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VICTORIA FINANCIAL CORPORATION ANNOUNCES PROPOSED PUBLIC OFFERING AND RELATED ACTIONS

 CLEVELAND, June 10 /PRNewswire/ -- Victoria Financial Corporation (NASDAQ: VICF), a Cleveland-based specialty insurance company providing non-standard automobile insurance, today announced the unanimous approval by its board of directors of a proposed public offering of additional shares of its common stock. It is anticipated that the offering will consist of approximately 3.0 million shares of the company's common stock, of which 2.2 million shares will be sold by the company and 0.8 million shares will be sold by an institutional investor which will partially reduce its holdings in the company. The company will use the net proceeds of the offering to fund continued growth of its insurance operations in existing states and for expansion into new states. The offering will be made only by means of a prospectus, which the company anticipates will be available in the third quarter of this year.
 The company also announced the unanimous approval by its board of directors of (i) a reverse split of one share of common stock for each 2.5 shares currently outstanding and (ii) the filing of an application with NASDAQ for inclusion of its common stock on NASDAQ's National Market System. The intended purpose of these actions is to increase the exposure of the company's common stock to a broader audience of institutional and retail investors who normally may not purchase stocks of relatively lower prices or those not listed on the National Market System.
 Although the reverse split has been approved by a majority of the company's stockholders, it will not be effective until certain regulatory requirements are satisfied, including the mailing of an information statement with details of the split to existing shareholders and the filing of documents with appropriate regulatory authorities. The total proposed offering discussed above will consist of approximately 1.2 million shares on a post-split basis.
 Victoria Financial Corporation, headquartered in Cleveland, is a specialty lines insurance holding company concentrating in non-standard automobile insurance. The company currently operates in Alabama, Arizona, Florida, Illinois, Indiana, Iowa, Ohio, Tennessee, and Virginia and is licensed to write business in an additional 17 states and the District of Columbia. The company's common stock currently trades on the NASDAQ Small-Cap Market under the symbol "VICF."
 -0- 6/10/93
 /CONTACT: Tab A. Keplinger, vice president - finance & principal accounting officer of Victoria Financial Corporation, 216-461-3461/
 (VICF)


CO: Victoria Financial Corporation ST: Ohio IN: INS SU: OFR

KL -- CL018 -- 0773 06/10/93 16:04 EST
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Publication:PR Newswire
Date:Jun 10, 1993
Words:408
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