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WESTBRIDGE CAPITAL SUBSIDIARY TO ACQUIRE BLOCK OF SUPPLEMENTAL HEALTH INSURANCE POLICIES

 FORT WORTH, Texas, Jan. 4 /PRNewswire/ -- Westbridge Capital Corp. (AMEX: WBC) today announced that its wholly owned subsidiary, National Foundation Life Insurance Company (NFL), had entered into an agreement to purchase a closed block of supplemental health policies, primarily consisting of cancer indemnity insurance, with annualized premiums currently approximating $4.5 million. The seller is Dixie National Life Insurance Company (DLI), Jackson, Miss. The transaction, which involves the transfer of cash by NFL and the assumption of certain DLI liabilities and reserves, is valued at approximately $2.1 million.
 The acquisition is subject to the signing of a definitive agreement on or before Feb. 15, 1994, required regulatory approval and certain other contingencies, and would involve all of DLI's health insurance business in South Carolina.
 Through NFL and other companies in which it owns equity interests, Westbridge underwrites and sells individual Medical Expense insurance and supplemental health policies which consist of Specified Disease and Medicare Supplement insurance. For the nine months ended Sept. 30, 1993, the company reported net earnings of $2,398,000, equal to $.53 per share, compared with net earnings of $1,117,000, or $.26 per share, for the corresponding 1992 period (excluding a one time gain from the adoption of FAS 109).
 -0- 1/4/94
 /CONTACT: James W. Thigpen, president and chief operating officer of Westbridge Capital Corp., 817-878-3303/
 (WBC)


CO: Westbridge Capital Corp.; National Foundation Life Insurance
 Company; Dixie National Life Insurance Company ST: Texas IN: INS SU:


MP-TW -- NY014 -- 8815 01/04/94 10:06 EST
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Publication:PR Newswire
Date:Jan 4, 1994
Words:254
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