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WESTBRIDGE CAPITAL TO ACQUIRE BLOCK OF MEDICARE SUPPLEMENT POLICIES

 FORT WORTH, Texas, Feb. 1 /PRNewswire/ -- Westbridge Capital Corp. (AMEX: WBC) announced today that its wholly-owned subsidiary National Foundation Life Insurance Company had signed a letter of intent to purchase, for $600,000 in cash, the Medicare Supplement business of Life and Health Insurance Company of America, a privately owned insurer in Philadelphia. The acquisition of the block, which represents approximately $4 million in annualized premiums, is expected to be finalized in the near future following regulatory approval.
 James W. Thigpen, Westbridge president, said: "This block of policies fits well into our existing business. We continue to look for acquisitions of blocks or companies that are consistent with our niche market approach to the supplemental health insurance business and that we believe can be profitably administered."
 Last September, Westbridge completed a $5 million acquisition of a $40 million block of similar policies from the American Integrity Insurance Company.
 Westbridge Capital Corp., through National Foundation and other companies in which it owns an equity interest, underwrites and sells individual Medical Expense, Scheduled Benefits and Medicare Supplement insurance through independent agents in non-urban areas in the southern, southwestern and western United States. In the first nine months of 1992, the company reported net operating income (excluding a nonrecurring gain) of $1,117,000, equal to $.26 per share, on revenues of $37,888,000, compared with net income of $529,000, or $.13 per share, and revenues of $41,909,000 in the corresponding 1991 period.
 -0- 2/1/93
 /CONTACT: Michael C. Batte, vice president and chief financial officer of Westbridge, 817-878-3300/
 (WBC)


CO: Westbridge Capital Corp.; Life and Health Insurance Company of
 America ST: Texas, Pennsylvania IN: INS SU: TNM


GK-WB -- NY044 -- 1310 02/01/93 11:09 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:289
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