Great American Financial Resources, Inc. Announces Agreement To Sell Ceres Major Medical Business After Completion of Merger
31 Mai 2006 - 12:16AM
PR Newswire (US)
CINCINNATI, May 30 /PRNewswire-FirstCall/ -- Great American
Financial Resources, Inc. ("GAFRI") (NYSE:GFR) today announced that
GAFRI has entered into an agreement with American Enterprise Mutual
Holding Company through its affiliated companies whereby American
Enterprise will acquire through reinsurance the major medical
business of the insurance subsidiaries of Ceres Group, Inc.
(NASDAQ:CERG) after completion of the merger of Ceres into GAFRI.
American Enterprise will pay an $11 million ceding commission in
connection with the reinsurance. In addition, as part of the
transaction, certain employees of the Ceres major medical business
will be given offers of employment with American Enterprise. On May
1, 2006, GAFRI and Ceres entered into a Merger Agreement whereby
each outstanding share of common stock of Ceres will be converted
into the right to receive $6.13 cash and Ceres will become a
wholly-owned subsidiary of GAFRI. Completion of the transaction
with American Enterprise is subject to certain conditions,
including regulatory approvals and completion of the merger of
Ceres into GAFRI, which is expected to occur in the third quarter
of 2006. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041206/CLM061LOGO ) About
GAFRI GAFRI is a Cincinnati-based insurance holding company with
$12 billion in assets. The Company's subsidiaries include Great
American Life Insurance Company, Annuity Investors Life Insurance
Company, United Teacher Associates Insurance Company (headquartered
in Austin, Texas) and Loyal American Life Insurance Company.
Through these companies, GAFRI markets traditional fixed, indexed
and variable annuities and a variety of supplemental insurance
products. About Ceres Group Ceres Group, Inc., through its
insurance subsidiaries, provides a wide array of health and life
insurance products through two primary business segments. Ceres'
Medical Segment includes major medical health insurance for
individuals, families, associations and small businesses. The
Senior Segment includes senior health, life and annuity products
for Americans age 55 and over. To help control medical costs, Ceres
also provides medical cost management services to its insured.
Ceres' nationwide distribution channels include independent and
career agents, as well as electronic distribution systems. Ceres is
included in the Russell 3000(R) Index. For more information, visit
http://www.ceresgp.com/. About American Enterprise American
Enterprise Mutual Holding Company, through its affiliated companies
World Insurance Company and American Republic Insurance Company,
provides customers with financial security through affordable
health care and related services while preserving freedom of
choice. Both World Insurance Company and American Republic
Insurance Company are rated A- (Excellent) by A.M. Best (February
2006). More than 900 home office employees and more than 18,000
independent sales representatives, managing general agents,
independent marketing organizations and career agents stand behind
the name. Forward-Looking Statements The Private Securities
Litigation Reform Act of 1995 encourages corporations to provide
investors with information about the Company's anticipated
performance and provides protection from liability if future
results are not the same as management's expectations. Documents
may contain certain forward-looking statements that are based on
assumptions which management believes are reasonable but, by their
nature, inherently uncertain. Future events and results could
differ materially from those projected. Factors that could cause
such differences include, but are not limited to: changes in
economic conditions, market interest rates, regulatory actions,
failure to receive necessary regulatory approvals or satisfy other
closing conditions and operating results and physical condition of
the subject property. Forward-looking statements are made only as
of the date of their release and GAFRI does not have any obligation
to update any forward-looking statements to reflect subsequent
events or circumstances.
http://www.newscom.com/cgi-bin/prnh/20041206/CLM061LOGO
http://photoarchive.ap.org/ DATASOURCE: Great American Financial
Resources, Inc. CONTACT: Mark F. Muething, Executive Vice President
of Great American Financial Resources, Inc., +1-513-333-5515 Web
site: http://www.gafri.com/ http://www.ceresgp.com/
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