EXHIBIT 99.1
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LEUCADIA NATIONAL CORPORATION
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April 30, 1997
FOR IMMEDIATE RELEASE
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LEUCADIA NATIONAL CORPORATION ANNOUNCES AGREEMENT FOR SALE OF
COLONIAL PENN LIFE INSURANCE COMPANY TO CONSECO, INC.
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.
The transaction is subject to regulatory approvals and customary closing
conditions and a closing is anticipated during the third quarter of 1997.
Leucadia National Corporation will report a pre-tax gain of
approximately $300 million upon consummation of the transaction. For calendar
year 1996, the operations being sold accounted for revenues of approximately
$230 million and pre-tax earnings of approximately $48 million.