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PENN TREATY AMERICAN TO ACQUIRE BLOCK OF INSURANCE BUSINESS

 PENN TREATY AMERICAN TO ACQUIRE BLOCK OF INSURANCE BUSINESS
 ALLENTOWN, Pa., March 30 /PRNewswire/ -- Penn Treaty American Corporation (NASDAQ: PTAC) today announced completion of a Purchase and Assumption Agreement between Penn Treaty Life Insurance Company, its wholly owned subsidiary and Network America Life Insurance Company, a wholly owned subsidiary of Penn Treaty Life Insurance Company and the Pennsylvania Life and Health Insurance Guaranty Association.
 The agreement is effective retroactively to Jan. 1, 1992, and provides for Penn Treaty and Network to assume a block of life and health business underwritten by Columbia Life Insurance Company of Bloomsburg, Pa., which is under a liquidation order.
 A.J. Carden, executive vice president of Penn Treaty American Corporation, said "We are very excited about this acquisition, not because of its size, but rather for the opportunity it gives us and our agents to provide service to these policyholders." We look forward to a smooth and orderly transition of this block of business which is approximately $1.6 million of annualized premium.
 The transaction has received the required regulatory approval of the Pennsylvania Insurance Department.
 /delval/
 -0- 3/30/92
 /CONTACT: Michael F. Grill, treasurer of Penn Treaty, 800-222-3469/
 (PTAC) CO: Penn Treaty American Corporation; Penn Treaty Life Insurance
 Company; Network America Life Insurance Company ST: Pennsylvania IN: INS SU: TNM


JS-CC -- PH038 -- 3019 03/30/92 15:57 EST
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Publication:PR Newswire
Date:Mar 30, 1992
Words:226
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