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QUAL-MED PURCHASES 34-STATE INSURANCE COMPANY

 QUAL-MED PURCHASES 34-STATE INSURANCE COMPANY
 SEATTLE, July 1 /PRNewswire/ -- Qual-Med Inc. (NASDAQ: QLMD) has


completed its previously announced acquisition of GNA Life Insurance Co. ("GNA Life") from Great Northern Insured Annuity Corp. ("Great Northern"). The purchase price was approximately $6.8 million, which included an approximate $1 million premium over the value of its cash assets and marketable securities.
 GNA Life, based in Seattle, is licensed to transact insurance in 34 states. It is currently an inactive shell company. Qual-Med will rename GNA Life as QualMed Health & Life Insurance Co. The renamed company will sell indemnity insurance, principally health insurance, Richard M. Mastaler has been named president of the company.
 GNA Life's former insurance business was assumed by Great Northern in 1990. None of Great Northern's operations are affected by the transaction, and its remaining related companies will continue to actively pursue its insurance business, as presently conducted.
 Qual-Med, headquartered in Pueblo, Colo., provides comprehensive health care services to approximately 311,000 health maintenance organization (HMO) members as of May 15, 1992, in California, Colorado, Idaho, New Mexico, Oregon and Washington. Its HMO members pay a fixed monthly premium for services rendered and choose among a broad network of physicians.
 -0- 7/1/92
 /CONTACT: Lyle S. Gritchen of Qual-Med, 719-542-0500; or Victor C. Moses of Great Northern Insured Annuity Corp., 206-625-1755/
 (QLMD) CO: Qual-Med Inc.; GNA Life Insurance Co.; Great Northern Insured
 Annuity Corp. ST: Colorado, Washington IN: INS HEA SU: TNM


KJ-EH -- LA005 -- 5491 07/01/92 08:32 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
Words:252
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