ATLANTA, Dec. 20, 2013 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq:AAME) today announced that it has closed on its acquisition of Direct Life Insurance Company ("DLIC"), formerly a non-active subsidiary of Direct General Insurance Company. In connection with the acquisition, DLIC's name is being changed to Bankers Fidelity Assurance Company.
While not writing any life or health business in the past several years, DLIC has maintained various licenses in 14 states. The acquisition will allow Bankers Fidelity Life Insurance Company, the existing Atlantic American subsidiary, to offer complementary products to those it already writes in the same 14 states. This should permit greater diversification of product and pricing in those states as well as permit future expansion in other states as opportunities arise.
Speaking on the acquisition, Hilton H. Howell, Jr., chairman, president and chief executive officer of Atlantic American stated, "The acquisition of this company with its existing charter and licenses gives us the immediate opportunity for continued product diversification and expansion. And on a longer term basis, as we undertake to license the company in additional states, we see excellent opportunity to continue with the growth which we have exhibited in recent years."
Atlantic American is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, and property and casualty insurance industries. Its principal subsidiaries consist of American South Insurance Company, American Safety Insurance Company, and Bankers Fidelity Life Insurance Company.
Note regarding Private Securities Litigation Reform Act: Except for historical information contained herein, this press release may contain forward-looking statements that involve a number of risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors and risks detailed from time to time in statements and reports that Atlantic American Corporation files with the Securities and Exchange Commission.