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RELIANCE COMPLETES SALE OF LIFE INSURANCE SUBSIDIARY

 NEW YORK, July 14 /PRNewswire/ -- Reliance Group Holdings, Inc. (NYSE: REL) said today that it has completed the previously announced sale of its United Pacific Life Insurance Company (UPL) subsidiary to GE Capital for total consideration of approximately $550 million. Reliance had announced a definitive agreement for the sale in April 1993.
 Saul P. Steinberg, chairman and chief executive officer of Reliance Group, said: "The sale of UPL is an important part of our corporate strategy to strengthen our capital base and focus our resources on our commercial property and casualty insurance and title insurance operations." Mr. Steinberg noted that Reliance had recently completed two other significant strategic transactions -- the sale of Frank B. Hall & Co.'s insurance brokerage operations and the public offering of its Commonwealth Mortgage Assurance Company subsidiary -- both of which occurred in the fourth quarter of 1992.
 Reliance Group Holdings, Inc., headquartered in New York City, has major property and casualty and title insurance operations. Total 1992 revenues were $2.76 billion, and assets at year end were $8.19 billion.
 GE Capital, a wholly owned subsidiary of General Electric Company, is a diversified financial services company headquartered in Stamford, Conn. GE Capital's activities include equipment management, mid-market financing, specialized financing, specialty insurance and consumer services. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 7/14/93
 /CONTACT: Brian T. Martin, vice president - communications of Reliance Group Holdings, Inc., 212-909-1247; or Anthony B. Zehnder, manager - Media Relations of GE Capital, 203-357-4728/
 (REL)


CO: Reliance Group Holdings, Inc.; United Pacific Life Insurance Co.;
 GE Capital ST: New York, Connecticut IN: INS SU: TNM


WB-OS -- NY073 -- 1509 07/14/93 14:44 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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