a Raleigh based insurance holding company, today announced the settlement for $2.5 million of the previously disclosed judgment entered against Occidental Fire & Casualty Company of North Carolina for $6.7 million plus costs and interest. The settlement was approved by the North Carolina Department of Insurance as required under existing Administrative Orders. The settlement ends the lawsuit filed by the receiver of a reinsurance company in liquidation, which related to discontinued property and casualty operations.
 McM also announced that Occidental Fire & Casualty Company of North Carolina, one of its property and casualty subsidiaries, has entered into a new Administrative Consent Order with North Carolina Commissioner of Insurance James E. Long to supersede the Administrative Orders originally entered into on Sept. 9, 1988. The Administrative Consent Order strengthens the degree of supervisory control over Occidental Fire's operations and was entered into on May 24, 1993.
 The company believes that the settlement of the lawsuit and the new Administrative Consent Order are in the best interest of the company.
 -0- 5/24/93
 /CONTACT: George E. King, President and CEO, McM Corporation, 919-833-1600/
 (MCMC)


CO: McM Corporation; Occidental Fire & Casualty Company of North
 Carolina ST: North Carolina IN: INS SU:


SB -- CH009 -- 1909 05/24/93 18:19 EDT
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Publication:PR Newswire
Date:May 24, 1993
Words:218
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