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Great American Acquires Fixed Annuity Block

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NU Online News Service, May 18, 2004, 11:55 a.m. EDT – Great American Financial Resources Inc., Cincinnati, says a life subsidiary has acquired a block of 33,000 fixed annuities from National Health Insurance Company, Dallas, through a reinsurance transaction.[@@]

The block has $780 million in statutory reserves.

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National Health paid Great American’s Great American Life Insurance Company unit a ceding commission of $38 million, Great American says.