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USLIFE CORPORATION NAMES WILLIAM A. SIMPSON, CLU PRESIDENT AND CHIEF EXECUTIVE OFFICER

 NEW YORK, Oct. 26 /PRNewswire/ -- William A. Simpson, CLU has been named president and chief executive officer of USLIFE Corporation (NYSE: USH) effective January 1, 1995 succeeding Gordon E. Crosby, Jr., who will continue as chairman of the board and its executive committee. Mr. Crosby will also continue to head the Office of the Chairman comprised of himself; Mr. Simpson, Mr. Greer F. Henderson, vice chairman and chief financial officer; and Mr. Christopher S. Ruisi, vice chairman and chief administrative officer.
 In commenting on this change, Mr. Crosby stated, "Every well-managed company must plan for its future in terms of its business strategies and, more importantly, its continued leadership. The Office of the Chairman concept, which we adopted in 1993, has met our expectations in this regard. It has allowed us to function as a cohesive team and to continue the philosophies of USLIFE Corporation which date back to its formation in 1966."
 Mr. Crosby also went on to say, "As USLIFE's founder, I have been pleased with the evolution of our management team into our current Office of the Chairman structure, and I am as dedicated today as I was when USLIFE was formed in 1966 to actively participate in leading the company into the future."
 Mr. Simpson commented, "I have always held the achievements of Mr. Crosby in establishing and developing USLIFE Corporation as a model of consistent leadership by setting and staying with the course of building a very sound life insurance organization based on solid fundamentals and consistent results. I look forward to having the opportunity to continue that work with the able assistance of Mr. Crosby and my fellow members of the Office of the Chairman."
 In conclusion, Mr. Crosby commented, "Given Mr. Simpson's prior executive experience before joining USLIFE and the leadership he has brought to our Life Insurance Division, he is the ideal candidate to assume these expanded responsibilities."
 USLIFE Corporation is a life insurance-based holding company whose principal subsidiaries engage in the life insurance business. With nationwide operations, the USLIFE Life Insurance Division has three ordinary life insurance companies and a credit insurance group with more than $132 billion of life insurance in force as of September 30, 1994. Additionally, there are five other subsidiaries that provide investment advisory, broker-dealer, real estate, data processing and administrative services.
 Biographical Information
 Gordon E. Crosby, Jr.
 Recognized as an innovator in the life insurance industry, it was under Mr. Crosby's leadership that USLIFE Corporation became the first life insurance based financial services company in New York State, and one of the first in the nation. In addition to the ordinary life insurance companies and a credit life insurance group, USLIFE has five subsidiaries that provide services to their affiliates. These subsidiaries are involved with investment advisory, broker-dealer, real estate, data processing and administrative services.
 Mr. Crosby entered the life insurance business immediately following his discharge from the Navy, where he served as an officer aboard the submarine USS ARCHER-FISH. He saw action in six war patrols in the South Pacific during World War II. For his exploits in battle, he received several awards including the coveted Bronze Star.
 Born in Remsen, Iowa on November 14, 1920, Mr. Crosby was educated in Missouri where he attended Kemper Military School and the University of Missouri. Captain of his college track team, he established several quarter mile records in the Missouri Valley Junior College Conference and the former Big Six Conference.
 In his first assignment in the insurance business, Mr. Crosby was an agent in Knoxville, Tennessee with New England Life. The following year he was named supervisor for the company at Oakland, California. In 1947, he became agency manager in Seattle, Washington and served as general agent there from 1948 to 1959. Mr. Crosby came to The United States Life Insurance Company as vice president and director of agencies in January 1959 and he was elected to the board of directors and a member of the executive committee in February of that year. In 1962, he was elected senior vice president and director of agencies. He was elevated to executive vice president in 1964 and in May of 1966 Mr. Crosby was elected president and chief executive officer of the Company.
 Upon the formation of USLIFE Corporation in 1966, Gordon E. Crosby, Jr. was elected president and a member of its board of directors and executive committee. The following year, in 1967, he was elected chairman of the board and chief executive officer of the Company.
 Mr. Crosby is a member of the National Advisory Board, Chemical Bank Corporation; Tax Data Base Subcommittee of the Steering Committee on Federal Taxation, American Council of Life insurance; the Economic Club of New York; the Anglers Club of New York; Manhattan's India House; Linville Golf Club, Linville, North Carolina; Royal Palm Yacht Club, Fort Myers, Florida; and the University Club, Fort Myers, Florida.
 Formerly, he served on the board of directors of the American Council of Life Insurance; the Health Insurance Association of America; the Life Insurance Council of New York; the Anglers Club of New York; and Thomas J. Lipton, Inc. Also, former trustee of Pace University and former President of the Board of Trustees of the Fifth Avenue Presbyterian Church.
 He and his wife, the former Serena Chesnut Fitz Randolph MacRae, reside at S. Sutton Place South, New York City and maintain a winter home at Riverside Estates in Fort Myers, Florida and a summer cottage in Linville, North Carolina. Mr. Crosby has two sons, Gordon E. Crosby, III and Douglas H. Crosby, and four grandchildren.
 William A. Simpson
 Mr. Simpson has a 30-year career in the life insurance business. A native of Oakland, California, he graduated from the University of California at Berkeley in 1961. Following service in the U.S. Army from 1961 through 1964 and attaining the rank of captain, he entered the life insurance business in Los Angeles, California.
 Following four years as a life insurance agent and then five years as an agency manager in San Jose, California with Occidental Life Insurance Company of California, Mr. Simpson served from 1973 through 1977 as sales vice president with Countrywide Life Insurance Company, an Occidental Life subsidiary. From 1977 to 1979, he was agency vice president at Occidental Life insurance Company with total responsibility for national sales operations.
 In July 1979, Mr. Simpson joined Volunteer State Life Insurance Company in Chattanooga, Tennessee as executive vice president-chief marketing officer and a member of its board of directors. In May 1980, he was elected president and chief operating officer of Volunteer State Life Insurance Company, and in August of the same year he was elected chief executive officer.
 In January 1983, Mr. Simpson returned to Transamerica Occidental Life Insurance Company (formerly Occidental Life Insurance Company of California) in Los Angeles as executive vice president-individual insurance line and a member of its board of directors. In 1988 he was elected president-chief operating officer and a member of the board of directors of Transamerica Occidental Life and its affiliated life insurance companies.
 Mr. Simpson joined USLIFE on April 16, 1990 initially as president-chief executive officer of USLIFE Life Insurance Company and All American Life Insurance Company, both wholly owned USLIFE subsidiaries. In April 1994, Mr. Simpson was elected to the additional post of president-chief operating officer of its Life Insurance Division comprised of All American Life Insurance Company, The Old Line Life Insurance Company, The United States Life Insurance Company and the USLIFE Credit Life Insurance Group.
 A chartered life underwriter, he is active in community affairs and has served as chairman of the Los Angeles Area Council-Boy Scouts of America; president of the board of counselors of the American Cancer society: the board of trustees of the Verdugo Hills Hospital Foundation, and a member of the board of the Life Insurance Marketing and Research Association (LIMRA).
 Mr. Simpson and his wife, Nancy, currently reside in La Canada, California and have two daughters, Sharon Simpson Scott and Shelley. Mr. and Mrs. Simpson will be relocating to the New York City area.
 -0- 10/26/94
 /CONTACT: Richard C. Hohn, Senior Vice President, Investor Relations of USLIFE Corporation, 212-709-6415/
 (USH)


CO: USLIFE Corporation ST: New York IN: INS SU: PER

JG -- NY028 -- 7975 10/26/94 09:47 EDT
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Date:Oct 26, 1994
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