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NEW YORK LIFE SUBSIDIARY ACQUIRES MAGNUS SOFTWARE CORP. FIRM'S SOFTWARE SYSTEMS POISED TO BECOME INDUSTRY STANDARDS

 NEW YORK LIFE SUBSIDIARY ACQUIRES MAGNUS SOFTWARE CORP.
 FIRM'S SOFTWARE SYSTEMS POISED TO BECOME INDUSTRY STANDARDS
 NEW YORK, Nov. 3 /PRNewswire/ -- NYLIFE, Inc., a subsidiary of New York Life Insurance Company, today announced that it has acquired an approximately 83 percent stake in Magnus Software Corp. The Marietta, Ga.-based firm develops and sells software for the insurance industry and related customers.
 Magnus' securities management software package, which uses a relational database and cooperative processing technology, is considered state-of-the-art in the insurance industry. Other leading insurance- related software products developed by Magnus include mortgage loan servicing, health claims, and flexible benefits systems. This strategic acquisition is designed to help Magnus become a profitable, fast-growing leader in a field closely related to the insurance industry.
 Thomas P. O'Connor, executive vice president at New York Life, said Magnus has the potential to become a highly profitable leader in a growing business that fits well with New York Life. "New York Life's investment technology and user expertise will aid Magnus' product development," O'Connor said.
 O'Connor also praised Magnus' management team and technical staff, headed by Chief Executive Officer G. Duke Croxton, as a "talented and loyal" group. Croxton, along with other Magnus managers and outside directors, will hold the remaining 17 percent stake in the software company. In addition, Daniel M. Pisello, currently vice president of asset/liability modeling in New York Life's pension department, will join Magnus as president.
 Croxton, too, expressed optimism about the new venture. "This relationship," he said, "will provide the resources to help Magnus succeed in the insurance-related software marketplace."
 Prior to the acquisition of Magnus Software Corp., New York Life purchased the firm's securities management package for its own use, after extensive evaluation showed it to be the best product of its type. New York Life executives are now convinced that the software package could become the standard in its field.
 New York Life Insurance Company, with over $55 billion in consolidated assets, is one of the largest life insurance companies in the United States. On the insurance side, New York Life and its affiliates offer traditional life, group, annuity, and disability insurance products, as well as managed care. On the investment side, New York Life and its affiliates provide institutional asset management and investment products for individuals, such as mutual funds and partnership investments.
 -0- 11/3/92
 /CONTACT: David Pomerantz of New York Life, 212-576-6038, or Steve Silber of Ogilvy Adams & Rinehart, 212-880-5229, for New York Life/ CO: New York Life Insurance Company; Magnus Software Corp. ST: New York, Georgia IN: INS CPR SU: TNM


PS-OS -- NY035 -- 2055 11/03/92 12:12 EST
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Publication:PR Newswire
Date:Nov 3, 1992
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