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Life of the South Acquires Credit Operations of Bankers Life Insurance Company

October 15, 2002

Life of the South, a Jacksonville-based insurance underwriter and administrator announced Oct. 1 that it has signed a Letter of Intent to acquire the credit insurance operations of Bankers Life Insurance Company of St. Petersburg, Florida. The transactions will allow Life of the South to assume the administration of Bankers Life Insurance Company’s in-force business as well as access to their marketing channels.

Ned Hamil, president and CEO of Life of the South, Jacksonville, stated, “The addition of the Bankers Life Insurance business adds to our business volume and allows us to continue to build critical mass for administrative efficiency. In addition to the administrative opportunities, we believe that Bankers Life Insurance Company’s marketing channels provide an excellent expansion strategy for our company in credit insurance as well as our GreenTree Advantage products and services specifically designed for the automotive industry. These include vehicle service agreements, GAP, etch, pre-scheduled maintenance, garage liability and several others.”

About Life of the South

Life of the South is an underwriter, administrator and marketer of credit insurance-related products and services, e-commerce and auto after-market products operating from its offices at 100 West Bay Street in Jacksonville, Florida. Life of the South has negotiated similar transactions with Independent Life and Thomas Jefferson in Jacksonville as well as larger transactions with Prudential, Aetna and AIG. Life of the South is one of the nation’s largest underwriters and administrators of payment protection related products.

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