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SOUTHERN EDUCATORS LIFE INSURANCE AND UNITED INSURANCE COMPANIES ANNOUNCE TENDER OFFER

 DALLAS, Jan. 15 /PRNewswire/ -- I. F. Williams Sr., chairman of the board of Southern Educators Life Insurance Company, (NASDAQ: SOED) Norcross, Ga., and Ronald L. Jensen, chairman of the board of United Insurance Companies, Inc. (NASDAQ-NMS: UICI) jointly announced today that United will make a tender offer to purchase all of the outstanding shares or Southern Educators at $8.10 per share. Williams, the Estate of I. F. Williams Jr. and other members of the board have agreed to tender approximately 921,220 shares. A condition of the tender offer is that the required regulatory authorities, including the Georgia Department of Insurance, approve the purchase by United. The board of directors of Southern Educators has approved the tender offer.
 Southern Educators is a specialty life insurance company which concentrates entirely in the marketing and servicing of products to aid families in planning for the costs of higher education. Southern Educators Chairman Ike F. Williams Sr. added, "We have long felt we needed a strong financial partner to allow us to move ahead aggressively in meeting the college cost planning needs of our insured families. This move will contribute to our growth and development and will provide a fair return to our stockholders."
 United, headquartered in Dallas, is an insurance holding company which specializes in coinsuring and writing accident and health and life insurance in specific markets through its majority-owned life insurance companies. At September 30, 1992, United had assets of $503 million and stockholders' equity of $104 million. A majority of the shares of common stock of United are owned by agents and employees of the company. Jensen said that Southern Educators provides United with another niche market and that the acquisition will materially increase the marketing potential of Southern Educators and other United companies in this market.
 -0- 1/15/93
 /CONTACT: William P. Walker, president of Southern Educators Life Insurance Company, 404-449-4951. or Vernon Woelke, chief financial officer of United Insurance Companies, Inc., 214-960-8497/
 (SOED UICI)


CO: United Insurance Companies, Inc.; Southern Educators Life Insurance
 Company ST: Texas, Georgia IN: INS SU:


TS -- NY057 -- 5470 01/15/93 15:42 EST
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Publication:PR Newswire
Date:Jan 15, 1993
Words:353
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