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FOR IMMEDIATE RELEASE |
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Lafayette Life Joins Western & Southern Financial
Group
CINCINNATI – June 16, 2005 – Officials at Western & Southern Financial
Group® (W&SFG) and The Lafayette Life Insurance
Company announced today completion of the merger between their parent organizations
– Western & Southern Mutual Holding Company and Lafayette Life MIHC, Inc.
Effective June 15, The Lafayette Life Insurance Company based in Lafayette, Ind.,
and its affiliates became a part of W&SFG. Members of Lafayette Life MIHC, Inc.,
became members of Western & Southern Mutual Holding Company.
“Similar philosophies, cultures and core values combined with an extremely high
regard for our customers and valued associates make this a powerful alliance,” said
John F. Barrett, chairman, president and chief executive officer of W&SFG. “We
can now move forward together to leverage our collective strengths for the ultimate
benefit of our current and prospective customers.”
As a result of the merger, The Lafayette Life Insurance Company’s financial strength
ratings were upgraded – Standard & Poor’s AAA (Extremely Strong) from A (Strong);
A.M. Best A+ (Superior) from A (Excellent); and Fitch AA+ (Very Strong) from A (Strong).
Present ratings for W&SFG’s life insurance subsidiaries were reaffirmed – Standard
& Poor’s AAA (Extremely Strong); A.M. Best A++ (Superior); and Fitch AA+ (Very
Strong). W&SFG is one of only seven life insurance groups in the world to earn
Standard & Poor’s AAA rating.
Lafayette Life’s headquarters will remain in Lafayette, Ind., where the company
employs approximately 200 associates. Its products are available through more than
4,000 independent agents across the country.
With the addition of Lafayette Life, W&SFG has more than 4,600 associates, in
excess of $35 billion in assets owned and under management, and $2.6 billion in
premiums (based on Dec. 31, 2004, figures).
“Our board of directors defined a vision for Lafayette Life when it began researching
prospective business partners to help our business continue to grow and thrive,”
said Bob Gibbons, chairman and chief executive officer of Lafayette Life. “Lafayette
Life celebrates its 100-year anniversary this year. We are very pleased to join
Western & Southern Financial Group, a proven leader in the financial services
industry and an ideal partner for our next 100 years and beyond.”
In addition to continuing Lafayette Life’s corporate presence in Lafayette, W&SFG
has funded a charitable foundation principally for the benefit of the greater Lafayette
community.
Officials stated that this transaction will not affect premiums or change policy
benefits, guaranteed values or other policy obligations for Lafayette Life policyholders.
In addition, policy dividends will continue to be paid as declared annually, although,
as always, policyholder dividends are not guaranteed and may vary from year to year.
About The Lafayette Life Insurance Company
The Lafayette Life Insurance Company, which was founded in 1905, is now a member
of Western & Southern Financial Group. Lafayette Life offers a broad range of
financial and insurance planning products marketed on an individual and group basis.
With $2.01 billion in total GAAP assets as of Dec. 31, 2004, Lafayette Life ranks
among the top 200 life insurance companies in the United States. Lafayette Life
is rated “A+” (Superior) by A.M. Best for its financial condition and operating
performance, “AAA” (Extremely Strong) by Standard & Poor’s for strong financial
security characteristics, and “AA+” (Very Strong) by Fitch for its claims-paying
ability.
About Western & Southern Financial Group
Western & Southern Financial Group is a Cincinnati-based diversified family
of financial services companies with assets owned and under management in excess
of $35 billion. A FORTUNE 500 company, W&SFG is one of only seven life insurance
groups in the world to earn Standard & Poor’s AAA rating and is consistently
recognized by A.M. Best, Moody’s and Fitch for financial strength and sound management.
With a heritage dating to 1888, the group’s affiliates include The Western and Southern
Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance
Company, Capital Analysts Incorporated,1, 2 Eagle Realty Group, LLC, Fort Washington
Investment Advisors, Inc.,1 Fort Washington Trust Company,3 IFS Financial Services,
Inc., Integrated Fund Services, Inc., Integrity Life Insurance Company, The Lafayette
Life Insurance Company and Touchstone Investments. For more information, please
visit www.westernsouthern.com. W&SFG
is the title sponsor of the Western & Southern Financial Group Masters and Women’s
Open tennis tournaments.
1 A registered investment advisor.
2 A registered broker-dealer and member NASD/SIPC.
3 Member FDIC.
Ratings refer to the financial strength of the insurance company and not to the
safety, stability or performance of any investment product.
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