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Article: PennCorp's acquisition plans proceed. (PennCorp Financial Group Inc. purchasing Washington National Corp. for $400 million in stock, cash)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- December 2, 1996
- Author:
CopyrightCOPYRIGHT 1996 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PennCorp Financial Group Inc. said its proposed acquisition of Washington National Corp. will push its asset total over the $10 billion mark.
The New York Insurance holding company began the year with $3.1 billion in assets, according to its financial reports. Since then, it has completed and announced a series of major purchases.
David Stone, PennCorp chairman, said PennCorp is buying Washington National partly because the deal fits his company's strategy of building its operations through acquisitions. "This transaction evidences PennCorp's continuing plan of consolidating life insurance companies in transactions that make financial sense," Mr. Stone ...
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