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Article: Leucadia National announces agreement for sale of Colonial Penn Life Insurance to Conseco.
- Article from:
- Business Wire
- Article date:
- April 30, 1997
CopyrightCOPYRIGHT 1997 Business Wire. 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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NEW YORK--(BUSINESS WIRE)--April 30, 1997--Leucadia National Corp. (NYSE and PSE:"LUK") today announced that it has signed an agreement to sell its subsidiaries, Colonial Penn Life Insurance Co. and Providential Life Insurance Co. and certain related assets to Conseco Inc.
The purchase price is $460 million payable in cash and notes. These companies are principally engaged in the sale of "graded benefit life" insurance policies through direct marketing and agent-sold Medicare supplement insurance. The company's variable annuity business, conducted through Charter National Life ...