LEUCADIA NATIONAL CORPORATION 315 PARK AVENUE SOUTH NEW YORK, NEW YORK 10010 212-460-1900Leucadia National Corp • April 30th, 1997 • Fire, marine & casualty insurance
New York, New York...Leucadia National Corporation (NYSE and PSE: "LUK") today announced that it has signed an agreement to sell its subsidiaries, Colonial Penn Life Insurance Company and Providential Life Insurance Company 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 Insurance Company and Intramerica Life Insurance Company is not being sold.
