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NACOLAH HOLDING CORPORATION ANNOUNCES MERGER

 CHICAGO, May 21 /PRNewswire/ -- The board of directors of Nacolah Holding Corporation today approved the merger of Nacolah Holding Corporation with a wholly owned subsidiary of NHC Acquisition Corporation. Nacolah Holding Corporation is the sole owner of North American Company for Life and Health Insurance, a life insurance company located in Chicago, as well as three other life insurance companies.
 NHC Acquisition Corporation was organized by International Insurance Investors, L.P. (a limited partnership established to invest in insurance companies), DLJ Merchant Banking Partners, L.P. (an investment partnership affiliated with Donaldson, Lufkin & Jenrette Inc.), Life Re Corporation (a life reinsurance holding company) and Consolidated Fidelity Life Insurance Company (a Kentucky domiciled life insurance company). In addition to these investors, it is anticipated that management and certain current stockholders of Nacolah Holding Corporation will participate in the ownership of the merged companies.
 "We appreciate the commitment that the investor group is making to Nacolah Holding Corporation," said Jeff Hart, president and chief executive officer of Nacolah Holding Corporation. "They have an excellent reputation in the market and they will provide a firm foundation, enabling the company to enhance the future operation of its various lines of business. We believe our board's action today will be very well received within the industry and our marketplace."
 The merger is conditioned upon the receipt of shareholder approval, as well as the approval of various insurance regulatory agencies and certain other conditions.
 -0- 5/21/93
 /CONTACT: Jeff Hart of Nacolah Holding Corporation, 312-648-7700/


CO: Nacolah Holding Corporation; NHC Acquisition ST: Illinois IN: SU: TNM

LD -- NY060 -- 1324 05/21/93 16:38 EDT
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Publication:PR Newswire
Date:May 21, 1993
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