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Insurance

June 28, 1996|Times Staff and Wire Reports

Mercury General to Buy Insurer: The Los Angeles-based insurance holding company signed a letter of intent to purchase American Fidelity Insurance Co., an Oklahoma City independent agency insurer, for cash. In a statement, Mercury General Corp. said it will acquire the company for 100% of the net stockholders' equity of American Fidelity Insurance and its units at the closing of the transaction. Mercury General said it intends to fund the purchase, which is expected to close Sept. 30, with borrowings under an enlarged term loan facility. The company said it will change the name of American Fidelity Insurance after the acquisition is completed. American Fidelity Insurance is part of American Fidelity Group, which includes American Fidelity Assurance Co.

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