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UNITED INSURANCE COMPANIES ANNOUNCES COMPLETION OF ACQUISITIONS

 UNITED INSURANCE COMPANIES ANNOUNCES COMPLETION OF ACQUISITIONS
 DALLAS, Nov. 25 /PRNewswire/ -- United Insurance Companies, Inc. (NASDAQ: UICI), and its life insurance subsidiaries of Dallas announced today that on Friday, Nov. 22, 1991, they completed the acquisition of a controlling interest (81 percent) in the Chesapeake Life Insurance Company from Farm and Home Life Insurance Company through its receiver and First United, Inc. UICI acquired 784,000 shares of Chesapeake at $8.40 per share for a total purchase price of $6,585,000. Chesapeake is licensed to write insurance in 46 states and has more than $40 million in assets.
 UICI also completed the acquisition of the existing life insurance policies of Farm and Home through the receiver for Farm and Home. UICI will assume statutory policy liabilities of approximately $34 million and receive assets of approximately $29 million resulting in a purchase price of $5 million.
 -0- 11/25/91
 /CONTACT: Vernon R. Woelke, treasurer of UICI, 214-960-8497/
 (UICI) CO: United Insurance Companies, Inc.; Chesapeake Life Insurance Company ST: Texas IN: INS SU: TNM


GK -- NY033 -- 6771 11/25/91 10:58 EST
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Publication:PR Newswire
Date:Nov 25, 1991
Words:184
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