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SOUTHERN EDUCATORS LIFE INSURANCE COMPANY, AIA SERVICES CORPORATION ENTER NEGOTIATIONS TO COMBINE OPERATIONS

 SOUTHERN EDUCATORS LIFE INSURANCE COMPANY, AIA SERVICES CORPORATION
 ENTER NEGOTIATIONS TO COMBINE OPERATIONS
 NORCROSS, Ga., Nov. 25 /PRNewswire/ -- I.F. Williams Sr., chairman of the board and president of Southern Educators Life Insurance Company of Norcross, Ga., and R. John Taylor, president of AIA Services Corporation of Lewiston, Idaho, today jointly announced that Southern Educators' board of directors, at its regular quarterly meeting held Friday, Nov. 22, voted to authorize the company to enter into negotiations with AIA Services Corporation to combine their insurance operations.
 The proposed transaction would be accomplished through a share exchange whereby stockholders of Southern Educators would trade all of their existing shares for cash as well as stock in a new holding company. The new holding company shares are expected to be publicly traded. Terms and conditions of the proposed transaction have not been finalized. Upon completion of the negotiations, Southern Educators will submit the share exchange plan to its board of directors and stockholders for approval.
 AIA Services presently owns The Universe Life Insurance Company of Lewiston, Idaho, and its subsdiary Great Fidelity Life Insurance Company of Fort Wayne, Ind., as well as other enterprises. The proposed new holding company, yet to be named, would own all of the stock of Southern Educators, The Universe Life and Great Fidelity. Other AIA non-insurance enterprises would remain as separate subsidiaries under AIA Services. Southern Educators would continue to operate from its Norcross, Ga., home office.
 Southern Educators is a specialty life insurance company formed in 1967 which concentrates entirely in the marketing and servicing of plans that help families prepare for the costs of higher education. The company is a qualified lender under the Higher Education Act of 1965, and today some 15,000 students are attending more than 1,400 colleges and universities in the United States and abroad with the help of Southern Educators financing. It is the largest of the three insurance companies, having 1990 total annual revenue of more than $27 million and assets at the end of 1990 in excess of $124 million. Life insurance in force exceeds $1 billion.
 -0- 11/25/91
 /CONTACT: Ferrell E. White of Southern Educators, 404-449-4951, ext. 224, or 800-221-1012/ CO: Southern Educators Life Insurance Company; AIA Services Corporation ST: Georgia, Idaho IN: INS SU: TNM


BR-BN -- AT003 -- 1775 11/25/91 10:38 EST
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Publication:PR Newswire
Date:Nov 25, 1991
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