Greenfire Resources (NYSE:GFR)
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Great American Financial Resources, Inc. ("GAFRI")
(NYSE:GFR) and Ceres Group, Inc. (NASDAQ:CERG) today announced that
the stockholders of Ceres approved their previously announced merger
at a special meeting held on Friday, August 4. Approvals of the merger
also have been received from the Ohio and Nebraska Departments of
Insurance. The parties expect that the merger will be consummated
later today or tomorrow. Upon consummation of the merger, Ceres will
be a wholly-owned subsidiary of GAFRI.
About GAFRI
GAFRI is a Cincinnati-based insurance holding company with $12
billion in assets. The Company's subsidiaries include Great American
Life Insurance Company, Annuity Investors Life Insurance Company,
United Teacher Associates Insurance Company (headquartered in Austin,
Texas) and Loyal American Life Insurance Company. Through these
companies, GAFRI markets traditional fixed, indexed and variable
annuities and a variety of supplemental insurance products. For more
information, visit www.gafri.com.
About Ceres Group
Ceres Group, Inc., through its insurance subsidiaries, provides a
wide array of health and life insurance products through two primary
business segments. Ceres' Medical Segment includes major medical
health insurance for individuals, families, associations and small
businesses. The Senior Segment includes senior health, life and
annuity products for Americans age 55 and over. To help control
medical costs, Ceres also provides medical cost management services to
its insureds. Ceres' nationwide distribution channels include
independent and career agents, as well as electronic distribution
systems. For more information, visit www.ceresgp.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 encourages
corporations to provide investors with information about the Company's
anticipated performance and provides protection from liability if
future results are not the same as management's expectations.
Documents may contain certain forward-looking statements that are
based on assumptions which management believes are reasonable but, by
their nature, inherently uncertain. Future events and results could
differ materially from those projected. Factors that could cause such
differences include, but are not limited to: changes in economic
conditions, market interest rates, regulatory actions and changes in
the financial condition or results of operations of Ceres.
Forward-looking statements are made only as of the date of their
release and GAFRI does not have any obligation to update any
forward-looking statements to reflect subsequent events or
circumstances.